What is Flipkart Pay Later and how to use it
What's the story
Flipkart's Pay Later is a one-of-a-kind service that lets customers buy products without paying the entire price upfront.
The feature comes with two payment choices: settle the whole amount by the fifth of next month or go for interest-free installments.
To avail this service, customers need to have a verified Flipkart account with a confirmed ID (PAN and Aadhaar) and bank details.
Functionality
How does Flipkart Pay Later work?
Upon completing a purchase on Flipkart, customers can select the "Pay Later" option.
They can then decide whether to pay the entire amount the following month or in installments.
If the full payment is made, then no interest is to be charged. However, choosing the installment option incurs a small fee.
Requirements
Eligibility criteria
To be eligible for Flipkart Pay Later, customers need to be an Indian resident and at least 18 years of age.
They need to have a PAN and Aadhaar card along with a bank account in their name.
They should also have a good credit history with no late payments on other loans.
Activation process
Activating Flipkart Pay Later
To activate Flipkart Pay Later, customers have to go to the Flipkart website/app and head over to "My Account."
From there, they can select "Flipkart Pay Later" and click on "Activate."
They then have to enter their PAN and Aadhaar card details, verify Aadhaar with an OTP, and authenticate their bank account.
The service is activated when Flipkart's lending partner approves the application.
Usage details
Credit limit and usage
The credit limit for Flipkart Pay Later is set by the company's lending partners. Once activated, customers can see the "Pay Later" option among other payment methods at the time of checkout. The feature offers flexibility in handling payments for purchases made on the platform.