Amazon Pay Later Scheme All you need to know

Amazon Pay Later Scheme is an upgraded version of already existing Amazon EMI but with few modifications. The Amazon Pay Later Scheme offers you instant, interest-free credit of up to Rs 60000 that you can use to buy listed product on Amazon India. The schemes also offers EMI plans of 3, 6, 9 and 12 months. The key feature of this is that you don’t need any credit or debit card to avail the EMI option.

How does it work?

Just like credit cards you will have preapproved credit limit ranging from Re1 to Rs 60000. The credit limit will be decided by the company based on your profile. To enable this facility for your account you need to register on the Amazon Pay Later Registration page. Following few simple steps and verifying using the Aadhaar you will be able to activate this facility in few minutes

How will I be able to use the credit?

Once registered, Amazon Pay Later option will be present on the payments page. By clicking on the option and choosing the suitable plan you can use the available credit.

Is this scheme completely Interest-free?

No, this scheme has two plans Pay Later Next Month and Pay in EMIs ranging from 3 to 12 months, while the Pay Later Next Month is completely interest-free, the EMI option will incur interest charges typically similar to other EMI options.

What are the eligibility criteria?  

•  Amazon account with verified mobile number
• Valid PAN (permanent account number)
• Bank Account
• Aadhaar Card

Is this facility available to all?

No, as of now this facility is present only to some selected set of amazon customers which have selected using the data available with amazon and your credit history.

Will this facility be available for all kind of transactions?

While this will work for most of the transactions with exceptions of transactions having the below items:

• Jewellery
• Amazon Pay Gift Card and Amazon Pay Balance Top Up
• Gold or Silver
• Overseas Product

Is the limit same for all kind of transactions

Different maximum cap is set for the transaction with different durations 

Duration	Minimum Amount	Max Amount	Description
1 month	0	10000	Buy Now Pay Next Month
3 months	3000	30000	Buy Now, Pay in EMI
6 months	6000	60000	Buy Now, Pay in EMI

What is Capital Float?

Capital Float is a third party partner of Amazon with whom it is jointly providing the Pay Later Service. It is a scheduled NBFC registered with RBI and is allowed to retail customers, small and medium businesses. So by registering with Amazon Pay Later, you are also indirectly registering with Capital Float.

Are there any other charges associated?

There are No costs associated with availing this facility. But you will be charged for delayed payments.

Overdue Amount	1 to 15 days delay	16 to 30 days delay	More than 30 days delay
< 3000	Rs 50	Rs 150	Rs 150
30001 – 6000	Rs 75	Rs 150	Rs 300
6001 – 9000	Rs 100	Rs 250	Rs 450
> 9000	Rs 150	Rs 300	Rs 600

This might be an amazing feature to avail but also can make you a conspicuous consumer, read my article on  Amazon Pay Later Scheme and Increasing Consumerism