Flipkart Extends Credit Limit on Its Pay Later EMI Offer
Ahead of India’s lucrative holiday season and its own Big Billion Days sale, Walmart-owned Flipkart extended the benefits of its EMI “Flipkart Pay Later” offering.
Flipkart has extended the credit limit of its Pay Later EMI facility to Rs 70,000 from Rs 10,000 previously. The credit can be repaid for up to 12 months. The credit limit has been extended to increase the affordability and convenience of shopping on the platform during the holiday season.
The “Flipkart Pay Later” program will apply to all products, and over 100 million pre-approved consumers already have access.
How to access the EMI function ‘Flipkart Pay Later’
To access the ‘Flipkart Pay Later’ EMI facility, users need to enter their PAN and Aadhar details on the app, verify the Aadhaar number with an OTP, and verify their bank account details.
When purchasing, users can select “Flipkart Pay Later EMI” as their payment option and choose their preferred duration.
Ranjith Boyanapalli, Head of Fintech and Payments Group at Flipkart, said: “There are many high value purchases made during the holiday season and we have strengthened our EMI offerings to ensure that customers can manage their finances and expenses wisely during the holiday season. this period. In the times to come, we will continue to explore partnerships that can help customers improve their lifestyles at a lower cost. “
Flipkart said those without direct access to credit will also be able to apply for the product by providing the required information.
Flipkart will also offer free EMI offers on a wide range of products, as well as standard EMIs – in partnership with 18 leading banks and financial companies, including American Express, Axis Bank, Bajaj Finserv, Bank of Baroda, Citibank, Federal Bank , HDFC Bank, Home Credit, HSBC, ICICI Bank, IDFC FIRST Bank, IndusInd Bank, J&K Bank, Kotak Bank, RBL Bank, Standard Chartered, SBI, Zestmoney and others.
The terms for Toll-Free IMEs and Standard IMEs will be 12 months and 36 months, respectively.
The company said the Pay Later facility is emerging as the fastest growing digital payment method on e-commerce platforms in India. “It is estimated to occupy 9% of the total market share by 2024, according to FIS’s Worldpay Global Payments Report. Flipkart Pay Later adoption rate upon departure is currently 70%, ”the company said.