Flipkart Extends Credit Limit Up To Rs70,000 For “Pay Later” Feature
Flipkart has extended the benefits of its “Flipkart Pay Later” offering to promote the affordability and convenience of shopping on its platform.
The EMI “Flipkart Pay Later” facility opens a line of credit of up to Rs70,000 which can be repaid over flexible terms of 3, 6, 9 and 12 months for eligible customers, allowing them to purchase products that time. holiday season.
Flipkart Pay Later extends the credit limit up to Rs 70,000 with flexible repayment plans with terms of up to 12 months, up from a previous limit of Rs 10,000.
Ranjith Boyanapalli, Head of Fintech and Payments Group at Flipkart, said: “Customers’ choices are driven by aspirations. Our effort is to make products accessible and affordable so that customers can meet these aspirations.
There are many great value purchases made during the holiday season and we have beefed up our EMI offerings to ensure that customers can manage their finances and spending wisely during this time. In the times to come, we will continue to explore partnerships that can help customers improve their lifestyles at a lower cost. “
‘Flipkart Pay Later’ will become a product open to all. Today, more than 100 million pre-approved consumers already have access to the product. With this expansion, online consumers over the 100 million who do not have direct access to credit to meet their purchasing needs will also be able to apply for the product by providing the required information.
With “Flipkart Pay Later” becoming an inclusive build, Flipkart aims to bridge the gap between access to credit and consumer aspirations, making this holiday season better than ever for consumers across the country.
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.
To access the ‘Flipkart Pay Later’ EMI facility, users simply 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.
The application process is fast and frictionless, and customers can easily manage their account through the Flipkart app. Flipkart expects to cross the 100 million transaction mark by the end of the year, fueled by increased demand for digital solutions and value-driven credit options.