The E-commerce giant Amazon has announced yesterday card less EMI’s for selected customers. The Amazon Pay EMI offers instant credit options to those who may not be able to afford high valued/ high-priced products on Amazon India.
By using this feature customers can now fulfill their wish of having expensive products which they would not have been able to afford otherwise. Amazon Pay has partnered with Capital Float as its lending partner to enable Amazon Pay EMI facility for their customers.
The purchase for the limit for Amazon pay EMI is valid for up to RS 60,000 which is furthermore divided into easy monthly installments at low-interest rates. You can register for the same on the Amazon homepage and upon providing their PAN and KYC details and then you will be able to receive credits of up to 60,000.
Vikas Bansal, Director, Emerging payments said,
” Amazon has always been focussed on making shopping truly affordable for masses online. We are on a mission to enable credit access for every Amazon customer. ” Bansal said that while the size of the population doing online shopping in India is around 100 million, around 20 million have credit cards and another 10 million use either Bajaj Finance or debit card EMI’s. The target for Amazon Pay EMI is the next 70 million and the incremental customer base.
Currently this is is an invite-only program, selected customers will have a 2 step, registration process to get an assigned credit limit for Amazon Pay EMI. This makes it easier for buyers to make purchases from the site without having to pay in a go. Amazon will be offering 0 cost EMI’s for customers taking the loan for a duration of three to six months. As for those opting for nine to twelve will have the interest rate of 18%.
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Get instant credit without having a credit card. Now your dream of buying something expensive will not be bound to a credit card but to your own debit card.