Amazon Pay introduces Amazon Pay EMI
Amazon has introduced Amazon Pay EMI option for customers who do not own a credit card to access EMI option from banks. Customers can avail EMI option using their debit cards and Amazon Pay just by completing the few steps on Amazon app.
Amazon Pay EMI option will be applicable on products worth Rs. 8000 or above and available credit limit will be up to Rs. 60000. To avail Amazon Pay EMI, you need to verify your identity using PAN and Aadhaar card. After you have successfully verified using OTP sent to your Aadhaar-linked contact number, Amazon will calculate credit limit and it will be displayed on the screen.
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You also need to link your debit card for auto repayment via the Amazon Pay EMI option. For verifying your card, it will deduct Rs. 5 that will be refunded within 3-5 business days. It is also worth noting that Rupay cards are not supported for auto repayment setup.
For offering this service, Amazon has partnered out Bengaluru based digital lending startup Capital Float.
Amazon India confirms that the company is offering zero cost EMIs for customers taking the loan for a duration of three and six months. For duration of nine and 12 months the rate of interest will be 18%.
In case you want to learn more about it, you can read this Amazon Pay EMI help page.