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How To Get Amazon Pay EMI: Register, Activation And Usage Step By Step Guide
Amazon, one-of-the largest e-commerce platforms in India, offers several payment options to make online purchase hassle-free. The Amazon Pay EMI is one such option. It is a financing solution to help e-commerce buyers purchase products on Amazon in India on easy installments. The service offers instant credit via a completely digital process to buy products using EMIs.
Amazon Pay EMI Is Powered By Capital Float
To get started with Amazon Pay EMI, you have to complete the one-time setup process, which doesn't even require your credit card details. Post completing the setup, you can avail ‘Amazon Pay EMI' payment option during checkout on Amazon.in.
Powered by the third-party lending partner, Capital Float, Amazon EMI allows you to make payments over EMIs ranging from 1 up to 9 months. You will never lose track of your payment records as the Amazon Pay EMI allows you to track your purchases, repayments, and limits history from a simplified dashboard.
Now when you know the basics about the Amazon Pay EMI service, let's get started with the ‘Registration' step.
Steps To Register For Amazon Pay EMI
1) You can only register for Amazon Pay EMI if you've completed Amazon Pay KYC. If you are through with KYC process, verify identity by select ‘Existing KYC' option and enter the missing 4 digits of your PAN that you used while completing Amazon Pay KYC. It is in this step when you Amazon Pay EMI limit will be determined and will be displayed to you on the next screen.
2) Accept terms- Once your approved Amazon Pay EMI limit displays on the screen along with the loan agreement, click ‘Agree & Continue' to complete Amazon Pay EMI registration. The sanctioned limit based on your credit score will become active within few minutes of completing the registration if the backend time finds no issues with the documents provided.
Important: Amazon clearly states that Amazon Pay EMI registration is only an app-based process. No person from Capital Float or Amazon will call individuals to collect your personal details for this product. If you receive any call that asks your personal details, please don't share.
Amazon EMI Usage Limit
As Amazon EMI comes under an Aadhar-OTB based KYC process, you can disburse loans up to Rs. 60,000 in a year as per RBI regulations. It is also worth mentioning that as per Amazon guidelines, any successful order placed using Amazon Pay EMI limit, irrespective of whether it got returned, cancelled or rejected by the customer, will be counted as the instance of loan disbursal. The order's value gets counted towards the RBI limit of Rs. 60,000.
Available EMI Plans On Amazon Pay EMI
The Amazon Pay EMI offers 1, 3, 6 and 9-month EMI plans for purchase on Amazon.in. You will find details of the applicable plans and the interest charged on the payment page during checkout. Sadly, you cannot change the EMI plan once the purchase is made. Here you must note that the applicable plans are displayed basis the amount of time left in the expiry of KYC of your account. The KYC undertaken for Amazon Pay EMI service via Aadhaar number and OTP is valid for one year.
Some Important Points To Know
• Multiple purchases are possible using Amazon Pay EMI.
• Amazon Pay balance cannot be used along with Amazon Pay EMI.
• Amazon does not charge any transaction fee while making purchases on Amazon Pay EMI.
• You are not required to make any down payment while making purchases on Amazon Pay EMI.
• You cannot change EMI plans once the purchase is made.
• You can cancel an order placed on Amazon pay EMI before delivery without incurring any cancellation charges.
• Amazon Pay EMI supports two modes- Auto repayment and Manual payment from Amazon Pay EMI dashboard.
We hope this helps you to get started with the Amazon Pay EMI service. Follow the above steps and information to make purchase on Amazon.in with easy installments. Let us know if you have any doubts in using the Amazon Pay EMI financing service.