Amazon Pay Later- Benefits, Eligibility, and Registration Process - CreditMantri (2024)

The Amazon Pay Later facility is an instant way to get credit. It is a completely digital process that allows for purchases via EMIs on Amazon India. Read on to know about the benefits, eligibility, and registration process.

Key Benefits of Amazon Pay Later

1. Instant approval or disapproval of credit by the lender
2. No need of using a credit card
3. No cancellation or processing fee
4. There are no pre-closure charges
5. Easy checkout with Amazon Pay Later on Amazon.in
6. Easy tracking of repayments and expenses on the EMI special dashboard

Eligibility Criteria for Amazon Pay Later

The following are the eligibility criteria in order to avail of the Amazon Pay Later facility-

1. Should have an Amazon India account (on Amazon.in)
2. A verified mobile number
3. A PAN card
4. A bank account with one of the Amazon India partner banks
5. Valid address proof – driving license/Aadhaar card/passport/utility bills (not older than 2 months)/Voter ID card
6. Minimum age should be 23 years
7. Good credit bureau history
8. Any other criteria that Amazon India wants to consider

Registration Process for Amazon Pay Later

1. Registration can only be done through mobile. Make sure you have the Amazon India app downloaded.
2. Go to your Amazon India account.
3. Go to the Amazon Pay Later Registration page
4. Complete the KYC – You will see one of the below 4 ways of completing KYC
   1. Option 1 - Already completed KYC (this is shown if you have already completed KYC for Amazon Pay Balance). Follow the below steps in case you are shown option 1
      1. Verify your identity – You will need to enter the last 4 digits of your PAN card that was used for completing the KYC process for Amazon Pay Balance. Your profile will be then evaluated by Amazon post which your Amazon Pay limit be decided and displayed on the screen.
      2. Accept the terms and conditions – Along with your Amazon Pay limit, the loan agreement will also be displayed on the screen. Make sure you read all the terms and conditions in the agreement. Accept the agreement to complete the registration. The available limit will be active within a few minutes of completing the registration process.
   2. Option 2 - eKYC via OTP
      1. Verify your identity – Input your PAN card number and click on “Continue”. Now, input your Aadhaar number and click on “Continue”. It is important to keep the mobile number linked to your Aadhaar card with you as an OTP will be received on the same number. Input that OTP. Your profile will be then evaluated by Amazon post which your Amazon Pay limit be decided and displayed on the screen.
      2. Accept the terms and conditions - Along with your Amazon Pay limit, the loan agreement will also be displayed on the screen. Make sure you read all the terms and conditions in the agreement. Accept the agreement to complete the registration. The available limit will be active within a few minutes of completing the registration process.
   3. Option 3 - KYC for existing customers with lending partners (shown if you have already completed KYC with a lending partner)
      1. Verify your identity – You will receive an OTP on the mobile number registered with the lending partner. You will be asked to input the last 4 digits of your PAN Card. After submitting the OTP, your profile will be then evaluated by Amazon post which your Amazon Pay limit be decided and displayed on the screen.
      2. Accept the terms and conditions - Along with your Amazon Pay limit, the loan agreement will also be displayed on the screen. Make sure you read all the terms and conditions in the agreement. Accept the agreement to complete the registration. The available limit will be active within a few minutes of completing the registration process.
   4. Option 4 - KYC as received from CKYCR under CERSAI
      1. Verify your identity – You will be asked to answer a few questions based on the KYC information. You will also be asked to give consent to the details displayed to you from CKYCR. Your profile will be then evaluated by Amazon post which your Amazon Pay limit be decided and displayed on the screen.
      2. Accept the terms and conditions - Along with your Amazon Pay limit, the loan agreement will also be displayed on the screen. Make sure you read all the terms and conditions in the agreement. Accept the agreement to complete the registration. The available limit will be active within a few minutes of completing the registration process.

Amazon Pay Later Availability

1. Amazon Pay Later facility is available both on mobile phones and desktops. Registration can however be done only through mobile.
2. The account should be “active” for using Amazon Pay Later as a payment method.
3. Amazon Pay Later cannot be used for purchases with an exchange offer.
4. In the case of multiple cart items – no-cost EMI will be applicable only if all the items in the cart are eligible for no-cost EMI.
5. Below is a table of available tenure options along with purchase values.

6. The Amazon Pay Later account should have sufficient balance to cover the purchase.
7. Following items are not included in the Amazon Pay Later facility –
   1. Amazon Pay Gift Cards including email gift cards and physical gift cards
   2. Amazon Pay balance top-up
   3. Jewelry
   4. Products from out of country or Amazon Global or Overseas Merchants
   5. Bullion (Silver & Gold)
   6. Bill payment for credit cards
8. Electricity bill payments can be done by customers if
   1. Number of transactions is more than 5 per month
   2. Transaction value is Rs. 10,000 and above

FAQ of Amazon Pay Later

1:The information I provide to Amazon Pay Later, is it secure?

Amazon deploys globally recognized and certified data security standards to ensure the complete safety of your information.

2:What are the available tenure options for EMI payment?

The tenure options available are 3,6,9 and 12 months.

3:Is there an interest cost associated with Amazon Pay Later purchases?

There is no interest cost for Amazon Pay Later.

4:Is Amazon Pay EMI the same as Amazon Pay Later?

Yes, it is the same. Amazon Pay EMI is now known as Amazon Pay Later.

5:Why can’t I see the option to register for Amazon Pay Later?

The Amazon Pay Later option is available for only a select list of customers. Amazon India reserves the right to select that list.

6:How many times can I purchase with Amazon Pay Later?

You can continue purchasing until you have exhausted your Amazon Pay Later limit approved as part of the registration.

7:Can I use Amazon Pay Balance along with Amazon Pay Later?

Yes, they can both be used together.

8:Is there an interest cost associated with Amazon Pay Later?

There is no cost for payment tenure selected up to 1 month. However, there might be an interest cost for tenure selected as 3-12 months.

9:Is there any transaction fee for using Amazon Pay Later?

No, there is no transaction fee for using Amazon Pay Later.

10:Is there any down payment needed for Amazon Pay Later?

No down payment is needed for Amazon Pay Later.

11:Is there flexibility to change the EMI plan?

The EMI plan once selected cannot be changed.