Flipkart Pay Later: Frequently Asked Questions (FAQs) Answered

If you are a regular shopper on Flipkart, India's leading e-commerce platform, you may have encountered the phrase “Flipkart Pay Later.”

Introducing a novel payment approach by Flipkart, “Flipkart Pay Later” empowers shoppers to make credit-based purchases, settling payments at a subsequent date.

If you have questions about how Flipkart Pay Later works, you've come to the right place. This piece will address a selection of commonly posed inquiries regarding Flipkart Pay Later.

What happens if I don't pay my Flipkart Pay Later bill on time?

If you don't pay your Flipkart Pay Later bill on time, you will be charged a late payment fee. This fee varies depending on the outstanding balance and the number of days overdue. If you continue to miss payments, your account may be suspended or terminated.

Can I use Flipkart Pay Later for all purchases?

Flipkart Pay Later is available for most products on Flipkart, but there are some exclusions. You cannot use Pay Later for buying gift cards, gold coins, or products from certain sellers.

Is Flipkart Pay Later safe and secure?

Yes, Flipkart Pay Later is safe and secure. Your payment details are encrypted and stored securely.

Is there Flipkart pay like Amazon Pay?

Yes, Flipkart has a payment system called “Flipkart Pay Later” which is similar to “Amazon Pay Later“.

What is maximum limit under Flipkart Pay Later?

The maximum limit for Flipkart Pay Later varies depending on the customer's credit score and purchasing behavior. Generally, the limit can range from Rs. 5,000 to Rs. 1,00,000. However, the final decision on the limit is at the discretion of Flipkart and its partner banks or financial institutions.

Customers can check their eligibility and view their current limit by visiting the Flipkart Pay Later section in their Flipkart account.

Can I Pay Flipkart Pay Later in EMI?

Currently, the EMI facility is limited to a select group of customers. If you have the EMI option activated in your Pay Later section, you can use it. If not, you can pay your bill next month.

How EMI calculated in Flipkart EMI?

In Flipkart EMI, the equated monthly installment (EMI) is calculated based on the purchase amount, down payment (if any), and the chosen EMI tenure. The EMI amount is calculated using the reducing balance method, where the principal amount reduces with each payment made. The interest rate and processing fee are also factored into the EMI calculation.

For example, if I purchase a product for Rs. 10,000 with an EMI tenure of 6 months and an interest rate of 24% (Currently show me on my Pay Later Option), the EMI would be calculated as follows:

Loan amount = Rs. 10,000 Down payment = Rs. 0 Interest rate = 24% per annum Processing fee = Rs. 100

Total payable amount = Loan amount + (Loan amount * Interest rate * EMI tenure / 12 months) + Processing fee Total payable amount = Rs. 10,000 + (Rs. 10,000 * 24% * 6 / 12) + Rs. 0 Total payable amount = Rs. 10,000 + Rs. 1200 + Rs. 100 Total payable amount = Rs. 11,300

EMI amount = Total payable amount / EMI tenure EMI amount = Rs. 11,300 / 6 EMI amount = Rs. 1,883.33

Therefore, in this example, the EMI amount would be Rs. 1,883.33 per month for 6 months.

Flipkart Pay later EMI Option not showing?

If you are unable to see Flipkart Pay Later EMI option in your account for any reason, it could be due to the following factors:

1. Initial Activation: When Flipkart Pay Later is initially activated, your credit limit may be set at a low amount.
2. Purchase History: If your purchase history on your Flipkart account is minimal, it may affect the availability of Flipkart Pay Later.
3. No Previous Loans: If you have not taken any loans before, your credit score may not be visible in CIBIL.
4. If you are a new user with no CIBIL or low score or have a limit of around 5,000 rupees, you may not see the Flipkart Pay later EMI option.

To activate the EMI option, it is important to establish good credibility. Follow these steps to build a strong credit profile:

• The EMI option is typically activated after using the normal Pay later option for 2-3 months, during which time Flipkart assesses your credibility through your transactions.
• Consider making small purchase transactions each month for the next 2-3 months and ensure timely payment of the Pay Later bills. This practice will help you manage your expenses while maintaining a good payment record.
• Once you have established a certain level of credibility, the EMI option becomes available to you.

You continue to use the Flipkart Pay later option responsibly and make timely payments, your credit limit is likely to increase. With an increased credit limit, you may have access to higher EMI options for purchasing products on.

How can you upgrade your Flipkart Pay Later limit?

When you have completed satisfactory transactions and achieved a good credit score, the Flipkart Pay Later system will send you an SMS or message notifying you about the opportunity to upgrade your limit.

At this point, you need to respond to the upgrade request in order to proceed. Once your limit is upgraded, if it reaches around 10,000, the EMI option will be activated, allowing you to make purchases and pay in installments.

What happens I don't pay EMI for 1 month?

If you miss an EMI payment for one month in Flipkart EMI, you will incur a late payment fee, which can range from Rs. 100 to Rs. 1,000 depending on the product and the customer's creditworthiness. Additionally, your credit score may be affected, which could impact your ability to get credit in the future.

Is there any charges for Flipkart pay later?

Flipkart Pay Later Charges-

Uses Fee – Upto 1000 – Rs 5 , 1000 to 3000 – Rs. 10 , Above 3,000 – Rs. 15

Late Payment Charges – 5% for Outstanding amount monthly basic

What is the interest rate of Flipkart Pay Later?

If you select EMI option then they charge 24% p.a. + EMI Processing Fee 1.50% or 100 whichever is higher.

Flipkart Pay Later Charges?

Usage Fee- Rs. 15

Late Payment Charges – 5% of the outstanding due. The penalty will depend on the outstanding due as on 5th of the month.

Minimum age for Flipkart pay later?

Meeting the minimum age requirement typically involves being 18 years of age or older

What is maximum limit Flipkart Pay Later?

Flipkart Pay later limit typically starts from Rs 1,000 and can go up to a maximum of Rs 1 lakh.

The initial limit you receive depends on your Flipkart transaction history and creditworthiness. If your transaction history is low, your starting limit may be lower as well.

However, as you continue to use the Pay later option and demonstrate responsible payment behavior, your limit can automatically increase over time.

It's important to make regular payments and maintain a good credit history to potentially receive higher limits on your Flipkart Pay later account.

How to convert Flipkart Pay Later to EMI?

Before proceeding, it's important to understand the distinction between Flipkart's EMI option and Pay Later option.

When making a purchase, if you select the EMI option from the outset, there are no issues.

However, if you initially choose the Pay Later option for your purchase, the transaction is completed as a Pay Later transaction. Unfortunately, it is not possible to convert your Pay Later bill amount into EMIs afterward. When selecting the payment mode, you can only opt for the EMI option. This limitation is a drawback of Flipkart Pay Later.

How to select no cost Pay Later EMI in Flipkart?

Not every product on Flipkart Pay Later offers a no-cost EMI option. Occasionally, selected products may have a no-cost EMI offer available. When you select a product, you can check whether the no-cost EMI option is available or not.