If you are a regular shopper on Flipkart, India's leading e-commerce platform, you might have come across the term “Flipkart Pay Later.” This is a new payment method introduced by Flipkart that allows customers to make purchases on credit and pay for them at a later date. If you have questions about how Flipkart Pay Later works, you've come to the right place. In this article, we will answer some of the most frequently asked questions about 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.
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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.
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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.
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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.
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?
With Flipkart Pay Later, you can access instant credit of up to ₹1 lakh, which you can utilize to buy a range of selected products across different categories and more available on Flipkart and Myntra.
Can I convert Flipkart Pay Later to EMI?
When you place an order and select the payment option, if you choose EMI at that time, you cannot convert the Pay Later billing into the EMI option.
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.
