FreeCharge Pay Later is one such service that offers users the flexibility to make payments at their convenience.
I am writing this review after carefully reviewing all the details mentioned in Freecharge’s terms and conditions and privacy policy. I would apply for Freecharge for testing purposes, but I have decided not to proceed.
What is FreeCharge Pay Later?
FreeCharge Pay Later is a digital credit service provided by FreeCharge, allowing users to make purchases and defer payment for a later date.
It operates as a credit line, providing customers with a predetermined spending limit that can be used across various online platforms and merchants. The service aims to simplify and enhance the shopping experience for users.
How does FreeCharge Pay Later work?
To access FreeCharge Pay Later, users need to register for an account through the FreeCharge app. During the registration process, necessary information is collected, and a verification procedure is carried out. Once registered, users are assigned a credit limit based on their creditworthiness and other factors.
How can I register for Pay Later on FreeCharge?
Currently, FreeCharge Pay Later is only accessible to specific users of FreeCharge. If you meet the eligibility criteria, you will receive notifications via SMS, email, and push notifications informing you about your eligibility to apply for Pay Later.
To complete the FreeCharge Pay Later application, you will need to provide the following details:
Registering for FreeCharge Pay Later application. Follow these steps to create your account:
- Download and install the FreeCharge app on your smartphone.
- Open the app and sign up for a FreeCharge account.
- PAN Detail, personal & professional information and complete the verification process.
- Aadhaar eKYC (Electronic Know Your Customer) verification through OTP
Once you agree to the terms and conditions, your FreeCharge Pay Later account will be activated and ready for use.
Upon approval and activation of your FreeCharge Pay Later account, you will be provided with a credit balance of Rs 10,000. This credit balance can be utilized for making purchases and payments within the specified billing cycle.
Is FreeCharge Pay Later interest-free?
If you settle your bill in the following month, there will be no additional fees. However, if you choose the EMI (Equal Monthly Installment) option, they will apply an interest charge.
Rate of Interest: Rate of interest will be charged at 9% pa.
Late Payment Charges:
| Due Amount | Late Payment Charges | Max. Capped Charges |
|---|---|---|
| 0-1000 | Rs. 10 per day | Rs. 75 |
| 1000-3500 | Rs. 10 per day | Rs. 325 |
| 3500-10000 | Rs. 10 per day | Rs. 475 |
Conclusion:
Freecharge, in partnership with Axis Bank, offers loans with a higher limit of 10,000. However, in order to process this loan, Freecharge collects certain personal data from your phone, including photos from your gallery, SMS messages, and information for which you have granted permission to upload, sync, or import.
This includes phone status and identity, contacts, calendar, camera, microphone, and SMS.
The information collected may include sensitive personal information such as passwords, financial details like bank account, credit card, or debit card information, physical, physiological, and mental health conditions, sexual orientation, medical records and history, biometric information, and any other related information provided by you or received by Freecharge entities for processing, storage, or lawful contractual purposes.
If you are willing to provide all of your personal sensitive data to Freecharge, then it is acceptable to proceed. Otherwise, another recommended option would be to apply for a credit card from Axis Bank.
