HDFC Flexipay Review

HDFC Flexipay is a payment service offered by HDFC Bank that provides customers with the flexibility to make purchases now and pay for them later.

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By leveraging HDFC Flexipay, customers can make purchases at participating merchants and divide the payment into affordable installments over a specified period. This service aims to enhance the shopping experience by providing financial flexibility and eliminating the burden of immediate full payment.

How Does HDFC Flexipay Work?

HDFC Flexipay operates on a simple and user-friendly mechanism that enables customers to conveniently manage their payments. Here's a step-by-step guide on how HDFC Flexipay works:

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1. Eligibility and Application: To avail of HDFC Flexipay, you need to be an HDFC Bank customer and meet the eligibility criteria. You can check your eligibility through the HDFC Bank website or mobile application. If eligible, you can apply for Flexipay through an online application or by contacting the bank's customer service.

2. Merchant Selection: Once your Flexipay application is approved, you can explore the wide network of participating merchants where Flexipay is accepted. These merchants include both online and offline stores, providing you with ample options to choose from.

3. Purchase and Payment: When making a purchase at a participating merchant, select HDFC Flexipay as the payment option during checkout. You can choose to pay the entire amount upfront or convert it into easy installments.

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4. Payment Plans and Tenure: HDFC Flexipay offers various payment plans with flexible tenures, typically ranging from 15 to 90 days. You can select the tenure that suits your financial preferences and repayment capacity.

5. Interest and Fees: Depending on the terms and conditions, HDFC Flexipay may offer interest-free periods for 15 days or apply nominal interest rates. It's important to review the applicable interest rates and fees associated with your chosen payment plan before proceeding with the purchase.

6. Confirmation: Once you confirm the purchase and payment plan, the installment amount will be added to your HDFC Flexipay bill. You need to make timely repayments as per the specified due dates to avoid any penalties or late payment charges.

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7. Repayment: HDFC Flexipay provides you with the flexibility to manage your repayments. You can monitor your installment schedule, outstanding balances, and payment history through the HDFC Bank website or mobile application. Additionally, you can choose to prepay your installments or close the Flexipay facility at any time, subject to applicable terms and conditions.

By following these steps, you can leverage HDFC Flexipay to make hassle-free purchases and conveniently manage your payments through flexible installment options.

Understanding the Costs and Charges

It's important to understand the costs and charges associated with this service.

Here's a breakdown of the key costs and charges to consider:

Interest Rates: Depending on the payment plan and tenure selected, HDFC Flexipay may apply interest rates on the installment amounts. There are four tenures with the respective applicable EMI interest rates on any transaction carried through the FlexiPay- Buy Now Pay Later option:

Tenure	Interest Rate
15 Days	No Extra Cost	If loan is taken on the 1st for 15 days, the same will be due on 16th, on 16th, customer’s account will be auto debited for the loan amount.
30 Days	28.00% Interest Annually	If the customer has taken tenure of 30 days, with a disbursement on January 10th & due date of Feb 9th . Customer will be charged interest + principal after 30 days from loan booking i.e. on Feb 9th
60 Days	28.00% Interest Annually	For a loan tenure of 60 days, interest will be charged for the initial 30 days on February 9th. On March 9th, interest for the remaining 30 days and the principal amount will be recovered.
90 Days	28.00% Interest Annually

Auto Debit Return Panel Interest: An interest rate of 2%, along with an additional 18% GST, will be applied. However, this is subject to change based on the Government's instructions. A minimum charge of Rs. 450 will be levied.

Late Payment Charges: If the outstanding amount is not paid or only partially repaid, a late payment penalty of 3% along with an additional 18% GST will be charged on the total outstanding due.

Pre-closure Charges: Currently, if you choose to pre-close the FlexiPay service, there will be a charge of 4% on the remaining principal balance, along with an additional 18% GST.

It's crucial to carefully review the costs and charges associated with HDFC Flexipay before availing of the service. By understanding the applicable interest rates, processing fees, late payment charges, conversion charges, and other relevant fees, you can make an informed decision and effectively manage your expenses while keeping the associated costs in mind.

Exploring Merchant Partnerships

HDFC Flexipay has established partnerships with a wide network of merchants, both online and offline, to provide customers with a diverse range of options for using the service.

eCommerce

Flipkart

Travels

Rentomojo
MakemyTrip
ZoloStays Property Solutions Pvt Ltd
Intermiles
Thrillophilia
Goibibo
EasemyTrip

Fashion & Apperals

Myntra
Jocky
Metro Shoes
Bunnai
Bath & Body works
Lakme

Appliance & Electronics

Boat Lifestyle
Zebrs.com
Poorvika Mobiles
Gonoise
Leaf Studio
Micromax
Big C Mobile
Skull candy
Portronics
Corseca
Lot mobile
Nexhour
Goqi

Furniture

Royal Oak Furniture
Zero Effort Technology
Nilkamal
Home Dekor

Health & Fitness

Kent RO
Callhealth
Medibuddy
Healthifyme
Myprotein

Smart Watches

Fitbit
Goqii
Fittr
Just watches

In Store

Vijay Sales
Bajaj Electronics
Big C Mobile
Lot Mobile
Phonewale
Metro Brand
Cobb Apearls
Sketchers
Bata

Disadvantage of HDFC Flexipay:

Here are the disadvantagess of using HDFC Flexipay:

Potential High Interest Charges: While HDFC Flexipay may offer interest-free periods, interest charges may apply beyond that period. It's essential to understand the interest rates associated with your chosen payment plan and tenure to assess the overall cost.

They charges 28% Interest on EMI, same time your FD in HDFC Bank received only 8% Interest

Additional Fees: HDFC Flexipay may have various fees, such as Auto Debit Bounce fees, late payment charges, or closure fees. These fees can add to the overall cost of using Flexipay and should be considered before opting for the service.

Credit Score Impact: Utilizing HDFC Flexipay can impact your credit score. Timely repayments can have a positive effect, but late payments or defaults can negatively impact your credit history.

Borrowing Capacity Considerations: Availing of HDFC Flexipay affects your borrowing capacity. It's important to consider how it fits into your overall financial obligations and avoid overextending your credit limits.

After looking these disadvantage, you can make an informed decision about utilizing the service based on your financial needs, repayment capacity, and overall financial goals.

Frequently Asked Questions (FAQs)

What is HDFC Flexipay?

– HDFC Flexipay is a payment service that allows customers to convert their purchases into convenient installment plans, providing flexibility in managing expenses.

How does HDFC Flexipay work?

– HDFC Flexipay works by offering customers the option to convert their purchases into easy installments. Customers can choose from different payment plans and tenures, based on their preferences and eligibility.

Which merchants accept HDFC Flexipay?

– HDFC Flexipay is accepted by a wide network of online and offline merchants, including popular retailers across various industries. The list of participating merchants is available on the HDFC Bank website or mobile application.

How can I apply for HDFC Flexipay?

– You can apply for HDFC Flexipay through the HDFC Bank website or mobile application. The application process is simple and user-friendly, allowing you to apply and get quick approval.

Does HDFC Flexipay charge interest?

– HDFC Flexipay may charge interest depending on the payment plan and tenure selected. Some payment plans offer interest-free periods, while others may have applicable interest rates. It's important to review the terms and conditions before opting for Flexipay.

Are there any additional charges associated with HDFC Flexipay?

– Yes, there may be additional charges such as processing fees, late payment charges, conversion charges, or closure fees associated with HDFC Flexipay. It's advisable to review the applicable fees before availing of the service.

Can I prepay or close my HDFC Flexipay account?

– Yes, you can prepay or close your HDFC Flexipay account. However, there may be prepayment charges or closure fees applicable, currently they charge 4.

How does HDFC Flexipay impact my credit score?

– Using HDFC Flexipay can impact your credit score. Timely repayments contribute positively to your credit history, while late payments or defaults can have a negative impact. It's important to manage your payments responsibly.

Conclusion

It's important to consider the costs and charges associated with Flexipay, including potential interest rates and additional fees. Customers should also be mindful of their borrowing capacity, credit score impact, and responsible financial management while utilizing the service.