BENGALURU: Amazon Pay has introduced cardless EMIs, which will provide instant financing options to select customers who may not yet have access to credit for purchasing high-value products (up to Rs 60,000), by splitting their purchases into instalments at low-interest rates.
Amazon Pay has partnered with Bengaluru-based digital lending start-up Capital Float to design and enable the Amazon Pay EMI.
Invited customers will see an option to register for credit facility on the Amazon Pay homepage, and upon providing their PAN and KYC details (no document uploads needed), customers will be instantly provided a credit limit of up to Rs 60,000.
Interest will be charged only when customers make a purchase using this credit limit. Three is no processing fee or hidden charges.
Customers will have an option to set up auto repayments for hassle-free repayment of their monthly instalments.