What is Flipkart PayLater? Benefits, Charges & Process to Apply in 2024

Flipkart PayLater, a launch by the popular eCommerce giant Flipkart, is a unique payment solution that combines the convenience of digital payments with the comfort and flexibility of an EMI service. It allows users to purchase any product from Flipkart, and pay for it later at their convenience.

It comes with the promise of no-cost EMIs, flexible repayment options, and an instant approval process. Flipkart Pay later works like a credit line that can be used to shop for any product in the Flipkart catalog. Customers who opt for this payment solution will get access to a pre-approved limit of up to Rs 1 Lakh, which can be used to buy products on Flipkart.

If you’re unfamiliar with the Flipkart Paylater service, this article will provide an overview of the feature, its various benefits, and charges, as well as the process for applying for it. Read on to find out more about this revolutionary payment solution.

Also Read: How to use Supercoins in Flipkart?

What is Flipkart PayLater?

Flipkart Paylater is a service that allows you to shop now and pay later. There are no interest or additional charges for your purchases, however, a Rs. 15 convenience fee will be applicable if your total order value is more than Rs. 1000, and you can pay in full whenever your due date is there, after the bill generation period(Usually the 5th of every month). You can use Flipkart Paylater to shop for anything on Flipkart, including electronics, books, apparel, and more.

To use Flipkart Paylater, first, you need to activate the service, and once approved, you can simply select it as your payment method at checkout. You’ll then be prompted to enter your mobile number and email address(only if you have not logged in). Once you’ve done so, you’ll receive an SMS with an OTP(One Time Password). Once you’ve entered the correct OTP, you can then proceed with the order instantly.

If you choose to pay over time as an EMI for any purchase, you’ll have the option to do so in 3, 6, 9, or 12 months. You can also make purchases on EMI for a large order value, and there’s no need to worry about the full payment upfront. Simply you can choose an EMI plan that is suitable for you and you’re ready to go as part of the Smart Upgrade plan(Interest rates apply).

Flipkart Paylater is a convenient way to shop on Flipkart without having to pay immediately. With no interest or additional charges, it’s a great way to budget for big-ticket items. Plus, with the option to pay after the end of the month, you can easily shop for your favorite goods and pay later at your ease.

Who is Eligible for Flipkart Pay Later Service?

Anyone can be eligible to avail the Flipkart’s PayLater service. There is no credit score required and no minimum income criteria. You can use Flipkart Pay Later to shop for anything on Flipkart, including mobiles, electronics, fashion, home & furniture, books & more.

To avail the service, customers will have to undergo a one-time KYC (know your customer) process, which will require them to submit their PAN details. Once the KYC is done, customers with an approved credit limit can shop up to Rs. 1 Lakh using Flipkart Pay Later.

The credit limit will be reviewed and revised periodically based on the customer’s shopping and repayment history, and the approval process solely depends upon the lender’s internal policy.

It doesn’t matter if you have a stable income stream, or a good credit score, if the internal system failed to provide you with a credit limit due to any reason, there is no way you can avail of the service ahead.

What is the interest rate of Flipkart Pay Later?

The interest rate of Flipkart Pay later service is currently 0% for a period of 1 month from the date of purchase. Thereafter, a standard interest rate will be applied to the outstanding balance. The interest rate can be revised anytime by the lender’s end, so you must follow the official terms & conditions before applying for the service.

Please keep in mind that, while there are no interest or additional fees applied for a purchase bill for the one-month time period, you have to pay a convenience fee of Rs. 15, if your total order value is more than Rs. 1000 for a single billing cycle.

Flipkart PayLater Benefits:

There are a number of benefits to using Flipkart Pay later. Perhaps the most obvious benefit is that it allows customers to pay for their purchases over time, rather than paying for them immediately at the time of purchase. This can be helpful for people who may not have the funds available upfront to pay for an item in full.

Another benefit of Flipkart Pay later is that it offers customers an additional EMI facility. When customers use Paylater, their purchase is converted to a suitable EMI plan with a nominal interest fee. This means that if you want to buy a large ticket product, without having the full amount to pay upfront, you can easily split your purchase into convenient EMI options.

Finally, using Flipkart Paylater can help customers save money on interest charges. Customers who choose to pay for their purchases using Paylater will not be charged any interest on their purchases. This can be a significant saving for people who would otherwise be charged interest on their credit card balances.

Flipkart PayLater Disadvantages:

There are some disadvantages of Flipkart Paylater that customers should be aware of before they sign up for the service. First, there is a late payment fee, if the customer does not pay their bill within the due date.

Second, there is a specific limit per month that customers can spend, using Paylater for their purchases. This may be limiting for some customers who want to use Paylater for larger purchases.

Third, the interest rate of EMI plans is sometimes higher than the usual interest rate of a credit card.

Fourth, for every purchase bill of more than Rs. 1000, a convenience fee of Rs.15 is applicable, which you can’t waive off ahead.

Finally, Flipkart may cancel a customer’s Paylater account if they miss two payments in a row or if they make too many late payments.

Is Flipkart pay Later a Scam?

Flipkart Pay later is a Buy Now Pay Later service, that allows you to shop now and pay later. This can be used online on the Flipkart app only. The service is provided by IDFC First Bank, and it is valid for transactions on Flipkart.com and Flipkart Mobile App.

There are no extra charges for using this service and you can choose to pay your bill in full or in EMIs (Equated Monthly Installments).

However, there have been some reports of people being scammed by fake Pay later services. These services usually ask for your personal details like your bank account number or credit/debit card details.

They may also promise to give you additional offers or discounts if you make a transaction through their platform. So, it is important to be aware of these scams and only use the official Flipkart PayLater service.

Opinion: I have been a user of Flipkart PayLater for almost 2-3 years, and by using this service I have purchased 100’s of products from Flipkart & Myntra, from different categories including groceries. I have not yet found any difficulties, payment/repayment issues, or scams, so I can assure you that, you can also use this service without any worries, as long as you follow the proper guidelines and know the secure ways to process a payment online safely.

Can I get Flipkart Pay Later Despite Having a Low Credit Score?

If you have a low credit score, you may still be able to get Flipkart Pay later approval. This is because Flipkart Pay later does not use a traditional credit scoring system. Instead, they use an alternative system that looks at your current financial situation and your ability to repay the loan.

To apply for Flipkart Pay later, you will need to provide some basic personal and financial information. This includes your name, address, date of birth, email address, and phone number. You will also need to provide your PAN number and bank account details. Once you have provided this information, you will be able to see if you are eligible for the loan and how much you can borrow.

How to Apply for Flipkart PayLater?

If you’re a Flipkart customer and would like to apply for the Pay later service, there are just a few steps you need to follow:

Remember: You must need a Flipkart account before you apply for the PayLater service. If you don’t have a Flipkart account yet, you can easily download the Flipkart app and signup yourself using your Email ID & Mobile number along with some basic details for free of cost.

• Log in to your Flipkart account and go to the ‘Credit’ section, on the home page.
• From the different cards, select ‘Apply for Paylater.’
• You’ll be redirected to the PayLater page, where you’ll need to enter some personal information and agree to the terms and conditions.
• Once your application is approved, you’ll be able to start using Paylater on Flipkart immediately!
• In some cases, it will take a few hours/few days to finalize your credit limit. So be patient while your application is under review.

Signup for Flipkart PayLater, and get Rs. 100 free gift card(Using the above link/button)

Does Flipkart Pay Later have an annual fee?

No, there is no annual fee associated with Flipkart Pay later service. However, there may be other charges associated with using the service, such as interest charges on late payments. Be sure to review the terms and conditions of the service before signing up, to ensure that you are aware of all charges that may apply.

Charges Associated with Flipkart PayLater:

There are no extra charges associated with using the Flipkart Paylater service currently. You will only be charged the price of the item/s you purchase, plus any shipping fees. There are no interest or hidden fees. You can always choose to pay your bill in full or make partial payments if you opt for an EMI plan(EMI Interest Charges Applicable). If you do not pay off your bill within the specified time frame, late fees may apply.

What is the Due Date for Payment in Flipkart Paylater?

The due date for payment in Flipkart Paylater is the 5th of next month, it actually works like, buy now and pay next month. This date is typically 30 days, but may be different depending on your purchase date. You will receive a statement each month detailing your purchases and the due date for payment on your Flipkart app. If you have any questions about your due date, please contact customer service or you can refer to the FAQ page.

E.g.: If you purchase any product in the month of January, no matter on which date your purchase is done, you have to pay the bill by the 5th of February.

Is Flipkart Pay Later Safe?

Flipkart Paylater is a safe, convenient and hassle-free way to shop on Flipkart & Myntra. It is a short-term credit facility that allows you to shop now and pay later on the next month. You can avail of this service by simply registering with your mobile number, Aadhaar card, PAN card, and email ID on the Flipkart website or app.

Once you have registered for Flipkart Paylater, you will get a credit limit of up to Rs. 1Lakh. This means you can shop for anything worth up to Rs. 1Lakh, and pay it back in EMIs over a period of 3 to 24 months. There are no interest or processing fees charged on Flipkart Paylater transactions, but for EMI transactions, interest rates may apply.

To use Flipkart Paylater, simply select it as your payment method while checking out on Flipkart. You will then be prompted to enter your registered mobile number and email ID. Once the verification is complete, you can shop like usual and the amount will be deducted from your credit limit.

You can repay your outstanding balance through easy EMIs at any time within the repayment tenure. The minimum amount that needs to be repaid every month will be displayed on your Flipkart mobile app, once the bill is generated. You can also choose to pre-pay your entire outstanding balance at any time without any penalties or charges.

So, if you are looking for a convenient and hassle-free way to shop on Flipkart, then Flipkart Paylater can be one of the best options out there.

Does Flipkart PayLater affects credit Score?

There are a lot of misconceptions about how Flipkart PayLater works, and how it affects your credit score. Let’s clear the air on this one.

Flipkart Paylater does affect your credit score directly, as it will be considered as a short-term credit or loan product, and will reflect on your credit report.

By any chance, if you default on your payments or if you miss a payment, that will reflect negatively on your credit score. So, make sure you keep up with your payments, on time or before the due date.

Other than that, there are no negative effects of using Flipkart Paylater on your credit score. In fact, it can actually help improve your credit score over time by showing that you’re responsible with your payments. So if you don’t have a credit card for online shopping, you can use the Flipkart PayLater credit option, and by repaying on time, you can improve your credit score that will help you to get future loans and credit products at a low-interest rate.

Do you need a Credit Card for Flipkart PayLater?

No, you don’t need a credit card to use Flipkart PayLater services. This service is provided by IDFC First Bank, and can be availed by any customer with an Indian mobile number and an Indian bank account. But the final credit limit is subject to the approval of the lending partner.

How Does the Credit Limit is Calculated in Flipkart Paylater?

The credit limit is calculated based on your past purchases, and repayment history with Flipkart. If you have a good track record, you will be eligible for a higher credit limit. The credit limit also depends on your monthly income, and other factors.

Flipkart Paylater also takes into account other factors like your current credit score, the information provided in your application and the Flipkart Paylater eligibility criteria. The financing partner asses your overall profile, and if that suits their approval criteria, then only you can be eligible to avail a credit limit.

What is Flipkart Paylater Smart Upgrade?

Flipkart Paylater Smart Upgrade is a service offered by Flipkart, that allows you to upgrade your existing high ticket products like electronic devices, furnitures etc, with a new one, with attractive EMI & exchange offers . With this service, you can get an instant loan of up to Rs. from Flipkart to Lakh from your existing credit limit and shop for anything you want on the site. The best part about this loan is that there are minimum interest, no processing charges levied on it. You can repay the loan within a period of 3 to 12 months in easy EMIs.

To avail this service, all you need to do is choose the ‘Pay later’ option at checkout and select the ‘Smart Upgrade’ option. You will then be required to provide some basic information like your name, email address, phone number, etc., after which you will be given a list of EMI plans choose from. Once you select an offer and complete the process, the loan amount will be credited to your account instantly and you can start shopping right away!

Is Flipkart Paylater & Smart Upgrade both the same?

Flipkart Paylater is a short-term, interest-free credit facility offered by Flipkart to its customers in India. It allows customers to shop now and pay later on the next month billing cycle. Smart Upgrade is a similar credit facility offered by Flipkart, but with some additional features and benefits.

Some of the key differences between Flipkart Paylater and Smart Upgrade are as follows:

• Flipkart Pay later is available for all customers shopping on Flipkart, whereas Smart Upgrade is available only for selected customers and products/categories.
• With Flipkart Pay later, customers can shop for anything up to the approved credit limit and pay later in the next month’s billing cycle. With Smart Upgrade, customers can shop for anything up to Rs. 1 lakh and pay later in 3-24 EMIs.
• Flipkart Pay Later is an interest-free credit facility. But the Smart Upgrade comes with a nominal processing fee, and interest rates according to the EMI tenure, and product pricing.
• Flipkart Pay later and Smart Upgrade offer customers the convenience of shopping now and paying later without worrying about high-interest rates, or other charges. However, Smart Upgrade provides additional benefits that make it a more attractive proposition for selected customers.
• With the Flipkart Pay Later, the customers have to repay the bill all at once, but with the Smart Upgrade plan, you can split the invoice into easy EMIs.

Conclusion

In conclusion, Flipkart Paylater is a great way to make payments on your purchases without having to worry about keeping enough funds in your bank account, and you can easily pay the bill on the next month without any interest or charges, except the convenience fee.

It has plenty of advantages for those who don’t have enough funds available upfront to purchase a product available with some great discounts. The application process is very simple, and the charges are minimal, so we recommend giving it a try if you need an extra boost when shopping online. With Flipkart Paylater, it is very convenient to grab your favorite product anytime, with some attractive discounts & offers. Also, you have the option for repayment, with attractive EMI plans without having a credit card.