What is Amazon pay later?
Pay later on Amazon is an instant credit facility. The loan on Amazon is provided by third party landers . AXIO is the main lander on Amazon Pay later . Anyone with a cibil score from 700 can apply for Amazon loan . Users on Amazon instantly get limit ranging from 1000 to 60000 based on their cibil profile and the uses of the Amazon app.
Where can you use Amazon Pay later limit
The limit you get on Amazon Pay later can be used for recharges , bill payment , shopping and on the amazon site. You can not transfer this limit to your bank account.
Interest on Amazon Pay later
Amazon pay later limit is interest free. You dont need to pay any interest for the limit you get on Amazon . If you repay your limit within the given period of time then you don't need to pay any extra charges. But if you pay your limit after due date then the late fees is applied . The following is the chart of Amazon late fees :
| Overdue Amount | Charges |
|---|---|
| ₹100-₹500 | ₹60 |
| ₹501-₹1000 | ₹125 |
| ₹1001-₹2000 | ₹175 |
| ₹2001-₹4000 | ₹300 |
| ₹4001-₹5000 | ₹400 |
| ₹5000 & above | ₹600 |
What happens if Amazon loan not paid ?
People activate Amazon limit when they need money for shopping , recharges or bill payment . Amazon instantly activates limit for users based on their cibil ratting . When
You miss your Amazon Pay later bill or you don't repay it then there are some critical situations that you will have to face. In this section we will cover all circumstances you will be facing due to non-repayment of your amazon pay loan. The following is the list of things caused by non-repayment :
- Late fees
- Recovery agent harassment
- Impact on cibil score
- Legal action by NBFC
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