Get instant loan up to Rs. 20,000 online through PayLater at interest rate starting from 3% per month and for tenure of 12 months
ICICI Bank has introduced a new facility known as PayLater to enable its customers to purchase small ticket items in a completely digital and paperless manner. This facility is an instant digital credit limit that helps customers to shop online, pay bills, and pay using the Merchant UPI ID at physical stores.
ICICI Bank has the distinction of being the first bank in India to offer such a small ticket digital lending mechanism in partnership with a leading Fintech firm last year. Now, it has extended this service on the UPI platform to connect to as many digitally-savvy customers as possible.
ICICI Bank has always been a leader when it comes to introducing new products. The PayLater initiative is one such endeavour by the bank to consolidate its position in the small ticket digital credit market. This facility can prove useful to people to purchase products of their choice, especially during the festive season.
As the name suggests, you buy now and pay later. Select customers of ICICI Bank can get instant digital credit up to 20,000.
|Target group||Young and millennial customers who love to do everything online including availing credit.|
|Facility||It is an 'invite-only' facility where it is instantly available to pre-approved and qualified customers.|
|Quantum||Instant Digital Credit ranging from 5,000 up to 20,000|
|Purpose||To enable customers to buy the products of their choice instantly both online and offline.|
|Availability||To ICICI Bank customers having internet banking, mobile banking, or Pockets Account facility.|
|Repayment||ICICI Bank generates a consolidated statement on the 1st of every month. The amount is payable by the 15th of the same month.|
|Mode of disbursement||Instant credit limit in the form of an overdraft on their savings account|
|Tenure of the limit||Initially, the limit is for 12 months subject to review and renewal after the expiry of the tenure.|
|Repayment mode||By setting up an auto-debit standing instruction at the time of applying for the limit.|
|EMI facility||Available on request at the bank's discretion|
Internet Banking users, iMobile, and Pockets Wallet users can activate the PayLater facility when they receive an exclusive invite from ICICI Bank on their transaction platform.
Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years.
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ICICI PayLater is a digital credit product, which is similar to a Credit Card. With PayLater, you can make purchases now and make payments later in 45 days of the transaction date at zero interest charge.
PayLater VPA is a unique identification number for your PayLater Account, which can be used for making various UPI payments, including online shopping, mobile recharge, booking of flight/train/bus/taxi, etc.
Each PayLater Account comes with a dedicated UPI ID, which can be used to make payments through the UPI mode. PayLater can be used as a payment option at ICICI Bank payment gateway for online purchases, in addition to other standard payment options like Debit Card, Credit Card, and Pockets Wallet. To make a payment, simply choose PayLater Account in the checkout page.
The key benefits of ICICI PayLater are:
The PayLater dues are debited automatically from ICICI Bank Savings Account linked with the PayLater. Make sure you maintain sufficient balance in your linked Savings Account on the due date. You can also pay your PayLater dues through NEFT or UPI from your Savings Account.
ICICI PayLater is available for specific customers of ICICI Bank on an invite-only basis. The selected customers will receive the invite pop-up on log in to the Pockets Wallet, iMobile, or ICICI Bank Internet Banking.
Yes. In case of late payment, you will be charged a penal interest of 36% p.a. + GST, based on the daily total outstanding after the 'Pay by Date'. The bank will also levy a fixed late payment charge, for subsequently generated bills, until you clear the dues.
Your PayLater account limit can range between 5,000 and 20,000, depending on your eligibility. The limit is preset for the customers to whom the bank sends invite.
You can use PayLater UPI ID for making payments to any merchant UPI ID.
You cannot use ICICI PayLater for making Credit Card payments, transfer funds to other bank accounts, or for making any person to person funds transfer.
ICICI Bank reviews PayLater accounts periodically and it may change sanction limit from time to time. Keep using your iMobile app to know your limit. Bank will send a notification if you are eligible for an increased limit.
No, PayLater UPI ID cannot be used for payments to any P2P (Peer to Peer) UPI transactions.
You can add money to a merchant wallet by using UPI payment option. Check with merchant for the procedure to add funds in their wallet.