How to Increase Amazon Pay Later Credit Limit?

How to Increase Amazon Pay Later Credit Limit?

Amazon Pay Later is a stress-free instant source to get credit via a completely digital process. Setting up your account is simple – in less than 2 minutes, users can get done with it without filling in their credit card details. For purchases, users can even get EMI from Amazon India’s official website.

The EMIs are flexible; the customer can choose from 3 to 12 months for repayment. Once the setup is done from the users’ end, they can avail Amazon Pay Later service during the checkout on Amazon.in and pay in the following months after making the purchase. With Amazon Pay Later, customers can monitor purchases, repayments, and restrictions history from the dashboard.

Below is a step-by-step guide if you are a new Amazon Pay Later user or have been using Amazon Pay Later services and wanted to explore how to increase your Amazon Pay Later credit limit.

How to increase Amazon Pay Later credit limit?

  • After you complete your signup, you will be given a set limit according to your eligibility criterion.
  • Make repayment settings by selecting your bank account, and the amount will be directly deducted whenever you choose Amazon for any transaction.
  • Open the Amazon Pay app on Android or iOS.
  • Go to the top left corner, open and tap on ‘Amazon Pay,’ and click on Amazon Pay Later.
  • Here you will find detailed information about your limited allocated, utilised limit, and available amount.
  • Hence, all your future and past transactions will be shown here. This is a history book for all your payments with this account. The more transactions you make, the more eligible you become for the limit upgradation.

Note: The increase in limit depends on the number of transactions you make through Amazon Pay Later.

Benefits

  • Customers can get an instant credit limit on Amazon Pay Later from the retailer.
  • Customers do not have to fill in any credit card details.
  • No processing or cancellation fees or pre-closure charges are to be paid.
  • The seamless checkout process on Amazon’s official website using the Amazon Pay Later service.
  • Customers can track their expenses and repayments with the help of a dashboard; this will act like a reminder for when you have to stop spending extra and keep checks on the EMI dates.

Eligibility criteria

  • Minimum age: 23 years
  • Documents: Driving licence, Voter ID card, Aadhaar, Utility Bills (not older than 60 days), Passport
  • Applicants must have an Amazon.in account with a verified phone number, permanent address, PAN card, and account in any of the eligible banks mentioned on the website.

Conclusion

Amazon Pay Later is beneficial for customers as it allows you to pay the total due amount in the following month of your purchase. If the customer can do so, no interest is charged. However, if the customer spends more than Rs.3000, they automatically become eligible to return it in 3 months (interest rate applicable in this case).

Users who use Amazon Pay Later and spend more than Rs 6,000 can get up to a six-month EMI, while those who spend more than Rs 9,000 can get either nine or twelve-month EMIs. On the lien amount, both of them will incur monthly interest.

FAQs

How do I increase my PayLater limit?

The increase of your PayLater limit depends on how many successful repayments you have made in the schedule post using the Amazon Pay Later services. The process has been mentioned in the blog. 

What is the maximum limit of Amazon Pay Later?

If the customer has completed the full KYC on their account, the monthly limit is Rs. 5 Lakhs per the company’s policy. However, even in this case, the users can not have an available balance of more than Rs. 1 Lakh at once.

What is the limit of Amazon Pay balance?

The monthly limit of Amazon Pay Balance is Rs. 10,000, without KYC. If you complete an entire KYC process, then you will be able to have a limit of up to 5 Lakh. 

Can we add more than Rs 10,000 to Amazon Pay?

You must undergo a Full KYC to add more than Rs. 10,000 to your Amazon Pay balance account. It is not necessary to complete KYC to operate under a cap of Rs 10,000 monthly.

How is the Amazon Pay Later limit decided?

The applicant must be at least 23 years of age. Additional eligibility is determined based on data already in the Amazon database and users’ credit bureau history. The Amazon Pay Later limit will be determined with the loan partner based on these and several other variables.

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