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Your credit limit on the LazyPay app is the amount that can be used to make regular purchases on your favourite apps and websites. You can get a credit limit even if you don’t have any credit history. One can use the entire amount of what is also referred to as micro-credit and pay it back within 15 days.
With a simple digital process, the LazyPay credit limit can be adjusted up to Rs 1 lakh. Users can utilise their credit limit to pay for online purchases made on more than 100s of their favourite applications and websites.
Hence, if you are looking to enhance your LazyPay credit limit on the app, here is a step-by-step guide for you.
Can my LazyPay credit limit be increased?
By initiating a digital fixed deposit from the Wealth tab of the LazyPay app, you can quickly raise your credit limit anytime. The exact amount as your deposit will be applied toward an increase in your LazyPay credit limit.
Maximum credit limit
Currently, the maximum possible credit limit, through this method, is Rs 1,00,000.
To increase your credit limit, you must follow the following steps on LazyPay App:
- 1. Enter your basic information, such as your PAN, salary, and address information, by selecting the “Get it now” button on the app’s home screen.
- 2. To complete your KYC, upload your Aadhaar data if you are accepted for a higher credit limit (>10K).
- 3. You will need to confirm your bank account & set up automatic bill payment after providing your KYC information.
- 4. Your limit will be raised once your KYC is authorised and your bank information is verified for repayment setting.
NOTE: In case you have already provided your basic info and your limit didn’t increase, you may not be eligible for an increase in LazyPay credit limit immediately. You will be notified when a higher limit is available on your account.
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Conclusion
The approved amount of your LazyPay credit limit is what you can use to make purchases on your preferred websites and applications or to apply for an immediate loan from your bank.
Each time you use credit to make purchases or borrow money, your credit limit is decreased. Once you pay your debts, it is reset to the original maximum.
FAQs
What is the maximum LazyPay credit limit?
Currently, the maximum possible LazyPay credit limit is Rs 1,00,000.
Will LazyPay increase my CIBIL score?
Your CIBIL score is unaffected by simply using the LazyPay app. However, if you tend to overuse your limits (over 30%) or default on repayments, your CIBIL score will be negatively impacted.
How do I increase my credit limit on LazyPay?
1. Enter your basic information, such as your PAN, salary, and address, by selecting the “Get it now” button on the LazyPay app’s home screen.
2. To complete your KYC, upload your Aadhaar data if you are accepted for a higher credit limit (>Rs 10,000).
3. You will need to confirm your bank account & set up automatic bill payment after providing your KYC information.
4. Your limit will be raised once your KYC has been authorised and your bank information has been verified for repayment setting.
Can I use LazyPay on Amazon?
Yes, You can shop with No Cost EMI on Amazon using LazyPay.
