Everything You Need to Know About Flipkart Pay Later
WHAT IS FLIPKART PAY LATER?
When we are buying any product from Flip Kart, we can buy the product instantly and pay the amount on the coming month’s 5th, we can use the one-month credit without any interest charges up to the maximum limit of 1 lakh.
It is like buy now and pay by the coming month 5th without any interest charges.
Flipkart Pay later total credit will be divided into 2 sections,
- Pay Later option.
i.e., if you have a total limit of 50,000, that Pay Later option is given as 20,000 and the remaining as given as EMI, so if you are buying a product worth 30,000, you can buy in 2 ways
- One with a full EMI option in the Pay Later option.
- you can buy products with the 20,000 Pay Later option and the remaining 10,000 with EMI.
HOW TO CREATE PAY LATER ACCOUNT?
Simple ways to create Flipkart pay later,
- Log on to Flipkart,
- go to your Account,
- in credit options you can see the option Flipkart pay later,
- you need to provide 3 details
- PAN details,
- Aadhaar details,
- Bank details.
And click on continue, and your Flipkart pay later account is created.
ADVANTAGES OF FLIPKART PAY LATER?
- Quick payment when you are purchasing (any newly released product or flash sale or any limited product which requires immediate or quick payment) compared to paying on a credit card or debit card or COD.
- Interest-free credit for one month.
- We can split the amount into pay later and EMIs (i.e., let’s say you are ordering the product for 30,000 in this you pay from pay later for the 10,000 remaining you can split into EMIs).
- We will get an immediate refund when we are returning the product.
- You can use Flipkart Pay Later on Flipkart and Myntra and also Shopsy.
- There is no convenience fee for the Pay Later option.
- The maximum credit limit in Flipkart Pay Later is 1,00,000.
- EMI option is available in Flipkart Pay Later.
HOW TO USE FLIPKART PAY LATER IN MYNTRA APP?
The Advantage of having Flipkart Pay Later is we can use the same Pay Later option In Myntra Also without any hustle.
Steps to follow to use Flipkart Pay Later in Myntra…
- When we are logging in or creating an account in Myntra we have to give the same mobile number which we have given in Flipkart.
- Select the desired product from Myntra.
- Add the product to the card or shopping Bag.
- Click on place order from Shopping Bag.
- Select billing address details and click on continue
- In payment options, you can see the Flipkart Pay Later option, select that Flipkart Pay Later option and place the Order.
With Flipkart Pay Later you can buy any product up to the maximum limit of 1 lakh in Myntra and you can pay the same amount in the following month without any interest or convenience charges on the amount of your purchase.
WHY FLIPKART PAY LATER IS AVAILABLE IN MYNTRA? OR IS MYNTRA OWNED BY FLIPKART?
Yes, Flipkart owns Myntra that is the reason the Flipkart Pay Later option is available in Myntra.
Myntra is specialized only in fashion and clothing. In Myntra the selling of products includes only those related to clothing and fashion, apart from this Myntra won’t sell anything. Flipkart and Myntra are one of the biggest e-commerce retailers in India, through these two platforms major retailing of fashion products is happening.
In 2014 Flipkart acquired (purchased) Myntra, this is the biggest acquisition of e-commerce sites in recent times in India, through this purchase “Flipkart eliminated most of the competition in e-commerce” related to “fashion and clothing”.
This is the reason that whatever the payment options are available in Flipkart the same options available in Myntra also, so we can avail the Flipkart Pay Later option in Myntra also.
DIFFERENCE BETWEEN FLIPKART PAY LATER AND AMAZON PAY LATER? AND HOW TO CREATE AMAZON PAY LATER ACCOUNT?
Amazon pay later is also similar like Flipkart pay later, you can buy a product now with credit and you can pay the amount later without interest charges. Creating amazon pay later is also very similar to Flipkart pay later. you can create an Amazon pay later account within 60 seconds with a few details as follows,
- Log in to your Amazon account using the Amazon app or in the browser.
- Go to the menu on the bottom right side of the app.
- Click on the Amazon Pay option at the top.
- We can see options as,
- Amazon pay the balance,
- Amazon pay later,
- Amazon pay UPI,
- Click on the amazon pay later option and we need to give a few details such as PAN and Aadhar and enter the OTP which we got to the registered mobile number
- We need to set up a one-time auto repayment option for automatic deduction of the amount on the due date, that’s it we have created out amazon pay later account similar like Flipkart pay later account.
The major difference between Flipkart Pay Later and Amazon pay later is we can use Flipkart pay later on other e-commerce sites like Myntra and Shopsy, but we can’t use Amazon pay later Anywhere except in Amazon, but you have flexibility with Flipkart that you can use in different apps. That is the major difference apart from that most of the properties are the same with both Flipkart pay later and Amazon pay later.
REFUND DETAILS OF FLIPKART PAY LATER:
Once we Order a product by using Flipkart pay later, and we returned the same product we will get the refund instantly once the product is picked up by the Flipkart delivery agent.
But if you order the product using any UPI or DEBIT CARD or CREDIT CARD options in Flipkart and if you return the same product, you will get the refund after 5 to 7 working days, this is the major advantage of using Flipkart pay later option that we will get an instant refund and the credit limit in your Flipkart pay later account is adjusted accordingly.
THINGS TO CONSIDER BEFORE USING FLIPKART PAY LATER:
Even though there aren’t many disadvantages to a Flipkart pay later account we have to consider the following while creating a pay later account,
- It will reflect as a loan in your CIBIL report, even if you are not using the pay later for purchasing the product after you created it.
- if you are not repaying the amount on time, it will affect your CIBIL score.
- We will tend to purchase the products even if we don’t have sufficient money with us because of the credit, and we will end up spending more compared to our income limit.