What is Amazon Pay Later – How to do KYC for Amazon Pay Later? mskearnings.com

What is Amazon Pay Later – How to do KYC for Amazon Pay Later?


Amazon Pay Later: Do you know what is ” Amazon Pay Later”? “Today in this post I am going to tell you in detail, how to do online registration for it, what is its KYC process, i.e. Amazon Pay Later KYC kaise kare ). Along with this, we will also tell that how much interest will have to be paid on buying goods from Amazon Pay Later?

Amazon Pay Later

Friends, many times it happens that we want to buy something online but we do not have enough money to buy it. In the past, many types of services were launched by Amazon for this. Such as EMI, No Cost EMI etc. But Amazon Pay Later is a new finance service from Amazon recently launched under which you can do online shopping up to Rs 60,000 from Amazon.

So let us know in detail about this new Amazon Finance Service, Amazon Pay Later in this post and see how to complete Amazon Pay Later KYC.

What is Amazon Pay Later?

Amazon Pay Later is a new finance service of the Amazon company, in which some loans are given to customers for shopping on behalf of Amazon. You can deposit this bill after one month and you can also put EMI of 3 months or 12 months on it. If you choose the EMI option of 3 or 12 months on this, then you may be charged a little bit of interest from the company.

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In Amazon Pay Later, you are given an Amazon Credit Card, in which you can take some credit amount from Amazon. You can use this amount for shopping from Amazon. Not only online shopping from Amazon but you can also pay every month utility bill like electricity, water, mobile bill etc. with this amount. 

Many people ask how to shop without money from Amazon. So Amazon has given a very good offer for you by launching Amazon Pay Later. You can buy goods even if you do not have money with it.

What is Amazon Pay Later Eligibility Criteria?

You have to fulfill the following criteria to avail Amazon Pay Later service.

  • You must be 23 years of age or older.
  • You must have an Amazon.in account verified by mobile number and email ID.
  • You must have your valid PAN card.
  • You must have a bank account that is selected by Amazon. There are many banks that Amazon does not support.
  • You should have your valid Aadhar card or any other address proof like driving license, voter ID card, passport or copy of utility bill.
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The criteria after this depend on the history of your Amazon account. If you are a good customer and if you have good credit then you will be provided with Amazon Pay Later service.

The Amazon Pay Later Limit is set by Amazon’s Leading Partner only .

How to do Amazon Pay Later KYC (Amazon Pay Later KYC Kaise Kare)

To do Amazon Pay Later KYC, it is necessary to have Amazon app in your phone. If you don’t have Amazon App then install it from Play Store .

After this, if you are using Amazon.in for the first time, then register. And if you are already an Amazon customer then login with your ID Password.

After login, click on the menu icon on the home screen of Amazon App and select Amazon Pay in the menu. There, if you remain eligible for Amazon Pay Later, then you will have the option of Amazon Pay Later written as Get Started there. There click on Get Started. Now you have to complete the process of Amazon Pay Later KYC. 

You must have a PAN card for Amazon Pay Later KYC. You must know the meaning of KYC. The full form of KYC is Know your customer. There are four options for completing Amazon Pay Later KYC. 

  1. Existing KYC
  2. OTP Based KYC
  3. Existing Customer KYC with Lending Partner
  4. KYC as received from CKYCR under CERSAI

From this list, you can complete any Amazon Pay Later KYC process. After this you will be able to take advantage of Amazon Pay Later service. Let us now look at all these processes in turn.

1. Existing KYC

As the name suggests, Existing KYC means if you have already KYC done. If you have already applied for Amazon Credit Card then your KYC must have been done.

Here you will see 4 Digit Missing of PAN Card Number. There you have to submit it by entering the missing digit from your PAN card number. After this your profile will be evaluated and after that the amount from 10 thousand to 60 thousand will be credited in your Amazon Pay Later.

2. OTP Based KYC

In this process you have to complete the process of KYC according to one time password. Here you have to verify your identity by entering the details of your required documents.

For this, enter your Aadhaar number or PAN number and click on Continue. After this an OTP will come on your registered mobile number. After entering the OTP, click on continue. Your Identity will be verified by this.

Your profile will then be evaluated for Amazon Pay Later . After this the amount will be credited in Amazon Pay Letter according to your credit score.

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3. Existing KYC with Amazon Lending Partner

This KYC happens when you are already registered as a lending partner of Amazon. Amazon Lending Partner means that you do the work of getting the orders made by the people or you sell Amazon ptoducts online.

There are some requirements for the Amazon Lending program. You have to sell products according to the requirements. After this you can join the Amazon Lending Program.

If you are already associated with Amazon Lending Program then you must have already done KYC. Here you have to select Existing KYC with Amazon Lending Partner. After this OTP will be received on the mobile number associated with your Amazon Lending Program. 

You have to enter the OTP received on that mobile number. After this your profile will be reviewed. After this the amount will be credited in your Amazon Pay Later.

4. KYC as Received from CKYCR under CERSAI

If your CKYCR is done then you can complete KYC for Amazon Pay Later with this option. CKYCR means Central KYC registery. This KYC of yours happens when you have taken any loan, got insurance or made any fixed deposit.

You should know one thing that whenever you apply for a loan or get insurance, then at that time your necessary documents are asked and your KYC is done. This KYC is recorded in the Central Registry. And you get a 14 digit KIN Number (KYC Identification Number). Once this KYC is completed, again you do not have to do KYC again for any financial services and your work is done with this KIN number.

You can also apply for Amazon Pay Later with the same KIN number .

What is the Amazon Pay Later Credit Limit?

The credit limit of Amazon Pay Later depends on the account of each Amazon user. Your profile is reviewed every time you complete the KYC process. If the credit score of your account is good then the maximum amount will be credited to your account. 

After evaluating the profile, the Amazon Pay Later credit amount will appear in your account. Under Amazon Pay Later, credit from Re 1 to Rs 60,000 is taken in your account. As I mentioned earlier it depends on your credit score. The maximum credit limit of Amazon Pay Later has been set by RBI. 

What is Amazon Pay Later Billing Cycle ?

As the name of this service suggests. It is known from Amazon Pay Later that pay later. When the amount is credited through Amazon for shopping in your account, then you have to pay it within 1 month.

If you are not able to repay within 1 month then you can pay it in installments of 3 months, 6 months or 12 months. If you pay it in installments of 3, 6 or 12 months, then you will have to pay some extra amount for it. Here is the Amazon Pay Later Billing Cycle list in the table given below .

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DurationMin AmountMax AmountPay or EMI
1 monthRs. 0Rs. 1000/-Buy Now, Pay Next Month
3 monthRs. 3000/-Rs. 3000/-Buy Now, Pay in EMIs
6 monthRs. 6000/-Rs. 60000/-Buy Now, Pay in EMIs
9 monthRs. 9000/-Rs. 60000/-Buy Now, Pay in EMIs
12 monthRs. 9000/-Rs. 60000/-Buy Now, Pay in EMIs

How much is the Amazon Pay Later Interest Rate to be paid?

As I mentioned earlier, if you pay the total amount taken from Amazon Pay Later within a month, then you will not be charged any extra charges. But if you want to pay this amount in different installments, then you will have to pay extra charges for it.

If you buy any goods from Amazon Pay Later Amount, then in general there is an interest rate ranging from 1.5% to 2%. But if you buy any No Cost EMI product from it, then you will not have to pay any extra interest.

Amazon Pay Later Benefits

  1. You can find out your credit limit instantly with Amazon Pay Later . In this, you are given the same amount as you are entitled to.
  2. You are not required to enter your credit card details here. You can shop with this amount even when you do not have money. You get the option to return the money within 30 days without any interest.
  3. You do not have to pay any fee for Amazon Pay Later service. And you can cancel it anytime without paying any charge.
  4. With the amount received from Amazon Pay Later, you can not only buy Amazon products, but you can also pay bills of your daily needs like electricity bill, water bill etc.

FAQs related to Amazon Pay Later

Where can I use Amazon Pay Later ?

With Amazon Pay Later , you get a maximum credit of Rs 60,000 which you can use to pay for any Amazon product or grocery, water bill, electricity bill, mobile bill etc.

Is Amazon Pay Later Secure?

Yes, it is completely safe to use Amazon Pay Later in India.

What is the difference between Amazon Pay Later vs Amazon Pay EMI?

Amazon Pay Later and Amazon Pay EMI are both the same thing. Earlier Amazon Pay Later was known as Amazon Pay EMI. Later its name was changed to Amazon Pay Later.

What to do if you can’t see the Amazon Pay Later registration option?

At present, the registration option of Amazon Pay Later is visible to very few customers. Because it is not for all customers. It has been launched by Amazon for some selected customers. So this Amazon does which customer should be shown the option of Amazon Pay Later.

Final Thoughts

Today in this post I told what is Amazon Pay Later? , how to do registration and KYC for this. If you get any amount from Amazon Pay Later , then in how much time it has to be returned or how much interest it will have, told everyone about it. I hope this information will be helpful for you. If you liked this post ( What is Amazon Pay Later ), then definitely share it with other people as well. Also, if you have any question related to this post, then tell us by commenting.

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