All You Need to Know About Amazon BNPL
If there’s anything we Indians love more than a hot cup of Chai, it has to be discounts on our purchases.
“Never agree on the first price, there is always a better deal out there…”
– An Indian Parent
The satisfaction you get out of golden deals and showing off what a smart shopper you are is indescribable.
But what if you come across an amazing deal online that you know won’t return but you don’t have the money to grab it?
To save you from this catastrophe and make you always bag the best deals online, Amazon has partnered with Cashe to launch the Amazon Buy Now Pay Later feature at 0% EMI.
How does Amazon BNPL work?
With Amazon BNPL, customers who shop on Amazon can access instant credit (Buy Now Pay Later). Amazon is a one-stop shop for all your needs. You can buy furniture, books, groceries, cosmetics, and trendy clothing at 0% EMI. You can easily sign up for Amazon BNPL and receive instant approval. To meet the needs of your unique requirements, Amazon Bnpl provides a credit limit of up to Rs 60,000 and different shopping loan options.
- When availing of Amazon BNPL, a soft credit check is performed which has no adverse effects on your credit report.
- Amazon BNPL does not impose any processing fees.
- A payment schedule that works for you should be chosen.
- No down payment is required.
- You can overspend because you don’t have to make the payment right away. Many people tend to buy off more than what you can pay.
- Since they are recorded to credit bureaus, missed or defaulted payments might lower your credit score.
- If you miss a payment, you can be subject to hefty fines.
- Interest will be charged for the remaining time of the payment period if you choose an EMI.
- In case of damaged goods, you will have to work with the vendor and Amazon BNPL to obtain a refund, which can be tedious.
How to apply for Amazon BNPL
To apply for Amazon’s Buy Now Pay Later services, all you need is Cashe’s app, your salary slips and accurate personal details.
Follow these simple steps to avail your Amazon shopping loan:
Step 1: To use Cashe’s products, you must first download the Cashe app.
Step 2: After downloading the app, you have to create your profile on the app. You will be asked to provide your details like name, birth date, Pincode, city etc.
Step 3: When you open Cashe’s app, you will notice a shopping icon on the home page. Click on that icon, and all the shopping BNPL services like amazon BNPL, Myntra BNPL, and Big basket BNPL, will be on your screen.
Step 4: Click on Amazon’s logo and the app will show you Amazon’s BNPL options.
Step 5: Choose your loan amount, loan term, and EMI option.
Step 6: After selecting your loan details, Cashe will show you an overview of your loan details. At this stage, in case of a change of plans, you can make the changes before confirming the details.
Hit “Confirm Details” and your details will be verified. As soon as your loan is approved, the loan amount is deposited in your amazon pay without any delay.
Your loan can be used to shop on Amazon, purchase a range of products, pay utility bills, recharge mobile devices, and more. Additionally, you can use this sum to pay merchants who accept Amazon Pay. You can send money and pay for offline purchases with Amazon BNPL.
Amazon’s shopping loan amount ranges from Rs 1000 to Rs 60,000 and comes with two options:
- 90 days loan with a minimum of ₹1000 to a maximum of ₹60,000 at 0% interest.
- 180 days loan with a minimum of ₹6000 to a maximum of ₹60,000 at 0.75% interest.
You can pick an alternative that ideally fits your requirements and repayment strategy. After deciding on your repayment plan, you have the option of paying back your loan via the auto-debit tool or by using NEFT, IMPS, or UPI.