Amazon Pay later charges
Amazon Pay Later is a payment service that allows customers to make purchases on Amazon.in and pay later in installments. While this service can be helpful to those who need to make larger purchases but don’t have the funds immediately available, it’s important to understand the fees and charges associated with Amazon Pay Later.
Firstly, it’s important to note that Amazon Pay Later charges interest on the amount borrowed. The interest rate varies based on the amount borrowed and the repayment period selected by the customer. The interest rate can be as low as 1.5% per month and can go up to 3% per month. The interest is calculated on a daily basis and added to the outstanding balance at the end of each month.
In addition to interest charges, Amazon Pay Later may also charge late payment fees if a payment is not made on time. Late payment fees can range from Rs. 100 to Rs. 300 depending on the outstanding balance. It’s important to note that late payment fees can add up quickly, and can make it more difficult to pay off the outstanding balance over time.
Customers who use Amazon Pay Later should also be aware of the fees charged for pre-closure of the loan. Pre-closure is when a customer wants to pay off the outstanding balance before the end of the selected repayment period. Amazon Pay Later charges a pre-closure fee of Rs. 100 or 3% of the outstanding balance, whichever is higher.
It’s important to read the terms and conditions of Amazon Pay Later carefully before opting for this service. Understanding the fees and charges associated with the service can help customers make an informed decision about whether it’s the right payment option for them.
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Conclusion
While Amazon Pay Later can be a convenient payment option for customers, it’s important to understand the fees and charges associated with this service. Interest charges, late payment fees, and pre-closure fees can add up quickly, and can make it more difficult to pay off the outstanding balance over time. Therefore, customers should make sure they can afford the repayments before opting for this service.
FAQs – Frequently Asked Questions
Q. What is Amazon Pay Later?
A. Amazon Pay Later is a payment service that allows customers to make purchases on Amazon.in and pay later in installments.
Q. What fees are associated with Amazon Pay Later?
A. Amazon Pay Later charges interest on the amount borrowed, late payment fees if a payment is not made on time, and pre-closure fees if the customer wants to pay off the outstanding balance before the end of the selected repayment period.
Q. How is interest calculated on Amazon Pay Later?
A. Interest is calculated on a daily basis and added to the outstanding balance at the end of each month. The interest rate varies based on the amount borrowed and the repayment period selected by the customer.
Q. What are the late payment fees for Amazon Pay Later?
A. Late payment fees can range from Rs. 100 to Rs. 300 depending on the outstanding balance.
Q. What is the pre-closure fee for Amazon Pay Later?
A. Amazon Pay Later charges a pre-closure fee of Rs. 100 or 3% of the outstanding balance, whichever is higher.
Q. How can I avoid fees on Amazon Pay Later?
A. To avoid fees on Amazon Pay Later, customers should make their payments on time and make sure they can afford the repayments before opting for this service.
Q. Can I use Amazon Pay Later for all purchases on Amazon.in?
A. Amazon Pay Later is available for select products and sellers on Amazon.in. Customers should check if the product or seller is eligible for Amazon Pay Later before selecting this payment option.
Q. Is Amazon Pay Later available in all regions?
A. Amazon Pay Later is currently available in select regions in India. Customers should check if this service is available in their region before opting for it.
