ICICI Pay Later Review – Are you looking for an easy and secure Pay Later option in India? Introducing ICICI Bank Pay Later – India’s leading payment solution that makes online shopping more convenient and secure. With ICICI Bank Pay Later, you can shop online without having to worry about carrying cash or waiting for your credit card to arrive.
This review guide will provide you with all the information you need to know about ICICI Bank Pay Later, from how to activate an account to the various benefits it offers. Get ready to make your online shopping experience easier and more secure with ICICI Bank Pay Later!
Table of Content
- Table of Content
- The Overview of ICICI Bank PayLater
- ICICI Pay Later Highlight Keys
- What is ICICI Pay Later?
- How to Activate ICICI Pay Later
- The Benefits of Using Pay Later by ICICI Bank
- What Are The ICICI Pay Later Charges And Fees
- ICICI Pay Later Eligibility
- Frequently asked questions (FAQ)
- Conclusion
- Popular Pay Later And Credit Line Apps
The Overview of ICICI Bank PayLater
ICICI Pay Later is an innovative payment solution developed by ICICI Bank, one of India’s leading banks. The service allows customers to make online purchases without having to pay upfront. Instead, customers are given the option to repay their purchases within a 45 days interest-free period.
This makes it easier for customers to make large purchases without having to worry about the financial burden of paying for it all at once.
ICICI Pay Later works by allowing customers to register for the service and link it to their existing ICICI Bank account. Once a customer has registered, they can then use the service to make purchases from any online store that accepts ICICI Pay Later as a payment option.
ICICI Pay Later Highlight Keys
| Feature | Description |
|---|---|
| Eligibility | ICICI Bank savings account Holder |
| Popular Merchants | MakeMyTrip, Yatra, Myntra, ClearTrip, GoMechanic, Nestaway, Asian Paints, and other 40k merchants |
| Credit Limit | The Pre-approved credit limit of up to Rs. 1 lakh |
| Payment Flexibility | Pay later in a single transaction or in installments |
| Interest Rate | Free Interest Period up to 45 Days |
| Virtual Credit Card | Use a virtual credit card for online or offline purchases |
| Enrolment | Enroll through ICICI Bank mobile app or Internet banking portal |
| Repayment | Repay the full amount or minimum amount due |
| Charges | Activation fees and late payment charges may apply |
| Benefits | The Convenience of credit without the need for a physical credit card |
What is ICICI Pay Later?
ICICI Bank Pay Later is one of the revolutionary digital payment solutions from ICICI Bank that allows customers to make purchases without having to pay upfront. The product is designed to make online shopping easier and more convenient for customers.
It enables customers to purchase goods and pay their bills online without having to pay immediately. Instead, customers can pay for their purchases in 45 days.
it allows credit lines up to Rs. 1 Lac with 45 Days Interest-Free Period.
The ICICI Bank Pay Later product is available to customers who have an ICICI Bank account. Customers can use the product to purchase goods, pay bills, buy, scan&pay, UPI, and services online from participating more than 40,000 merchants.
there are popular brands such as MakeMyTrip, yatra, asian paints, and many more.
The product is designed to be easy to use and secure. Customers can use the product to make purchases without having to enter their credit card or debit card details.
The product also offers customers a range of benefits. Customers can use the product to purchase goods and services without having to pay immediately. Instead, customers can pay for their purchases at a later date. This allows customers to manage their finances better and avoid any unnecessary financial stress.
The product also offers customers a range of rewards and discounts. Customers can earn rewards points every time they make a purchase using the product. These points can be redeemed for a variety of rewards, including cashback, discounts, and vouchers.
How to Activate ICICI Pay Later
To Activate ICICI Pay Later, you will need to have an ICICI Bank account. If you do not have an ICICI Bank account, you can open one online or visit your nearest ICICI Bank branch. Once you have an ICICI Bank account, you can then Apply for ICICI Pay Later.
- To sign up for ICICI Pay Later, You have to log in to your Internet banking account on ICICI Bank’s official website or you can use ICICI Bank to activate the pay later service.
- you will need to provide some basic information such as your name, email address, mobile number, and ICICI Bank account number
- After that, you have to Check your pre-filled personal details and select the ‘Savings Account’ number that you want to link with PayLater Service. You have to click on Auto Debit Function to complete the activation of your credit line by ICICI Bank.
- Now, ICICI Bank automatically offers a credit line up to Rs 50,000. that you can use up to 45k merchants in India.
The Benefits of Using Pay Later by ICICI Bank
| Benefits | Description |
|---|---|
| No physical credit card required | Customers can make payments online without having to enter their credit card information. You can use a virtual credit card to make online or offline purchases. |
| Cashback and Rewards | ICICI Pay Later offers several cashback and rewards programs that can help you to save money. Make sure to take advantage of these programs |
| Scan & Pay | You can Pay by Your Credit line by Scanning Any QR Merchants in India |
| Pay Bills | You can pay Your Utility Bills such as Water, Electricity, Mobile, DTH, And More by using Pay later |
| No interest charges for timely payments | If you pay back the full amount on time, there will be no interest charges. This means you can enjoy credit at no extra cost. |
| Multiple payment options | Customers can choose to re-pay by debit card, credit card, net banking, or even UPI. However, your billing outstanding amount will automatically be deducted on the due date. |
What Are The ICICI Pay Later Charges And Fees
The ICICI Pay Later charges and fees are quite minimal. Customers are not charged any interest for using the service. However, customers are required to pay a one-time registration fee of Rs. 500 + GST. This fee is charged when the customer first registers for the service.
| Charges and Fees | Details |
|---|---|
| Activation fees | A one-time activation fee of Rs. 500 + GST may charge at the time of enrolment |
| Interest Rate | Free Interest Rate Period Up to 45 Days |
| Billing Cycle | 1st of the Month |
| Late Payment Fee | fixed late payment charges |
| Service charge | Rs.75 + applicable taxes are levied on every Rs. 3000 and more monthly spent |
| Transaction Fee | A transaction fee may be charged for certain transactions, such as cash withdrawals or balance transfers. The fee amount may vary and will be communicated to you |
| GST | Goods and Services Tax (GST) may be applicable on the above charges and fees |
ICICI Pay Later Eligibility
In order to use ICICI Pay Later, customers must meet certain eligibility criteria. The eligibility criteria for ICICI Pay Later are as follows:
| Eligibility Criteria | Details |
|---|---|
| ICICI Bank Customer | You must be a customer of ICICI Bank |
| Savings Account Holder | You must have an ICICI Bank savings account |
| Age | You must be at least 18 years old |
| Credit Score | Your credit score and credit history will be evaluated by ICICI Bank |
| Employment Status | You should have a steady source of income |
| Income | The customer must have a minimum monthly income of Rs. 15,000 |
Frequently asked questions (FAQ)
There are the following ways to contact ICICI Bank, The Customer Care Number is 1860 120 7777, You can email them via [email protected] Or You can
ICICI Bank generates a statement on the 1st of every month. moreover, they allow you to pay back within 45 days.
To Close Your ICICI Pay Later Service, you can call to customer care number or you can email to [email protected] to request an account closure. Moreover, You can use iMobile Pay to request to close your Pay later.
Conclusion
Unlock the Benefits of ICICI Pay Later is the perfect guide to India’s leading payment option. With its easy-to-use platform, secure payment methods, and flexible payment options, it is the perfect choice for anyone looking to make payments quickly and securely.
With its wide range of features and benefits, ICICI Pay Later is the perfect payment solution for ICICI Bank Account Holders. So, if you’re looking for a safe, secure, and convenient way to make payments, ICICI Pay Later is the perfect choice for you.
Popular Pay Later And Credit Line Apps
| Apps | Charges | Short Description |
|---|---|---|
| Flipkart Pay Later | Usage Charges | This guide will help you understand if you are eligible to use this payment option and how you can benefit from it. |
| Paytm Postpaid | 0% Interest rates up to 30 days | It is a digital credit line that allows users to make purchases online or in-store without having to pay upfront. Postpaid |
| Buy Now Pay Later in India – What are BNPL Apps? | Read more | Buy Now, Pay Later (BNPL) is an increasingly popular payment option all over the world. |
| Top 21+ Buy Now Pay Later apps in India | Read Review | Pay Later apps are the perfect solution! Get to know the top 21+ pay-later apps in India and make payments easier. |
| Amazon Pay Later | Read Review | Are you looking for an easy and secure way to make payments? Amazon Pay Later is the perfect solution for you! |
| Simpl Pay Later | Read Review | Understanding Simpl Pay Later is the ultimate guide to the benefits of Buy Now, Pay Later. |
