Advantages of Using PayLater Account

June 18, 2019

Advantages of Using PayLater Account

The PayLater Account, you can get an interest-free credit for up to 45 days for online purchases, bill payments and merchant UPI payments. Read this post to know 5 of the biggest benefits of the PayLater Account.

Running out of money before the end of the month is a dilemma that most salaried people in India face on a regular basis. One of the most common ways to tackle such financially difficult times is to borrow money from friends and family. But we all know how financial matters can spoil relationships, even the ones that have stood the test of time. The best alternative is to use the PayLater Account. This facility allows you to borrow money at zero-interest for online purchases, bill payments, UPI payments and more. Here are some of the top benefits of PayLater Account:

1. Instant Availability of Funds

Emergency online purchases or bill payments can put much stress on your finances when you are already running low on the account balance. With PayLater, you get an instant digital credit line for quick payments. Simply use the PayLater option on the checkout page for completing online payments and the amount will be deducted from the PayLater Account, which you can then repay within 45 days.

2. Zero Interest Credit

With PayLater Account, you get to use the credit line for free. There is no interest charged on the amount you use from this credit line as long as you make the payment within 45 days from the date of purchase. If you fail to make the payment by the due date, penal interest will be charged by the bank on the daily outstanding balance. There is also a fixed late payment fee for the same.

3. Easy Repayment

Repaying the amount you use from your PayLater Account is quick and easy too. Simply add the funds to your linked Savings Account and the bank will automatically deduct the outstanding balance from your account. You also get the PayLater repayment option on the banks Internet Banking portal as well as their Mobile Banking app. This allows you to clear your account dues anytime you like.

4. Adequate Limit for Managing Monthly Expenses

The PayLater Account comes with a credit limit ranging from Rs <5,000> to Rs <20,000>. This limit is pre-set by the bank based on a customers’ eligibility and account history. Based on how you use the credit limit, the bank can renew, reduce or increase your credit limit. The credit limit range has been carefully set by the bank to make sure that one can manage their monthly expenses, especially the emergency ones, with utmost convenience.

5. Maintain Savings Account Balance and Earn Interest

As the account allows you to get interest-free credit for up to 45 days, it is also a great way to continue maintaining a higher balance in your Savings Account and earn more interest on the same. This also makes PayLater an excellent solution to protect yourself from running out of cash balance by the end of the month.

PayLater: Simple, Convenient and Cost-Efficient

After knowing the PayLater benefits stated above, it is not difficult to understand why this facility is a smarter alternative to borrowing funds from anyone for managing your routine expenses.

Log in to the bank’s Internet Banking portal or Mobile Banking app to check for the invitation for using the PayLater facility to start using interest-free credit at times of need.

Apply for Paylater On Internet Banking.

Apply for Paylater On iMobile.

Apply for Paylater On Pockets.

 

 

DISCLAIMER

The contents of this document are meant merely for information purposes. The information contained herein is subject to update, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient’s own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. ‘lClCl’ and the ‘I-man’ logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

Comments()