How to Activate and Use PayLater Account?
June 10, 2019
PayLater Account is one of the latest offerings by ICICI Bank to help customers receive an instant digital credit line. Read this post to know how you can activate and use the PayLater Account.
The PayLater Account offers use now pay later facility with the help of which the bank customers are offered a digital credit line up to a limit fixed by the bank. You can use the account for online purchases, paying online bills and even making payments to merchant UPI IDs. Use the credit and repay the same within 45 days with zero interest or additional charges. If you are interested in using the PayLater Account and want to activate and use the same, here are the steps you need to follow:
How to Get the PayLater Account?
Currently, the bank is offering the PayLater Account facility on an invite-only basis. If the bank has selected you for this facility, you will receive the invitation pop-up as soon as you log in to the bank’s iMobile or Pockets Wallet app. The invitation is also sent to the customers when they log in to the bank’s Internet Banking portal. Once you accept the invitation, you will then be able to use the PayLater credit line up the limit set by the bank.
How Does the Bank Fix My PayLater Limit?
With PayLater Account, your credit line limit will be in the range of Rs <5,000> to Rs <20,000>. The bank selects the threshold based on your eligibility and account history. Every customer who receives the PayLater Account invite will have a pre-set limit which the bank can reduce, extend or renew at its discretion.
How to Use the PayLater Account?
Now that you know how to activate PayLater and how the credit limit is set, the next important point is how to use PayLater. After activating the account, you will get PayLater as a payment option when making any online payment just like other options such as Internet Banking, Credit Card and Debit Card. Select the PayLater option while making the payment and the amount will be debited from your credit line. You can then repay this amount to the bank within 45 days from the date of payment. If you fail to make the payment by the due date, the bank will charge penal interest on the daily outstanding amount. Apart from the interest, there is also an additional fixed late payment fee.
Manage Expenses Even When Low on Balance with PayLater Account
The PayLater Account facility from the bank can come in very handy at times when you are low on cash balance, but want to make an online purchase or pay bills. With zero interest for up to 45 days and UPI ID for merchant payments, PayLater is an ideal alternative to borrowing funds from friends and family at times of need.
Now that you know how to activate PayLater in ICICI Bank and how to use this facility, log in to our Mobile Banking app or Internet Banking portal to check for the invitation and start using the facility.
Apply for Paylater On Internet Banking.
Apply for Paylater On iMobile.
Apply for Paylater On Pockets.
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