What is PayLater Account and How it Works?

September 18, 2019

what-is-payLater-account-and-how-it-works

For most salaried people, the last few days of a month are financially the most challenging. With PayLater Account, you can now easily manage such financially difficult times by borrowing the required amount and repaying it later. Read this post to know what it is and how it works.

Low Savings Account balance in the last few days of the month is a common dilemma for most salaried people. Online shopping or paying bills can get very challenging at such times. While borrowing from friends/family and Credit Cards are go-to options in such cases, there is now a smarter alternative.

ICICI Bank has launched PayLater Account, which makes it easier for you to manage your expenses when you are running low on the cash balance. What is PayLater Account? How does it work? Let us have a look.

What is PayLater Account?

PayLater Account is a digital zero-interest credit line. It allows the customers to borrow an amount up to the maximum limit set by the bank and repay the same within 45 days without paying any interest. A daily penal interest would only be charged on the total outstanding if the customer fails to repay the borrowed amount until the due date. The instant availability of credit ensures that you can have quick access to the required funds at times of need.

How Does a PayLater Account Work?

Based on your eligibility, the bank will fix your credit limit between Rs 5,000 and Rs 20,000. In case you need to use the credit line, you simply need to select the PayLater Account on the checkout page when making an online payment. You will also receive a PayLater UPI ID which you can use for making UPI payments to registered merchants. Once you borrow an amount, you will have 45 days to repay the same without any additional interest. To repay the outstanding dues, you simply need to add the required funds into your linked Savings Account.

Who is Eligible for a PayLater Account?

Currently, the bank is only offering the PayLater Account facility on an invite-only basis. Approved customers receive the invite pop-up once they log in to Internet Banking or Mobile Banking. Eligible customers can use the PayLater Account facility when making payments through the Internet Banking portal as well as Mobile Banking app of the bank.

PayLater Credit Line with Zero Interest

With PayLater from ICICI Bank, you can easily make purchases and pay your bills whenever you are running low on the cash balance. Repay the credit within 45 days, and you will not have to worry about paying any interest to the bank.

Now that you know what is PayLater and how it works, check if you have received the invite from the bank to start using this facility and manage your expenses in a convenient, safe and interest-free manner.

Apply for Paylater On Internet Banking.

Apply for Paylater On iMobile.

Apply for Paylater On Pockets.

 

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