PayLater is a digital credit product offered by ICICI Bank to existing customers of the bank. Through this facility, you can get extended credit for up to 45 days at no additional interest. You can use PayLater to shop or pay bills instantly.
Single payment mode for multiple payment options
Avail this facility to pay your bills, make payments to merchants using a UPI ID, or to shop. Payment can be made instantly.
Pockets is a digital wallet in partnership with Visa.
iMobile (mobile app):
You will then have to create a PayLater UPI ID on the mobile app using the following steps:
You can get extended credit for up to 45 days with 0% interest using this payment method. You can maintain a higher balance in your savings account as payments will not be made using your account, thereby enabling you to earn higher interest in your account.
Payments due on your PayLater account will be automatically debited from your savings account on the due date without you having to worry about tracking your payment dates. It will be debited from the account you provided when applying for PayLater.
Based on your eligibility, your account limit can be from Rs.5,000 to Rs.20,000. When an invite is sent to you, the limit will be preset.
ICICI decides the account limit based on your usage of the account and the iMobile app. All PayLater accounts are reviewed by the bank periodically and the limit sanctioned changes from time to time. So, when you’re eligible for a change in the limit, the bank will send you a notification.
You can transfer funds to your PayLater account up to your assigned limit.
You will be primarily charged two types of fees in the event that you do not clear your PayLater dues on time. A penal interest will be charged depending on the daily outstanding due after your ‘Pay by Date’ (payment due date). You will also be charged a fixed late payment fee for the same.
This facility is only available to select customers of the bank. Those who are eligible for it will receive a pop-up invite when they log into internet banking, iMobile, or the Pockets wallet.
No. At any given point, you can only have 1 account, the details of which will reflect in eligible payment options.
No. This option is only available to select customers of the bank and can be applied for through internet banking, the mobile app, or on the Pockets wallet.
You can complete your payment with a single click on the checkout page on a merchant’s website using this option.
No. You cannot use PayLater for credit card payments, to transfer funds to another person or a bank account.
You need to make payments within 15 days of your bill generation date. Failing to do so will attract penal interest and late payment fees.
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