Need cash? Don't want to pay interest? ICICI Bank is here to help you! Get money now, pay later

ICICI Bank’s PayLater is a digital credit product, similar to a Credit Card.

Among major advantages are that, if the amount owed is paid within 45 days then there will be no interest rates levied. Photo: Reuters

Generally, credit cards work as a helping hand during a small financial emergency. When in need of cash, you can just swipe your credit card at any point of sale (POS), ATMs, internet banking, mobile banking and other portals to carry your requirements. However, credit card has a framework, every money you owe comes also with some interest rate as charges. However, there is a new service which is offered by private lender ICICI Bank, where you can avail financial assistance and pay later. Among major advantages are that, if the amount owed is paid within 45 days then there will be no interest rates levied.

ICICI Bank’s PayLater is a digital credit product, similar to a Credit Card. With it you can make your purchases today and make payments within 45 days of the transaction date and no interest is charged.

The new service is available as a payment option at ICICI Bank payment gateway for making online purchases, in addition to the standard options like a credit card, debit card and Pockets Wallet. For making a payment, simply choose your PayLater Account in the checkout page.

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It provides an interest-free credit up to 45 days which helps you manage your routine expenses without using your Savings Account balance. Hence, it helps you maintain a higher balance and earn more interest amount.

When used ICICI Bank’s PayLater option, you get up to 45-day zero interest digital credit. Hence, you can pay your bills, shop online and pay to any merchant UPI ID instantly.

Also, you need not worry about how to pay your money owed, because the PayLater dues will be debited automatically from your ICICI Bank Savings Account. Also, PayLater debits your account once a month consolidating all of your routine small ticket expenses and hence helps you to keep a track on your gross monthly expenses.

Notably, you cannot have more than one Paylater account whose details will be reflecting in all eligible payment options. Also, this service cannot be used for making Credit Card payments, or to transfer funds to other bank accounts or do any person to person funds transfer.

However, it needs to be noted that, PayLater by ICICI Bank is available to a set of customers on an invite-only basis. The customers for which the facility is available will receive the invite pop-up when they log into Pockets wallet, iMobile or Internet Banking.

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