What is ICICI Bank PayLater Account and How it Works

Are you cash-strapped enough to purchase essential items right now, or the things you need? If that’s the problem, worry no more. ICICI Bank brings you the Pay Later service. Through this service, you can purchase right now anything you need, and lay later.

When you take this novel service from ICICI Bank, you no longer need to borrow from your family and friends, and certainly don’t need to have a guilty conscience! Pay Later gives you a loan with up to 45 days zero interest rate. Better yet, you don’t need to visit any bank branch right now either! Just apply online with just the click. Use this loan to pay your bills, make important payments, shop online, or whatever you need. Pay Later also makes it easier for you to pay merchants through their Unified Payments Interface or UPI instantly and easily.

Applying for PayLater

It is stressful to have outstanding debts or payments to make. PayLater makes your life easier by making it safe and secure. It lets you take command of your payments and lets you meet your financial obligations. It is now time to bury your worries.

You can apply for PayLater in three ways:

You can get it on Pockets, on iMobile, and on the web.

Now, here are some common questions that you may be asking right now.

FAQ

What is PayLater?

PayLater is a digital product from ICICI Bank. It is similar to a credit card. You can use it to buy things and to make payments. If you pay within 45 days of taking the loan, no interest will be charged.

Where can you use PayLater?

ICICI Bank gives you PayLater as a new payment option for making purchases online. When buying anything online, just choose your PayLater Account on the checkout page.

How does it work?

When you have applied and are accepted into this program, you get 45 days to repay back the loan with zero interest. That means if you repay the sum back within this time, you don’t have to pay any interest. With PayLater, you can shop online, pay bills and pay merchants online.

What are its benefits?

Firstly, if you pay within 45 days of getting the loan, you don’t need to pay any interest! Secondly, when you use PayLater, you don’t need to use your Savings Account, which maintains a higher balance and gets more interest.

How can PayLater dues be paid?

You can repay by debiting automatically from your savings account at ICICI Bank.

Can one have multiple PayLater accounts linked to various ICICI Bank products?

Unfortunately, this is not possible. You can only have one single account for all products from ICICI Bank.

How can one avail the PayLater Facility? 

Right now, this facility is on an invite-only basis, and so you cannot apply to it. If you are selected, you will be greeted by a pop-up when you log into iMobile, Pockets wallet, or into your internet banking. 

Are there any charges involved?

As a customer, you will be charged a penal interest based on the daily total outstanding amount after the Pay by Date. In addition, you will be charged fixed late payment charges till all dues are cleared.

Is there anywhere where this cannot be used?

There are indeed certain places where you cannot use PayLater, such as while making credit card payments, or while transferring to other bank accounts. It cannot be used while doing a person to person funds transfer either.

Is it possible to get rid of lengthy account statements by PayLater?

With Paylater, it is possible to debit your account once a month to consolidate your routine small ticket spends and expenses, and therefore, it helps you to keep you in track of your expenses on a regular basis.

In conclusion, we would like to say that the PayLater from ICICI Bank can be very handy in certain circumstances. For instance, when you need cash urgently, or when you need it for making online purchases, you can use it. Likewise, you can use it to pay urgent bills. It has zero interest for 45 days, and you can use it to make merchant payments.