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Amazon India has launched a cardless EMI feature for a few of its customers who may not yet have access to credit for buying high value products up to ₹60,000 ahead of the festival season.

Amazon.in has tied up with leading digital lending platform Capital Float to design and enable the EMI structure. Amazon is an investor in Capital Float into which it has pumped in $67 million.

The feature, Amazon Pay EMI, will provide instant financing options to customers by splitting their purchases into instalments at low interest rates. Currently, this is a‘by invite only’ programme with selected customers having to complete a two-step registration process to be assigned a credit limit to make high value purchases, the company said in a statement.

“This product has been developed leveraging India Stack to make the process completely digital. After recent expansion of EMI on debit cards, we are very excited to bring this facility ahead of the festival season and being the most affordable destination for our customers,” said Vikas Bansal, Director, Emerging Payments at Amazon India.

With Amazon Pay EMI, invited customers will see an option to register for the credit facility on the Amazon Pay homepage, and upon providing their PAN and KYC details, customers will be instantly provided credit limit up to ₹60,000. Interest will be charged only when customers make a purchase using this assigned credit limit and there are no processing fees or hidden charges, Amazon added.

Customers also will be able to make auto repayments and can track their EMI order history, repayment history and pending dues on the website itself.

This is the first time, Amazon has entered into consumer lending. The e-commerce giant already has a tie up with Bank of Baroda to provide instant credit to its sellers.

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