CHENNAI: A surge in high-value purchases and a stronger traction among millennials for the ‘Buy now and Pay Later’ EMI facility have led to Ecommerce sites like Flipkart to increase the credit limit ahead of the upcoming festive season.
Homegrown ecommerce marketplace Flipkart has now extended the credit limit up to Rs 70,000, from a previous limit of Rs 10,000, with flexible repayment plans with up to 12 month tenures.
The EMIs, which are availed under the ‘Flipkart Pay Later’ product, can be paid back over flexible tenures of 3, 6, 9 and 12 months for eligible customers, enabling them to purchase products this festive season.
Its head of fintech and payments group Ranjith Boyanapalli said, “Many high-value purchases are made during the festive season and we have strengthened our EMI offerings to ensure that customers can manage finances and expenses judiciously during this period. In the times to come, we will continue to explore partnerships that can help customers upgrade their lifestyle affordably.”
Flipkart will also be offering no-cost EMI offers across a wide range of products, as well as standard EMIs — in partnership with 18 leading banks and financial companies. The tenures for no-cost EMIs and standard EMIs will be up to 12 months and 36 months respectively.