HDFC bank has a legacy of providing best financial services to its customer. This time HDFC bank has brought HDFC FlexiPay a Buy Now, Pay Later kind of service.
In this article I will explain all the dimensions related to HDFC FlexiPay. I may be the right person to explain you its pros and cons because I have been using this service for more than 2 months.
if you are checking out for any specific section or information, you can directly jump to that section by using a table of contents.
Table of Contents
Overview
From the slogan it is very clear what HDFC FlexiPay service is going to offer. It is basically a digital credit service which offers credit from 15 – 90 days.
HDFC bank has listed this service under personal loan category, which from my point of view is a right place for this kind of service.
HDFC flexi Pay is not different from Flipkart pay later, Paytm postpaid and Amazon pay later.
Pros
Cons
Getting started with HDFC FlexiPay
I got a pre-approval message from HDFC Bank about 2 months ago. My account was approved for a limit of Rs.10,000 rupees.
The limit may vary account to account from Rs. 2,000 to Rs. 60000. Here I am putting down a screenshot of my HDFC Flexipay approval massage.
Features of HDFC FlexiPay
HDFC FlexiPay – Buy Now, Pay Later offers a ton of benefits to its users to meet their daily needs.
1) Interest Free
It is one the best features of HDFC FelxiPay service because it offers 15 days interest free period. Users will not have to pay even a single penny as interest for using this service for 15 days.
2) Zero charges
If you are using HDFC FlexiPay you will not be charged with convenience fees, processing fees and any other hidden charges.
3) Credit of up Rs. 60,000
you can use HDFC FlexiPay as extra cash in your wallet. You will get anytime anywhere Credit from Rs. 2,000 to Rs. 60,000. You can avail your extra money 24*7.
4) Flexible Repayment
The flexibility of repayment is purely in the hands of the customer. The repayment period can vary from 15 to 90 days as per your need.
For 15 days you will not be charged with any interest but for more interest fee will be charged.
Note : For interest charges checkout interest rate section.
Eligibility
This service is available for only pre-approved current and saving account holders of HDFC Bank. If you are eligible you will get notification in your offer section of HDFC Bank netbanking.
Fees and Charges
1) Rate of Interest
There are four tenures with the respective applicable EMI interest rates on any transaction made through the FlexiPay option:
| Tenure | Interest rate |
|---|---|
| 15 days | No Extra Cost |
| 30 days | Rs.70 per month on purchase of Rs.3000 |
| 60 days | Rs.70 per month on purchase of Rs.3000 |
| 90 days | Rs.70 per month on purchase of Rs.3000 |
2) Auto Debit Return Penalty
if you have opted for auto debit service and you account doesn’t have sufficient balance at the time of making payment.
You will be charged with 2% interest rate plus GST of 18%. The minimum penalty of Rs. 450 will be levied and remember it is minimum.
3) Late Payment Fees
If you fail to make payment or make partial repayment of the outstanding amount, then you will be penalized. The rate of penalty will be 3% plus 18% GST on the total outstanding due.
4) Pre closure charges
On pre closure of FlexiPay service you will be charged with 4% on the balance principal outstanding plus 18% GST.
FlexiPay Availability
Apparel
| Merchant Name | Website |
|---|---|
| Myntra | https://myntra.onelink.me/eWcy/flexipay |
| William Penn | www.williampenn.net |
| Zodiac clothing | www.zodiaconline.com |
Fashion & Lifestyle
| Merchant Name | Website |
|---|---|
| VLCC PERSONAL CARE LTD | http://www.vlccpersonalcare.com |
| LIVPURE PRIVATE LIMITED | https://livpure.com |
| BRAND EYES DISTRIBUTORS PRIVATE LIMITED | http://www.brandeyes.in |
| Skull Candy | https://www.skullcandy.in |
Electronics
| Merchant Name | Website |
|---|---|
| QRS Retail Ltd | www.qrs.in |
| Zebrs | www.zebrs.com |
| Poorvika Mobiles Private Limited | http://www.poorvikamobile.com |
| 3G Mobile World | http://myg.in |
Food & Grocery
| Merchant Name | Website |
|---|---|
| Chitale | www.chitalebandhu.in |
Furniture
| Merchant Name | Website |
|---|---|
| Ikea | www.ikea.com |
| Nilkamal Ltd | www.nilkamalfurniture.com |
| Royaloak Incorporation Private Limited | http://www.royaloakworld.com |
Bottom Line
HDFC flexi pay is convenient and easy to use payment service for online shopping. Its 15 days of interest free service is great.
But if you have a credit card you don’t need this kind of service. As credit cards are more easy and reward friendly services.
HDFC FlexiPay – Buy Now Pay Later FAQs
What is Eligibility for Getting HDFC FlexiPay?
This service is available for only pre-approved current and saving account holders of HDFC Bank. If you are eligible you will get notification in your offer section of HDFC Bank netbanking.
What is Maximum limit we can get from HDFC FlexiPay?
You will get anytime anywhere Credit from Rs. 2,000 to Rs. 60,000.
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