Customers signing up for the credit line will receive  Instant access to credit based on scores derived from customer behaviour on Flipkart.

Flipkart launches Cardless Credit to offer users instant credit upto Rs 60000
Atom Online Shopping Thursday, September 20, 2018 - 11:46

With the festive season just around the corner, India’s e-commerce majors are gearing up for their flagship sales trying to woo customers with various offers. 

Digital payments is one area that Flipkart and Amazon are betting big on, to attract more customers.  After Amazon launched 'Amazon Pay EMI', Flipkart has followed suit with a new payment option called Cardless Credit’. 

According to a statement from the company, this will allow Flipkart customers to get an instant credit line of upto Rs 60,000 to make their festive shopping experience affordable, while being able to buy more during Flipkart's Big Billion Days. 

The idea, the company says, is to simplify access to credit in real time while simplifying credit assessment and application process. This credit can be used by customers to purchase on Flipkart. 

“At Flipkart, our vision is to solve for our customers. We always look at what our customers are seeking and then build solutions around it. Cardless Credit comes into existence as we understand that close to 45 million customers on Flipkart do not have access to credit, not that they are not entitled to. Amongst consumers, there could be gap in terms of purchasing power but the gap is not in ambition and quality that they want to own. The challenge is of affordability and that is what we are trying to solve. Cardless Credit will have potential customers including the emerging middle class mobile active borrowers who do not have access to credit cards or credit limits. We will leverage the understanding of these customers’ shopping behaviours and offer credit underwriting in a simple and transparent way, to make their shopping experience affordable," Ravi Garikipati, Senior VP and head of Fintech Flipkart said in a statement. 

How it works

Customers sign up for the credit line on Flipkart in a simple application process and can receive Instant access to credit line (upto Rs 60,000) based on scores derived from customer behaviour on Flipkart. 

Once eligible, on check out, customers can either opt for 'Pay Later next month' or EMIs of 3-12 months. This credit line can be used to purchase any product on Flipkart and users will have to pay it back by 15th of next month. 

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