CreditKart offers a hassle-free shopping to its buyers through instant credit, via a completely digital process, for purchases using EMIs. After completion of a one-time setup process, which should not take more than 2 minutes, the buyer can avail Credit payment option during checkout using the credit line that will be assigned to you according to your credit score, and pay later over 3 EMIs. It does not require the buyer to provide credit card details. He/ She can easily track your purchases, repayments and limit history in ‘Credit Information’ for this payment mode.
The buyer needs to have a CreditKart account with a verified mobile number, a valid permanent account number (PAN) card and one of the officially valid document as address proof - Driving license, Voter ID card, Aadhaar or Passport. The buyer must be 18 years of age or above further eligibility is decided basis information already available with CreditKart and his/her credit bureau history. The buyer is provided the Credit limit on the basis of their credit/ banking history. This limit may vary from customer to customer depending on their Credit Bureau score, repayment pattern, monthly spends, purchase capacity etc.
Not all the buyers will be eligible for Credit Line. Creditkart offers a Credit limit to the buyers on the basis of their Credit Bureau Score. If the credit score is below the set standard, no credit line will be assigned to the buyer. However, they can make the purchases by paying the full amount during the checkout.
The buyer has to repay the amount in the forthcoming 3 months consecutively, failing to do so will result into default and thus penalty charges would be levied. Penalty would be charged at the rate on 0.1% of the outstanding dues on a daily basis.
The total dues will be divided into 3 equal EMIs; the first month’s EMI will be higher than the consecutive EMIs.
In case of return, the credit limit used to buy the product will be reflected in the buyer’s Credit account in 15 working days. Any cash transaction done for purchasing will be credited back to CreditKart Wallet and will be reflected in 15 working days.