Frequently Asked Questions (FAQs)

Find answers to frequently asked questions about Razorpay Affordability Suite.


1. What are the issuers that Razorpay supports for each Affordability method?

MethodPartners
Credit Card EMI12+ leading issuers including, Amex, HDFC, ICICI and SBI. Find the complete list of .
Debit Card EMIHDFC, IndusInd and Kotak Mahindra Bank.
Cardless EMIZestMoney, axio, InstaCred, HDFC Bank, Early Salary and more. Find the complete list of .
Pay Later , FlexiPay by HDFC Bank, ICICI Pay Later, Simpl and LazyPay.

2. What is the difference between Cardless EMI & Pay Later?

is a digital EMI option that allows your customer to pay in installments without access to a credit or debit card. Usually, customers prefer this method for making high-value payments.

3. Is Instant Refund supported on any Affordability Payment Method?

No, instant refunds are not supported on EMI, Cardless EMI and Pay Later.

4. How can I disable Payment methods?

Raise a request with our

to disable payment methods.

1. How can I edit an Offer?

You cannot edit an offer once you create it. To make changes,

the previous offer and a new one.

2. Who manages Offer usage limitations?

You are expected to pass the appropriate Offer IDs at the time of creating an order to manage usage limitations.

3. Can we create Offers on Customer Fee Bearer (CFB) model?

No, we do not support offers on CFB model.

4. How can I disable an Offer?

To disable an offer:

  1. Log in to the .
  2. Navigate to Offers to view a summary of the existing offers.
  3. Select the required Offer_id.
  4. In the pane that appears, go to the Status field and click Disable.
  5. Click Yes, Disable.

1. How can my customer pay using Pay Later?

Pay Later is available as a payment option at Razorpay checkout. To make a payment, customers must be registered with Razorpay's Pay Later partners -

, FlexiPay by HDFC Bank, ICICI Pay Later, Simpl and LazyPay.

2. What are the standard interest rates charged by Pay Later providers?

The standard interest rates charged by the providers for Pay Later are given below:

Pay LaterProvider CodeMinimum Transaction15 days30 days45 days60 days90 days
rzpx_postpaid₹1000NA*NA*NA*NA*NA*
Simplgetsimpl₹1Interest freeNANANANA
ICIC Pay Latericic₹1NANAInterest freeNANA
HDFC Flexipayhdfc₹1000Interest free28%NA28%28%
LazyPaylazypay₹1Interest freeNANANANA

* Interest rates are determined on a case-to-case basis.

for more information.

Watch Out!

  • LazyPay services are temporarily disabled.
  • All interest rates mentioned above are per annum.

1. Can my customers avail Offers for EMI payments at Checkout?

Yes, they can avail offers for EMI payments at checkout. Know more about

.

2. If a customer chooses EMI as the payment method, do I get the full amount upfront?

Yes, you receive the full amount at once and the provider/bank converts it into EMI for the customer.

3. What happens when the customer fails to pay the EMI?

The loss is borne by the provider/bank. You would have already gotten the full amount.

1. How do banks perform the EMI eligibility check during the transaction flow?

Eligibility is checked using the card number and registered phone number. Therefore, customers should always use the phone number registered with the bank while making a payment.

2. What is the minimum balance required in the customer's account to avail Debit Card EMI?

None. Customers need not have any minimum balance in their accounts while placing the order. However, they need to ensure that their accounts have sufficient funds to pay the EMI due every month.

3. How will the customers know that they are eligible for Debit Card EMI?

Customers can check their eligibility by sending the SMS

DCEMI last 4 digits of Debit Card number to 56767, from their registered mobile number.

4. What is the criteria to avail Debit Card EMI?

To avail

, your customers should pass the eligibility criteria set by their banks. The minimum order amount on the Checkout should be ₹5000 (for HDFC and IndusInd debit cards).

5. Can you provide a list of the EMI plans and interest rates of different banks that support Debit card EMI?

The interest rates applied by each bank for Debit Card EMIs is provided below.

  • The minimum transaction amount for which EMIs can be availed on debit cards can vary for each bank.
  • The maximum transaction amount depends upon the available pre-approved limit for the customer.

For HDFC Bank (HDFC):

Tenures in MonthsMinimum Amount (in INR)Interest ratesMaximum Amount
3 months500016%NA
6 months500016%NA
9 months500016%NA
12 months500016%NA
18 months500016%NA
24 months5000NANA

For IndusInd Bank (INDB):

Tenures in MonthsMinimum Amount (in INR)Interest ratesMaximum Amount
3 months500016%1,00,000
6 months500016%1,00,000
9 months500016%1,00,000
12 months500016%1,00,000
18 months500016%1,00,000
24 months500016%1,00,000

For Kotak Mahindra Bank (KKBK):

Tenures in MonthsMinimum Amount (in INR)Interest ratesMaximum Amount
3 months300019%100000
6 months500019%100000
9 months800019%100000
12 months800019%100000

6. Can the customers change the EMI plan after placing the order?

No, EMI plans cannot be changed after an order is placed.

7. Do customers need to pay any down-payment to avail Debit Card EMI?

No, the customers need not pay any down-payment amount to avail the Debit Card EMI option.

8. Is there a possibility to foreclose EMIs availed on Debit Cards?

Yes, Debit Card EMIs can be foreclosed after clearing the first three EMIs.

9. Which are the business categories for which Debit Card EMI is not allowed?

The Debit Card EMI payment method is not allowed for certain business categories. Refer to the status column of the

. Debit Card EMI is not allowed for categories with N as the status.

Watch Out!

Due to our partner bank restrictions, the Debit Card EMI payment methods may not be available to all the Merchant Categories and Subcategories.

1. What are the standard credit card interest rates charged by the banks for EMI?

The interest rates charged by various banks for each of the tenures are provided for your reference. The minimum transaction amount for which EMIs are applicable can vary for each bank. The maximum amount is dependent on the card limit set by the issuing bank.

Bank CodeIssuer BankMinimum Amount (in INR)3 months6 months9 months12 months18 months24 months36 monthsLast Updated
AMEXAmerican Express500014%14%14%14%15%15%NAOctober 12, 2023
BARBBank of Baroda250016%16%16%16%16%16%16%April 08, 2024
CITICitibank250016%16%16%16%16%16%NAApril 08, 2024
FDRLFederal Bank250013%13%14%14%15%15%NAMarch 29, 2023
HDFCHDFC Bank100016%16%16%16%16%16%NAJanuary 10, 2023
HSBCHSBC Bank200015%15%15%15%15%15%NA21 Feb 2024
ICICICICI Bank150015.99%15.99%15.99%15.99%15.99%15.99%NANovember 29, 2023
IDFBIDFC Bank250016%15%15%16%16%16%16%April 08, 2024
INDBIndusInd Bank200014%14%15%15%15%15%15%April 08, 2024
KKBKKotak Mahindra Bank250016%16%16%16%16%16%NAFebruary 21, 2024
RATNRBL Bank150013%14%15%15%15%15%NAApril 05, 2023
SBINState Bank of India250016.5%15%15%15%15.75%15.75%NAApril 08, 2024
SCBLStandard Chartered250011.88%13%14%14%15%15%NANA
UTIBAxis Bank300016%16%16%16%16%16%NADecember 12, 2023
YESBYes Bank150016%16%16%16%16%16%NADecember 12, 2023

2. What are the interest rates charged by other credit cards for EMI?

The interest rates charged by other cards for EMI is given below.

CodeCard Network NameMinimum Amount (in INR)3 months6 months9 months12 months
Bajaj FinservBajaj Finserv49995%7%10%12%+
OnecardOneCard250016%16%16%16%

1. What are the standard interest rates charged by the banks for cardless EMI?

The standard interest rates charged by various banks for cardless EMI are provided for your reference.

Cardless EMIIssuer BankProvider CodeMinimum Amount (in INR)3 months6 months9 months12 months18 months
InstaCredCASHecshe100016%15%14.67%14.50%NA
InstaCredHDFC Bankhdfc500016%16%16%16%16%
InstaCredICICI Bankicic700016%16%16%16%NA
InstaCredIDFC Firstidfb500024%24%24%24%NA
InstaCredKotak Mahindra Bankkkbk300020%20%20%20%NA
InstaCredKreditBeekrbe240018%18%18%18%18%
InstaCredTVS Credittvsc300027%27%27%27%27%
axioNAwalnut36990024%24%24%NANA
FibeNAearlysalary300030%30%30%NANA
ZestMoneyNAzestmoney9922%24%24%NANA

2. What are the standard interest rates charged by Pay Later providers for cardless EMI?

The standard interest rates charged by the providers for Pay Later providers are given below:

Pay Later15 days30 days45 days60 days90 days
NA*NA*NA*NA*NA*
SimplInterest freeNANANANA
ICIC PaylaterNANAInterest freeNANA
HDFC FlexipayInterest free28%NA28%28%
LazyPayInterest freeNANANANA

* Interest rates are determined on a case-to-case basis.

for more information.

Watch Out!

  • LazyPay services are temporarily disabled.
  • All interest rates mentioned above are per annum.

1. Who bears the cost for the discount given in No Cost EMI?

You, as a merchant, would bear the cost of No Cost EMI. It will be given as an upfront discount on the product cost to the end consumer. The discount percentage will vary by the bank and period of EMI.

2. Which payment methods can be used for No Cost EMI?

No Cost EMI is available on all credit card and debit card EMI banks.

3. Will the customers' banks continue to charge them interest?

Yes, the customers' banks will continue to charge them interest. However, this interest charge has been provided to the customer as an upfront discount at the time of purchase, effectively giving them the benefit of a No Cost EMI.

4. Can I enable No Cost EMIs at the Checkout?

Yes. Razorpay enables you to display No Cost EMIs at the Checkout. Know more about

.

5. How can I know about the percentage discount of the No Cost EMI that I bear?

Handy Tips

The banks charge GST to end consumers on the interest paid over and above the following amount.

Calculations on the cost incurred by the merchant at all standard plan and tenures are listed below:

Amount (in INR)Interest (in %)Tenure (in Months)Amount Paid by CustomerMonthly EMINo Cost EMI DiscountDiscountPricingTotal Cost (in %)
1000011%39,819.433333.33180.571.81%3%4.81%
1000012%39,803.283333.33196.721.97%3%4.97%
1000013%39,787.183333.33212.822.13%3%5.13%
1000014%39,771.133333.33228.872.29%3%5.29%
1000015%39,755.113333.33244.892.45%3%5.45%
1000011%69686.851666.67313.153.13%3%6.13%
1000012%69659.131666.67340.873.41%3%6.41%
1000013%69631.531666.67368.473.68%3%6.68%
1000014%69604.041666.67395.963.96%3%6.96%
1000015%69576.681666.67423.324.23%3%7.23%
1000011%99556.661111.11443.344.43%3%7.43%
1000012%99517.801111.11482.204.82%3%7.82%
1000013%99479.171111.11520.835.21%3%8.21%
1000014%99440.771111.11559.235.59%3%8.59%
1000015%99402.611111.11597.395.97%3%8.97%
1000011%129428.80833.33571.205.71%3%8.71%
1000012%129379.23833.33620.776.21%3%9.21%
1000013%129330.04833.33669.966.70%3%9.70%
1000014%129281.21833.33718.797.19%3%10.19%
1000015%129232.76833.33767.247.67%3%10.67%
1000011%189179.92555.56820.088.20%3%11.20%
1000012%189110.15555.56889.858.90%3%11.90%
1000013%189041.13555.56958.879.59%3%12.59%
1000014%188972.85555.561027.1510.27%3%13.27%
1000015%188905.30555.561094.7010.95%3%13.95%
1000011%248939.84416.671060.1610.60%3%13.60%
1000012%248851.41416.671148.5911.49%3%14.49%
1000013%248764.21416.671235.7912.36%3%15.36%
1000014%248678.23416.671321.7713.22%3%16.22%
1000015%248593.43416.671406.5714.07%3%17.07%

6. How does the No Cost EMI settlement work?

The order amount minus the entire interest subvented by you as a discount is settled in your bank account as per your

.

Watch Out!

However, Razorpay pricing is not included in this settlement, it will be applied in addition to the above amount.

7. Can I create No Cost EMI offers on Cardless EMI?

No, we do not support No Cost EMI offers on Cardless EMI.

1. Why should I run Low Cost EMI Offers?

Running Low Cost EMI Offers helps you attract a wider customer base by reducing the upfront cost barrier. This leads to increased sales and higher average order values.

Additionally, offering discount on interest for longer tenures sets you apart in a competitive market and opens opportunities for upselling, contributing to overall business growth and financial stability.

2. Who bears the cost for the discount given in Low Cost EMI?

As a business, you would bear the partial cost of Low Cost EMI, which appears as an upfront discount on the product cost to the end consumer.

You can decide the cost to subvent for each tenure and the customer bears the remaining cost. The interest percentage will vary by the bank and the EMI tenure. Know more about the

.

3. Which payment methods can be used for Low Cost EMI?

Low Cost EMI is available on all credit and debit card EMIs.

4. Will the customers' banks continue to charge them interest?

Yes, the customers' banks will continue to charge them interest. However, partial interest subvented by you appears as an upfront discount to the customers at the time of purchase.

5. Can I enable Low Cost EMIs at the Checkout?

Yes. Razorpay enables you to display Low Cost EMIs at the Checkout. Know more about

.

6. How can I know about the percentage discount of the Low Cost EMI that I bear?

You can decide how much percentage of the total interest you want to subvent during offer creation. This appears as an upfront discount on the product cost and the customer bears the remaining cost.

7. How does the Low Cost EMI settlement work?

The order amount minus the discount subvented by you is settled in your bank account as per your

.

Watch Out!

Razorpay pricing is not included in this settlement, it will be applied in addition to the above amount.

8. Can I create Low Cost EMI offers on Cardless EMI?

No, we do not support Low Cost EMI offers on Cardless EMI.

1. How does eligibility check work?

Razorpay has partnered with various Debit Card EMI, Cardless EMI, and Pay Later providers. The providers determine customer eligibility for payment instruments based on their respective pre-defined criteria. Razorpay aggregates the information and presents customers with eligible payment options on checkout.

The customer proceeds with the selected payment option on Razorpay checkout if eligible. If ineligible, alternate options are presented.

2. What is the pre-defined criteria to determine customer eligibility?

The pre-defined criteria are specific factors each provider uses, such as repayment history, digital footprint, and bureau score, to assess a customer's creditworthiness.

3. What parameters are required during the eligibility check process?

The providers determine customer eligibility based on their mobile number and order amount for the requested transaction.

4. If a customer is ineligible for payment, what should they do next?

The customer can view the reason for ineligibility and choose to:

  • Use a different mobile number for the chosen payment instrument and try again.
  • Opt for a different payment instrument/method.

5. What are the reasons for ineligibility?

You can view the

and their descriptions.

6. Where can I find the minimum and maximum order amount eligible for a specific payment method/instrument?

You can view the minimum and maximum order amount for the following payment methods. However, ensure you

on which eligibility check is performed.

Please note that not all the providers listed under the above methods are applicable for an eligibility check.


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