Frequently Asked Questions (FAQs)

Find answers to the frequently asked questions about Razorpay Affordability Suite.


GenericπŸ”—

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


Method

Partners

Credit Card EMI

12+ leading issuers including Amex, HDFC, ICICI & SBI. Find the complete list of supporting banks.

Debit Card EMI

HDFC

Cardless EMI

ZestMoney, Instacred and Early Salary

Pay Later

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

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

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

Pay Later is a virtual credit card that lets you shop now and pay later. It provides zero-interest digital credit for 14-45 days(varies by provider). Our partners for Pay Later are - FlexiPay by HDFC Bank, ICICI Pay Later, Simpl and LazyPay.

3. How can I edit an offer?πŸ”—

You cannot edit an offer once it is created. To make changes, disable the previous offer and create a new one.

4. Who manages Offer usage limitations?πŸ”—

You are expected to manage offer usage limitations. This can be achieved by passing the appropriate Offer IDs at the time of creating an order.

5. Can we create Offers on CFB (Customer Fee Bearer) model?πŸ”—

No, we do not support offers on CFB model.

6. Is Instant Refund supported on any Affordability Payment Method?πŸ”—

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

Cardless EMIπŸ”—

1. How can my customers use Cardless EMI?πŸ”—

Cardless EMI is available as a payment option on the EMI section of Razorpay checkout. For making a payment, customers would have to be registered with any of Razorpay’s Cardless EMI partners - Zestmoney, InstaCred and Early Salary.

2. What are the standard interest rates charged by the banks for cardless EMI?πŸ”—

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

Cardless EMI

Issuer Bank

3 months

6 months

9 months

12 months

18 months

Flexmoney

Home Credit

24%

24%

24%

24%

NA

Flexmoney

Federal Bank

15%

15%

15%

15%

NA

Flexmoney

HDFC Bank

16%

16%

16%

16%

16%

Flexmoney

Bank of Baroda

16%

16%

16%

16%

16%

Flexmoney

ICICI Bank

16%

16%

16%

16%

NA

Flexmoney

IDFC First

24%

24%

24%

24%

NA

Flexmoney

Kotak Mahindra Bank

20%

20%

20%

20%

NA

Zestmoney

NA

22%

24%

24%

NA

NA

Axio

NA

24%

24%

24%

NA

NA

Earlysalary

NA

30%

30%

30%

NA

NA


3. What are the issuers that Razorpay supports for Cardless EMI?πŸ”—


Providers

Provider Code

EarlySalary

earlysalary

ZestMoney

zestmoney

HDFC Bank

hdfc

Kotak Bank

kkbk

ICICI Bank

icic

IDFC Bank

idfb

Federal Bank

fdrl

Home Credit

hcin

Pay LaterπŸ”—

1. How can my customer pay using Pay Later?πŸ”—

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

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

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

Pay Later

Provider Code

15 days

30 days

45 days

60 days

90 days

Simpl

getsimpl

Interest free

NA

NA

NA

NA

ICIC Pay Later

icic

NA

NA

Interest free

NA

NA

HDFC Flexipay

hdfc

Interest free

28%

NA

28%

28%

LazyPay

lazypay

Interest free

NA

NA

NA

NA

Handy Tips
All interest rates mentioned above are per annum.

No-Cost EMIsπŸ”—

1. Who bears the cost for the discount given in No-Cost EMI?πŸ”—

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?πŸ”—

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

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

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?πŸ”—

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

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

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 Customer

Monthly EMI

No-Cost EMI Discount

Discount

Pricing

Total Cost (in %)

10000

11%

3

9,819.43

3333.33

180.57

1.81%

3%

4.81%

10000

12%

3

9,803.28

3333.33

196.72

1.97%

3%

4.97%

10000

13%

3

9,787.18

3333.33

212.82

2.13%

3%

5.13%

10000

14%

3

9,771.13

3333.33

228.87

2.29%

3%

5.29%

10000

15%

3

9,755.11

3333.33

244.89

2.45%

3%

5.45%

10000

11%

6

9686.85

1666.67

313.15

3.13%

3%

6.13%

10000

12%

6

9659.13

1666.67

340.87

3.41%

3%

6.41%

10000

13%

6

9631.53

1666.67

368.47

3.68%

3%

6.68%

10000

14%

6

9604.04

1666.67

395.96

3.96%

3%

6.96%

10000

15%

6

9576.68

1666.67

423.32

4.23%

3%

7.23%

10000

11%

9

9556.66

1111.11

443.34

4.43%

3%

7.43%

10000

12%

9

9517.80

1111.11

482.20

4.82%

3%

7.82%

10000

13%

9

9479.17

1111.11

520.83

5.21%

3%

8.21%

10000

14%

9

9440.77

1111.11

559.23

5.59%

3%

8.59%

10000

15%

9

9402.61

1111.11

597.39

5.97%

3%

8.97%

10000

11%

12

9428.80

833.33

571.20

5.71%

3%

8.71%

10000

12%

12

9379.23

833.33

620.77

6.21%

3%

9.21%

10000

13%

12

9330.04

833.33

669.96

6.70%

3%

9.70%

10000

14%

12

9281.21

833.33

718.79

7.19%

3%

10.19%

10000

15%

12

9232.76

833.33

767.24

7.67%

3%

10.67%

10000

11%

18

9179.92

555.56

820.08

8.20%

3%

11.20%

10000

12%

18

9110.15

555.56

889.85

8.90%

3%

11.90%

10000

13%

18

9041.13

555.56

958.87

9.59%

3%

12.59%

10000

14%

18

8972.85

555.56

1027.15

10.27%

3%

13.27%

10000

15%

18

8905.30

555.56

1094.70

10.95%

3%

13.95%

10000

11%

24

8939.84

416.67

1060.16

10.60%

3%

13.60%

10000

12%

24

8851.41

416.67

1148.59

11.49%

3%

14.49%

10000

13%

24

8764.21

416.67

1235.79

12.36%

3%

15.36%

10000

14%

24

8678.23

416.67

1321.77

13.22%

3%

16.22%

10000

15%

24

8593.43

416.67

1406.57

14.07%

3%

17.07%

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

6. What are the reports available for No-Cost EMIs?πŸ”—

The report is the same as the payment report with the additional fields:

  • offer_id
  • offer_name
  • order_amount
  • discount_amount
  • emi_duration

Know more about reports.

EMIπŸ”—

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

Yes, they can. Know more about creating EMI Offers.

2. What are the standard credit card interest rates charged by the banks for EMI?πŸ”—

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 Code

Issuer Bank

Minimum Amount (in INR)

3 months

6 months

9 months

12 months

18 months

24 months

AMEX

American Express

5000

14%

14%

14%

14%

14%

14%

BARB

Bank of Baroda

2500

13%

13%

13%

13%

15%

15%

CITI

Citibank

2500

13%

13%

15%

15%

15%

15%

HDFC

HDFC Bank

3000

15%

15%

15%

15%

15%

15%

HSBC

HSBC Bank

2000

12.5%

12.5%

13.5%

13.5%

13.5%

13.5%

ICIC

ICICI Bank

1500

12.99%

13.99%

13.99%

13.99%

14.99%

14.99%

INDB

IndusInd Bank

2000

13%

13%

14%

14%

15%

15%

KKBK

Kotak Mahindra Bank

3000

12%

12%

14%

14%

15%

15%

RATN

RBL Bank

1000

13%

14%

15%

15%

15%

15%

SBIN

State Bank of India

2500

14%

14%

14%

14%

NA

NA

SCBL

Standard Chartered

2500

11.88%

13%

14%

14%

15%

15%

UTIB

Axis Bank

3000

13%

13%

14%

14%

15%

15%

YESB

Yes Bank

1500

13%

13%

14%

14%

15%

15%

3. What are the standard debit card interest rates charged by the banks for EMI?πŸ”—

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. As of now, customers can avail EMIs on HDFC debit cards only.

Bank Code

Issuer Bank

Minimum Amount (in INR)

3 months

6 months

9 months

12 months

18 months

HDFC

HDFC Bank

5000

16%

16%

16%

16%

16%

4. What are the interest rates charged by other cards for EMI?πŸ”—

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

Code

Card Network Name

Minimum Amount (in INR)

3 months

6 months

9 months

12 months

Bajaj Finserv

Bajaj Finserv

4999

5%

7%

10%

12%+

Affordability WidgetπŸ”—

1. Who can use this widget?πŸ”—

All brands that provide payment offers and/or accept payments made through EMI, No cost EMI and Pay Later methods can use this widget.

2. What does the widget include?πŸ”—

The widget includes:

  • All the offers that you have set up on Razorpay (along with an expandable view to read the details about each offer).
  • All EMI/No-Cost EMI and Pay Later options enabled by you which satisfies the minimum transaction limit.
    Know more about the minimum transaction limit for EMI, Cardless EMI and Pay Later.

3. How does the integration work?πŸ”—

Integrate the widget with your website and pass the product pricing details. It is that simple!

4. What all customisations are possible in the widget?πŸ”—

You can customise the following options:

  • Offers
  • Payment Methods
  • Theme

Know more about the customisation options.

5. Can I disable offers?πŸ”—

Yes, you can disable the offers and the customers will not be able to view them on the widget.
Know more about how to disable offers. You can also disable EMI, Cardless EMI and Pay Later options on the widget.

6. How can I alter the appearance of the widget?πŸ”—

You can alter the appearance of the widget using the following options:

  • Customise the theme colour.
  • Change heading colour and font size.
  • Change content colour and font size.
  • Change link colour and font size.
  • Change footer colour, font size and logo variants.

Know more about themes and colours.

7. Is the widget available on Android and iOS SDKs?πŸ”—

No, the widget currently works only on desktop and mobile browsers and not on Android and iOS SDKs.

8. Is it possible to integrate the widget on my website using plugins?πŸ”—

No, it is not possible to integrate the widget on your website using plugins. However, you can manually integrate the widget on your Shopify website. Raise an integration support ticket on the Razorpay Dashboard or write to us at affordability-widget@razorpay.com to manually integrate the widget.




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