InstaCred the Cardless Shopping Experience
InstaCred is an online service that allows customers to finance purchases made at partner e-commerce Websites for Online shopping. The candidate must apply for and be approved for a credit line from the lending partners or bank.
Following that, the credit line may be used to make purchases at partner e-commerce businesses by selecting “Pay with Instacred.” Repayments can be paid over the course of three, six, nine, or twelve months, depending on the installment plan chosen.
What is InstaCred?
InstaCred is a product of Flexmoney partnered with Banks. InstaCred is a service that allows consumers to activate, use, and manage a Cardless EMI credit line on behalf of a bank or lender through our merchant network.
It permits you to obtain a credit line which allows you to purchase your preferred goods and services and pay for them in equivalent monthly installments (EMIs) at low interest rates.
For example, if you want to buy a mobile phone or go on a vacation that costs INR 70,000, you may divide the cost into equal monthly payments at a reasonable interest rate by utilizing the InstaCred EMI payment option.
What is InstaCred EMI?
InstaCred EMI’s are the Easy Cardless EMI option offered on Online Shopping websites through different Banks associated with InstaCred.
InstaCred Cardless EMI allows an online buyer to avail credit while purchasing high value products and services as they pay in equated monthly installments (EMI) without having to make a down payment and that to without a credit card. When compared to cards and Net Banking, a Cardless EMI offers a superior transacting experience to the customer.
How does InstaCred Work?
Hundreds of merchant partners provide the option to purchase with InstaCred EMI.
- To begin, simply pick the InstaCred option on the payment page of the Merchant website.
- Log in and go to Buy with InstaCred for an up-to-date list of Merchants and Offers.
Who is giving me the credit line offered by InstaCred?
Your bank/lender will provide you with credit lines. This Credit Line is available for usage on InstaCred’s Merchant Network.
Instacred Fees & Charges
Are there any costs connected with InstaCred EMI?
Fees and charges on your loan are determined by your bank/lender. If there are any processing fees, these will be shown to you at the time of transaction completion.
Purchasing using InstaCred
How do I use InstaCred to shop?
To shop with InstaCred, you must be pre-approved by one of our Lending Partners (banks or non-bank financial companies). You can shop at the partner merchants as a pre-approved user by selecting InstaCred at the Payment Checkout page.
Log in on the shopping website or Apps and go to Buy with InstaCred for an up-to-date list of Merchants and Offers.
Loan Tenure on InstaCred EMI Facility
Your bank or lender determines the length of your loan. InstaCred’s Lending or loan partners now provide terms ranging from 3 to 18 months.
InstaCred Down payment
Is a down payment required?
No, When purchasing a product with InstaCred, there is no need for a down payment. Just the purchase value is divided into equated monthly installments as per the tenure chosen by the customer.
Partial Payment on Purchase:
Can I use InstaCred EMI and other payment methods to make partial payments on any purchases?
No, With InstaCred Cardless EMI, they do not presently accept partial payment transactions. You have convert the full amount into EMI.
Interest Rate on InstaCred EMI
How much interest do you need to pay?
Your bank/lender determines interest rates. The appropriate interest rate will be presented to you at the time of transaction. For your information the rate of interest for Standard EMI plans available on online shopping websites varies from 12% to 15 % as per the tenure you may choose.
Track Purchase Status
Where can I find information about the status of my purchase?
You will receive an email notification confirming from your Merchant after your purchase is complete. You may also check the progress of your purchase after signing in to InstaCred by going to buy history.
Return & Refund with Purchase
What if I don’t require the product/service I purchased?
The Merchant where you made the transaction determines your return policy. Once the merchant initiates a refund for your goods, the money will be returned to your bank/lender.
If the return amount is less than the loan amount, you must pay the difference to the bank.
We recommend that you consult with your bank/lender to ascertain the sum owed in the event of a return.
How can I sign up for InstaCred?
You are not required to register for InstaCred. You must have a Pre-Authorized Credit line approved by one of the Lending Partners before you can use InstaCred.
How does one get InstaCred?
As a regular Bank customer (if Bank/lender partnered under this network), you can now shop online on EMI using InstaCred Cardless EMI facility. InstaCred’s network includes a large number of merchants, which may be found on the payment page of the online shopping website. (the InstaCred website claims they have 38000+ shopping networks and 6 Lenders.)
To finish an InstaCred online transaction, follow these steps:
- Choose the product you wish to buy and enter your billing and delivery details.
- Choose InstaCred as your payment method.
- On the checkout page look out for InstaCred Cardless EMI, InstaCred EMI or InstaCred option.
- Determine the length of your EMI Tenure.
- To authorize and confirm your transaction, you need to enter the last 4-digits of your Bank Debit Card and the OTP sent to your cellphone by the Bank.
Documents Required to Apply InstaCred
Is it necessary for me to submit any KYC documents?
As InstaCred EMI facility is offered to only customers who have relations with the lenders. So, you do not need to submit any new KYC documents as a preapproved customer. E.g. if you have an ICICI card, the bank already has your KYC approved documents and they shall not require it from you again.
How can I re-pay my InstaCred balance?
When one of the Lending Partners has made the loan available to you. EMI payments must also be paid to your bank/lender. You can contact your bank/lender if you have any questions about your loan. For example, If you take the InstaCred EMI facility from HDFC bank, you shall repay it on/through your HDFC account. The bank shall send you an email confirmation with all the details of repayment schedule.
Can I change my repayment cycle date?
No, the date of your repayment cycle is determined by your bank/lender. This cannot be altered or changed upon request.
Pre-Closure of EMI
What is the procedure for pre-closing an EMI?
The terms of your bank/lender determine EMI pre-closure. You can contact your bank/lender to pre-close your EMIs. Your loan’s terms and conditions will be presented to you at the time of transaction. For your knowledge the Standard Pre-closure charges for a loan is around 3% + GST on the remaining principal amount, however herein you have to contact the bank for exact details when you decide to foreclose the InstaCred loan.
InstaCred Late Payment Charges
Is there a Late Payment Fee attached to my loan?
Fees and charges on your loan are determined by your bank/lender. Your bank or lender may levy a late payment fee if EMI is not paid on time. Please verify with the bank/lender for the fee schedule. Your loan’s terms and conditions will be communicated to you at the time of transaction.
Extend Loan Tenure
Can I extend the loan term once it has been approved?
No, once the loan has been authorized, you cannot extended or change/modify the loan tenure.
Banks That Offers InstaCred Facility
Currently there are only 6 Lenders associated with Instacred facility. If you have a relation with any of the lenders below, you can get the Cardless EMI facility.
- Hdfc Bank
- idfc Bank
- Federal Bank
- Icici Bank
- Kotak Bank
- Home credit
Popular InstaCred Merchants
Click Here to download the Top Merchant List under its network.
What can I purchase with InstaCred Cardless EMI?
Furniture, Education, Apparel, Beauty goods, Electronics, Flights, Hotels, Travel packages, and a variety of other things are available. Please go to your Bank website to learn more about the many merchants and categories on the InstaCred Cardless EMI network. It varies from Bank to Bank.
How do I use my Easy Buy Card to make purchases on Amazon?
To make an Amazon purchase, you must first purchase an Amazon Gift Card for the amount of your transaction using InstaCred Cardless EMI. The Amazon Pay Card will be delivered to you within three business days. You may use the Amazon Pay Gift Card to make purchases on Amazon after you receive it. *The Amazon pay balance will be issued via Amazon Pay Gift Card.”
IDFC Bank Customers may find the Link Here To Buy Amazon Gift Card.
How can I use an Easy Buy Card to make a purchase on Flipkart?
To make a purchase from Flipkart, you must first purchase a Flipkart Voucher for the amount of your purchase using InstaCred Cardless EMI. The voucher will be delivered to you within three business days. After receiving the voucher, you can use it to make purchases on Flipkart.
IDFC Bank Customers may find the Link Here To Buy Flipkart Gift Voucher.
Are there any additional fees for InstaCred service?
There are currently no fees connected with purchases made with InstaCred Cardless EMI. When you select an EMI plan, the appropriate interest rate will be shown.
How are InstaCred transactional disputes resolved?
STEP-1: Please contact the merchant/website directly if you want to dispute a transaction. Most of the time it gets resolved here.
STEP-2: You may Contact your Bank simultaneously and notify the problem to speed up the process.
STEP-3: If the merchant does not respond within two working days, please email at firstname.lastname@example.org and they shall respond within two working days.
Note: If the merchant agrees to the cancellation, your Bank will cancel the loan in their system after they receive the full payment from the merchant through InstaCred. Bank shall cancel the financed amount if any, after verifying and adjusting the applicable cancellation charges.
Who should I contact if I want to cancel your InstaCred loan?
The loan is given to you in consideration for purchases made at the Merchant website. The Merchant where you made the transaction determines your return policy. Once the merchant initiates a refund for your product, it will be returned to your bank within two business days. If the return amount is less than the loan amount, you must pay the difference to the bank. We recommend that you contact Bank also to ascertain the sum owed in the event of a return.
How can I transfer my InstaCred Cardless EMI limit to my bank account?
You may follow the steps below to convert your instaCred Cardless EMI loan limit directly into your bank account. You must use your limit to purchase a gift card voucher, then sell the gift cards to receive cash into your bank account.
How can I get a gift card?
- Navigate to www.mvoucher.in and click on Buy Gift Cards.
- Choose Amazon Gift Card and press the Buy button.
- Select an amount based on your limit.
- Enter your email address, phone number, and other essential information.
- Choose Cardless EMI as your payment method.
- Enter your instacred emi registered mobile number and submit your order.
- You will now receive a payment link through SMS/email; click and open the link in your browser.
- Enter your registered mobile phone number and click the Continue to Payment button.
- Use OTP to verify your transaction and finish payment.
- You will get gift coupons through email.
What is the best way to sell a gift card?
- Navigate to the website www.mvoucher.in.
- Select Sell gift cards.
- Click on Amazon Gift Card.
- Enter your basic information, such as your name, email address, cell phone number, and the value of your gift card.
- Now, copy and paste your gift cards from your inbox.
- Select a payment method for selling gift vouchers.
- Enter your bank / paytm / upi id to accept payment and sell gift cards.
- You will now get your selling money in your bank account within the following 30 minutes to 3 hours.
- You will be charged a 3% commission when selling gift certificates. For example, if you sell a gift card worth Rs.20,000, you would earn Rs.19,400 in your bank account.
(Note: The above mentioned is a tips that people may or may not have used and Loanpersonal.in does not authorize or guarantee on such transactions.)
I bought a phone in flipkart using ICICI instacred and cancelled the order and I want to buy another mobile But order is not processing
When you cancel an InstaCred order on Filpkart or any other shopping website, it takes some time to resume the balance. After cancellation the purchased value is returned as refund. So, it may take around 7 to 10 business days to reflect the refunded amount. Once the amount is credited back from the merchant than you can try to rebuy any product and it shall work.
How to renew voucher of InstaCred when it expires?
If your InstaCred lender provides the facility of renewing the voucher you can do it.
Am I eligible for InstaCred if I have a zero balance account in IDFC?
Yes, you may be, if it meets the Credit Line criteria of IDFC Bank, InstaCred facility may be available to you. Try the below to find if you are eligible for InstaCred facility:
STEP 1: Add your IDFC Card to the Partnered merchant site of InstaCred
STEP-2: Choose a product and proceed to checkout.
STEP 3: Click Cardless EMI option to pay
STEP 4: See if the Cardless EMI choice is available, if you see the option, you are qualified InstaCred Transaction under your IDFC account.
STEP 5: Choose the EMI plan and enter OTP to complete transaction
In how many days flipkart voucher card from instacred receive to us?
Within 3 days from purchase you shall receive the Flipkart Gift Voucher
How to cancel InstaCred voucher?
You have to call the merchant or lender from where you have bought the voucher and request for cancellation. If it is product instead of gift voucher you may directly cancel it from the merchant website or apps.
InstaCred Account Blocked
I tried to shop through InstaCred It says your account is blocked
Five reasons your InstaCred account can get blocked
- Technical Error:
Technical mistakes on the part of the bank might sometimes result in the blocking of your card. This is common when technology advancements or new payment mechanisms are implemented. The merchant where you used the card may not have updated his system, or there may be a technical problem on the bank’s end. Your card may be blocked in such circumstances.
While this is a temporary situation that may fix itself, your InstaCred account may stay blocked for short time due to this.
2) Changes in terms:
Banks are continuously changing the terms and conditions that govern credit cards and their use. While banks generally notify consumers of these changes by mailing mailers or posting them on their website, the majority of these statements go ignored. One such shift in terminology is the blocking of accounts based on their usage.
3) Unusual purchase:
Banks typically keep an eye out for a pattern of your routine spending. If you make an unusually large purchase, the bank shall sometime suspect an odd behavior.
Consider Deepak, who possessed a credit line of Rs 75,000. He generally uses his account to make routine food shopping and to pay his energy bills. His average monthly expenses did not surpass Rs 10,000 rupees. He spent Rs.73,000 on an overseas hotel reservation suddenly one month. As a result of this unusual transaction, his account maybe temporarily blocked or hold by the bank.
4) Incorrect Data Input:
Another reason your InstaCred account may be blocked, if you continually submitted incorrect information when attempting to complete a transaction such as wrong OTP.
5) Blocked by the Lender
An InstaCred block can also happen when a lender places a hold on your account for the estimated amount of the bill. As a result, the Lender reduces the amount of credit you can access. In such cases you shall contact your lending Bank with necessary documents.
Also, if the bank discovers that you have been late with your payments on other credit cards, the InstaCred facility you have with that bank may be blocked. This might be due to the bank checking your credit record with the credit bureau, or it could be due to the fact that you have numerous cards with the same bank.
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