Monica Malik Instagram – Now, you can make UPI payments even if your account is empty. This feature is known as ‘UPI Now, Pay Later.’ It enables you to link your UPI account with a credit line provided by banks, simplifying UPI transactions.
👉 How It Works:
Initially, the bank will request your permission to establish a credit line with a predetermined limit. Once approved, you can use the allotted amount through your UPI app and settle your dues by the due date.
👉 Interest Rates & Charges:
The fees for using a pre-approved UPI credit limit may vary among banks. Currently, only HDFC and ICICI banks offer this service.
● HDFC Bank provides a credit limit of up to Rs 50,000 with a maximum credit period of six months. They calculate simple interest on the borrowed amount based on the number of days it’s used.
● ICICI Bank offers instant digital credit for up to 45 days, allowing you to pay bills, shop online, and make payments to any merchant’s UPI ID instantly. While there is no interest rate, a service charge of Rs 75 and taxes are applied for every Rs 3,000 spent.
#upi #bank #payment #finance #personalfinance #financialfreedom #financialeducation #education #business #explore #reelitfeelit | Posted on 25/Sep/2023 11:26:39
