Uni Pay 1/3rd Card
Uni Pay 1/3rd card is technically NOT a credit card even though it works largely similar to a typical credit card on the surface. Its basically a PayLater card (or) Pay 1/3rd card, meaning, you can spend 30,000 INR this month and pay 10,000 INR a month for next 3 months without any interest/fee.
So ideally speaking its a domestic prepaid card and so you cannot use it for international transactions or cash withdrawals and may also have problems in loading wallets, as RBI rules prevent that to happen, which however is expected to be cleared in few months.
Fees & Charges Of Uni Pay 1/3rd Card
- Joining Fee : Nil
- Renewal/Annual Fee : Nil
- Interest on revolving amount : Late fees only, as per the slab
How does the UNI Pay 1/3rd card work?
Say, your monthly bill is Rs 30,000. Just like any other credit card, you could pay your bill in full. But, if you are short on cash, you can opt for a postponement of dues. So, you can divide your bill into three equal parts and pay Rs 10,000 each at the end of the first, second and third months.
Like all credit cards and pay later card, this card also has a credit limit. If you opt for the 1/3rd payment, your credit limit for the next month gets reduced to the extent of your unpaid bills. As you keep clearing your monthly bills, your credit limit gets reinstated. There are no joining fees or annual charges for now.
How to apply for UNI Pay 1/3rd card?
The application process is super simple. Just download the app and follow the process. It hardly takes ~5 minutes (or) less to complete.
They authenticate your identity via Aadhaar and a selfie.
The app uses CRIF to check the eligibility, but once you proceed further and apply it likely uses both CRIF & CIBIL reports together for under-writing, as I could see an enquiry on CIBIL via the NBFC partner (marked as NDXP, which is actually LiquiLoans).
Your virtual card will be instantly generated and ready for use as soon as you complete the application process. Just make sure you turn on “online transactions” via app before going with your test charge.
The physical card reaches in approx 3-5 days via Delhivery and the good news is that you can choose your delivery address, just incase if its not the same as on Aadhaar – pretty useful feature.
Tags:
Cards