GUIDE: How to Permanently Close Freecharge Pay Later Service?

In case you have a Freecharge Pay Later active, and you want to close it, you can follow this guide:

Know your Freecharge Pay Later Financial Service Provider:

FreeCharge Pay Later is offered by Axis Bank. You can also inspect your CIBIL report to confirm it.

You may also check out list of loan/pay later accounts on your CIBIL.

To cancel your Freecharge Pay Later Account, you can contact either Freecharge Customer Support or the financial lender, Axis Bank.

How to Permanently Close Freecharge Pay Later?

Contact Freecharge Customer Support:

Email: care [at] freecharge [dot] com. You can also visit Freecharge Support and Grievance Redressal Page.

Make sure you ask them for permanent closure, not a ‘temporary pause’ or ‘inactive’ account.

Contact Axis Bank Customer Support:

Axis Bank Customer Support can be reached via Web Chat, Call, or Email. Check out the Axis Bank Support website for various options.

Important Things to Remember:

Before you go ahead with closing your Freecharge Pay Later Account, you should remember the following things:

  1. Double check if all your pending dues are cleared. Else it won’t be closed.
  2. You will get a NOC from your lending provider that your Freecharge Pay Later is closed with no dues left. Ask for it if you don’t receive it within 2-3 weeks of requesting account closure.
  3. Sometimes (not every time), you may notice a slight decrease in your credit score after closing your account. Don’t worry, it is a temporary thing.
  4. It might take 2-3 months for the ‘closure’ to reflect on your CIBIL profile, so, don’t be scared if you find your Freecharge Pay Later Loan ‘active’ on your CIBIL.
  5. Even after your Freecharge Pay Later is closed, it will continue to display on your CIBIL as a ‘closed’ account, for a few years. It is just for record-keeping purposes (so that your future lenders know which credits you had opted for previously).
  6. Even if you don’t use it, there is absolutely no harm in keeping your Freecharge Pay Later account as it is. It helps to keep a healthy mix of ‘Credit Card’ and ‘Loan’ accounts on your Credit Profile.
  7. If you do not own any credit cards till now, and have been offered Freecharge Pay Later, consider keeping it active, since this is your first credit line. The age of a credit line has a high impact on your credit score. This might help you get a credit card or loan in the future when you need it.

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