Buy Now Pay Later in Allahabad

About Buy Now Pay Later Allahabad

Buy now pay later (BNPL) Allahabad is a form of short-term finance facility that allows borrowers in the city to repay the borrowed amount in installments at the end of a specific time period after making required purchases. Recently India has seen an influx of many online merchants and financial providers offering BNPL options to consumers and it is being widely accepted as a convenient payment mode, especially as a good alternative to credit cards.

Buy now pay later Allahabad – how does it work?

People in Allahabad can avail of BNPL services from various providers. Most have similar terms and conditions and here's how the scheme works in most cases:

• Easily accessible 
• Transparent terms
• No-cost EMIs
• The scheme allows a buyer to make a purchase at a retailer that offers the scheme and opt for the ‘Buy now, pay later option
• Under the scheme, a buyer has to make a small down payment towards the net purchase amount
• The remainder is payable as a series of interest-free EMIs
• The EMI payments can be made through: 
  • bank transfer, 
  • cheque payments, 
  • credit card, 
  • debit card or 
  • from a bank account

Buy now pay later Allahabad – what are the benefits?

Some of the benefits of BNPL are listed below:

• Higher affordability for consumers
• Instant credit facility
• Safe and secure payment transactions
• Consumers can choose a convenient repayment tenure
• Easy and transparent process
• No cost EMI

Buy now pay later Allahabad – what are the eligibility criteria for the scheme?

Mentioned below are the common eligibility criteria to be fulfilled for availing Buy Now Pay Later in Allahabad:

• The borrower must be an Indian resident
• You must be aged above 18 years. The maximum age of eligibility in some cases can be up to 55 years.
• You must be a salaried individual.
• You must have a bank account and all the KYC documents in place.

Buy now and pay later – which companies offer this scheme in Allahabad?

Some of the BNPL companies offering the service in Allahabad are:

• EPayLater
• ZestMoney
• Simpl
• Amazon Pay Later
• LazyPay
• Paytm Postpaid
• Flexmoney
• Earlysalary
• Ola Money Postpaid
• Capital Float
• Dhani
• Cashe

Buy now and pay later – how is it different from credit cards?

One of the noteworthy features of the ‘Buy now pay later scheme is that it is a single-click credit facility that can be availed by buyers at the time of checkout on merchant apps and websites. This facility allows borrowers to make use of a short-term credit option while making instant purchases and paying for the same at a later date. Here are some of the differentiating factors between BNPL and credit cards:

• Transparency and low-cost element: BNPL follows a transparent model based on low-cost pricing. This is because most of the offers under it are subsidized by different brands to allow a customer to avail the best value offers. Credit cards may have various hidden charges and very high interest rates. On the other hand, BNPL is transparent and low-cost, allowing customers to know how much they will be paying towards a product or service.
• Entirely digital facility with instant sign-up: No matter which part of the country one resides in, an individual can easily sign up and avail of this service. Credit Cards, however, may require a lot of time and paperwork to avail of the service. Since BNPL involves digital KYC, it allows users to instantly get approval and begin transactions.
• Easily accessible: Credit cards are usually easier to avail for those who have high credit scores, such as individuals in metro cities and those who are salaried. It is estimated that there are only about 30 million credit card users in India. BNPL is designed to cover a larger market. This allows individuals who are new to credit or those with insufficient credit history to avail of the service. Since many BNPL players make use of alternative data for approval, more individuals can easily enrol for it.
• Higher interest rate – Credit cards are known to be one of the most expensive credit facilities. The interest rates applicable on missed payments can go as high as 48% when it comes to credit cards. BNPL providers may charge 0 to 24% as interest fees depending on amount, tenure and the borrower’s credit standing.

Conclusion

Buy now pay later is slated to grow further in cities like Allahabad which are seeing a spurt in the number of online shoppers. With this, people can make purchases instantly. Most BNPL providers offer repayment options at zero cost EMIs which may be one of the most preferred payment options among Indian consumers.

However, BNPL too should be used with utmost care as, in the end, this too is a credit facility which means people are effectively borrowing when they use this option.

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