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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.
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:
Some of the benefits of BNPL are listed below:
Mentioned below are the common eligibility criteria to be fulfilled for availing Buy Now Pay Later in Allahabad:
Some of the BNPL companies offering the service in Allahabad are:
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:
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.
1. Is buying now paying later an installment loan?
BNPL can be called an installment loan since the borrower repays the amount he/she spends through Equated Monthly Instalments (EMIs). The borrower must repay within the tenure set else a penalty will be charged by the lender.
2. Does buying now pay later charge interest?
Yes, interest is payable on BNPL depending on factors like the amount due, repayment tenure, credit track record, etc. The scheme may offer a credit-free period initially and if the borrower manages to repay the amount within this period, no interest will be applicable.
3. Who offers to buy now and pay later?
Various online and POS service providers offer BNPL in India. A number of merchant sites offer this to attract more customers.
4. Does BNPL show on the credit report?
If a borrower repays the borrowed amount on time, BNPL does not show it on the credit report. However, if one misses or delays the repayments, it impacts his/her credit score and shows up on the credit report.
5. Do banks offer to buy now and pay later loans?
Yes, many banks in India offer BNPL, including Axis Bank, ICICI bank, etc.
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