Facing A Cash Crunch? Here Are 6 Buy Now Pay Later Platforms You Can Use 

Buy now pay later has become popular among customers in a very short time. It is one of the fastest developing online payment schemes with most e-commerce and fintech websites, allowing customers to buy now pay later. As the name implies, it enables customers to buy the things they need and pay at a later date. This method provides time for the customers to save up on the money required to pay for the products. The repayment duration varies between 15 days to 2 years based on the cost of the product and the offer given by the lender. In some cases, interest free full payment is offered up to a certain time. In other cases, the total amount is broken up into EMIs, and these must be paid in regular intervals. This method is an easy way to procure credit and usually just requires filing a KYC with a PAN card. Let us now discuss some of the top 6 Buy Now Pay Later Apps in India that offer a wide range of credit options and other benefits to customers.   

Best Buy Now Pay Later Apps in India 2024 

1. Slice  

This is one of the best buy now pay later apps for people who do not have credit cards. You can get great reward points and cashback with this app. Some of the benefits of the Slice app are as follows:  

  • Get instant cash back on every transaction.  

  • Slice provides a simple way to manage all your bills and subscriptions in one place. Activate auto pay to ensure that your payments are handled in a timely and automatic manner. 

  • Account creation is done in 1 minute.  

  • Using this UPI first account, you can pay and receive money via UPI with ease. 

  • The app is fast, secure, and ad-free. 

  • You can use it anywhere across India. 

  • You do not have to pay any joining fee, annual fee, or renewal fee 

  • You do not require a minimum credit score to get this card.  

  • To own a Slice Credit Card, you must be employed and should be an Indian citizen.  

2. CashE 

CashE is one of the most straightforward Buy Now Pay Later lending options on the market. A fantastic credit limit is obtained through a simple two-step account activation process. Simply enter your basic information and your credit limit will be displayed on your CashE app immediately. Check CashE BNPL below: 

  • Connect your app to 1000s of local merchants and start shopping. 

  • Get a loan of up to Rs.4 lakh to go shopping. 

  • The app lets you complete all your online purchases with a single tap. 

  • Repay easily in two billing cycles per month. Alternatively, choose EMIs ranging from 3 months to 1.5 years. 

  • There are no hidden fees or charges in this process. 

  • The loan program does not place a high value on your credit score, allowing people with poor credit to obtain financing. 

3. Zest Money 

By far the most popular BNPL platform for online shoppers is Zest Money. They work with over 1.5 lakh stores across India and provide credit limits of up to Rs.2 lakh. Here are some of the reasons why people prefer ZestMoney BNPL: 

  • Open an account in minutes and receive an instant credit limit approval. 

  • Purchase items online or in person without using a credit card. 

  • Collaboration with over 150,000 merchants to bring you the best products 

  • Use ZestMoney to get 0% EMI on your purchases. 

  • Repay comfortably in 3-4 months 

  • There is no penalty for early or partial payment. 

  • There are no hidden fees; enjoy complete transparency. 

4. Amazon Pay Later 

Amazon Pay Later is widely used by most Indians due to its online presence. Here are some things to keep in mind about Amazon Pay Later: 

  • EMI payments are simple and hassle-free on all qualified Amazon App and Amazon browser purchases. 

  • Repay in convenient 3-12 month EMIs. 

  • To keep track of payments, transaction history, limitations, and other information, manage your account through a separate dashboard. 

  • There is no credit check required. Your credit limit is determined by your bank account. 

  • There are no processing or cancellation fees. 

  • There are no pre-closure fees.  

5. LazyPay 

LazyPay is more popular among shoppers because it allows users to pay using UPI at merchant locations. 

  • Using the mobile app, you can shop both online and offline. 

  • Pay in 15 days or select EMIs of 3, 6, 9, or 12 months. 

  • Zomato, Tata Sky, MakeMyTrip, Dunzo, GoIBIBO, BB Instant, and other popular merchants accept LazyPay. 

  • Can be obtained with only PAN and Aadhaar details as documentation. 

  • When you pay on time, there are no interest charges or hidden fees.  

6. Simpl 

This app provides a safe and fast way to shop. You can buy what you desire with just one tap on 26K + brands.  

  • This app can be accessed anywhere in India. 

  • It has tie-ups with some of the biggest Indian brands like Zomato, BookMyShow, BigBasket, etc.  

  • It implements the one tap payment system 

  • There is no cost for the credit borrowed. However, a penalty is levied for paying late. 

How to Choose the Best Buy Now, Pay Later App in India 

  • Interest Rates and Fees - Look into the interest rates charged by different BNPL apps. Some may offer zero interest for a promotional period or on certain transactions, while others may have varying rates based on tenure or amount. Also, check for any processing fees or late payment charges that could impact your overall cost. 

  • Merchant Partnerships - Evaluate which merchants are partnered with each BNPL app. Some apps may have a broader network of online and offline stores where their services are accepted, offering more flexibility in your shopping choices. 

  • Repayment Flexibility - Understand the repayment terms offered by each BNPL Service. This includes the tenure options available (e.g., 3 months, 6 months) and whether they align with your financial capabilities. Look for apps that allow early repayment without penalties if you prefer to clear your dues sooner. 

  • User Experience - Consider the app's interface and usability. A user-friendly app with clear transaction histories, payment reminders, and customer support can make managing your BNPL transactions smoother and less stressful. 

  • Customer Support and Reviews - Research customer reviews and ratings to gauge the app's reliability and customer service quality. Prompt resolution of queries and issues can significantly enhance your experience with BNPL apps. 

  • Security Features - Prioritize apps that offer robust security measures to protect your financial information and transactions. Look for features like two-factor authentication (2FA), encryption protocols, and secure payment gateways. 

  • Additional Benefits - Some BNPL apps may offer additional perks such as cashback, discounts, or exclusive deals with partner merchants. Assess these benefits to determine if they align with your shopping habits and financial goals. 

  • Credit Score Impact - Understand how using BNPL apps can affect your credit score. While BNPL transactions typically don't impact credit scores directly, missed payments or defaults could potentially have consequences. Ensure you can manage repayments responsibly to avoid any negative impact. 

 Benefits of BNPL 

Here are some advantages of BNPL 

  • Shop with ease: BNPL has enabled shopping even during a crunch for funds. With pay-later services, you can enjoy your purchases currently and pay later at your convenience.  

  • Easy setup: You can set up the Pay Later app very quickly and use it effortlessly. Most Pay Later apps in India provide an easy way of set up.  

  • Low interest rates: Most of the pay later apps in India charge affordable interest rates. So, they are more affordable than credit cards which typically charge higher interest rates.  

Conclusion  

When you need money, a loan is often your only option. But a loan comes with strings attached: you'll have to pay interest, and you'll have to make payments. That's when you turn to buy now pay later, an easy way to get extra money without having to make any payments for a set period. With affordable interest rates and flexible repayment options, BNPL can be a lifesaver when you require a little extra cash. And because BNPL is a short-term loan, you won't have to worry about the loan being a long-term burden. The credit score requirements are also easier to meet than those for a traditional loan. 

FAQs on Best Buy Now Pay Later Apps in India  

1. What is Buy Now Pay Later?  

Buy Now Pay Later is an instant credit option offered by many online lenders for a short period. The credit limit can be primarily used for shopping online.  

2. Can I use BNPL anywhere?  

Most platforms allow you to use the BNPL credit limit on any e-commerce website. However, a few brand specific BNPL facilities can be used on their platform only. Like Amazon Pay Later or Flipkart Pay later.  

3. How much credit limit can I get under BNPL?  

Lenders are now offering BNPL credit limits of up to Rs.5 lakhs, based on the customer eligibility, income, online shopping history, and credit score.  

4. How do I get approved for a Buy Now Pay Later facility?  

You can sign up for any of the BNPL credit options on their website. You can also lookout for offers at the time of checkout on leading e-commerce apps.  

5. How much credit score do I need to get approved for a BNPL facility?  

Most BNPL lenders look at a number of different factors to approve your BNPL credit. While credit score is one of them, it is not the primary criteria. So even applicants with low credit scores can get easily approved.