CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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Buy now pay later (BNPL) Bangalore is the new-age short time financing solution especially focusing on young borrowers in the city. The scheme allows repayment of the borrowed amount to be done in installments as per a predetermined schedule once the individual has made the required purchases. As India continues to see a rise in the number of online merchants and financial platforms offering the BNPL scheme, consumers are starting to widely accept this as an alternative to expensive credit cards and a convenient payment mechanism for their purchases.
Bangalore, the IT capital of India, is fast turning into one of the country’s hubs for young professionals. Needless to say, the people in the city prefer to make online purchases due to the convenience and comfort it offers. Thus, BNPL services are much sought after from the available providers in the city. While most offer similar terms and conditions, the below-mentioned is what is included in the schemes:
Some of the top reasons why BNPL is one of the most preferred credit facilities in Bangalore are:
While different BNPL providers may have a different set of criteria for customers to be eligible for the scheme, mentioned below are some of the common criteria for availing Buy Now Pay Later in Bangalore:
Some of the BNPL service providers in Bangalore are listed below:
Buy now pay later schemes in Bangalore are known to offer easy to avail credit facilities that can be availed with a single click during checkout after making purchases via a merchant app or website. With this, borrowers can make the most of the short-term credit to make instant purchases and pay for them on a future date. More and more consumers are starting to prefer BNPL over credit cards in Bangalore. Here are the top reasons why:
Also Read: Credit Cards Vs Buy Now Pay Later Which Is The Better Option
Buy now pay later Bangalore is experiencing a growth trajectory due to the rising number of online shoppers in the city. A large majority of BNPL providers in Bangalore provide repayment options at zero cost EMIs. Given that the Covid-19 pandemic is expected to continue for a long time, people find convenience in online purchases and with the help of BNPL services, they also find it affordable.
Consumers must however note that BNPL must be availed only after giving a good thought since this is also a type of credit facility that requires them to make timely repayment.
1. Do you pay interest on BNPL?
BNPL schemes charge interest to customers depending on factors like the spending value, credit score, and repayment tenure chosen. If a borrower pays the amount due within the tenure agreed, no interest charge is applicable.
2. What is the condition to be followed to become a BNPL customer?
The conditions to be met for becoming a BNPL customer depends on the provider. Generally, this facility is available as a payment option during online and offline transactions, provided the merchant has a tie-up for BNPL.
3. Does BNPL affect credit score?
As long as a borrower makes the payment on time, BNPL does not have an impact on the credit score. However, in case of delays or missing out on repayments, the borrower’s credit score may be negatively impacted.
4. What is the advantage of buying now and paying later?
The main benefit of BNPL schemes is that a borrower can avail credit instantly to make purchases without any hassle of a lengthy application process and opt for a convenient repayment schedule.
5. Why do merchants use BNPL?
Merchants offer BNPL to attract more buyers towards their products and services. This is because BNPL allows buyers to make purchases on credit and can pay for the same at a later date.