Buy Now Pay Later in Bangalore

About Buy Now Pay Later Bangalore

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.

Buy now pay later Bangalore – what does it include?

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:

• Easy accessibility
• Transparency on tenure and repayments
• No-cost EMIs
• People in Bangalore can avail of the scheme while making any purchases at retailers that provide this option, whether online or at the point of sales/POS
• Here, a shopper is required to make a small payment for the total purchase made while the remaining amount can be paid through interest-free EMIs spread across a specified tenure
• One can make EMI payments using: 
  • direct bank transfer, 
  • cheques, 
  • credit cards,
  • debit cards or 
  • UPI

Buy now pay later Bangalore – why is it useful?

Some of the top reasons why BNPL is one of the most preferred credit facilities in Bangalore are:

• Easily affordable by regular shoppers
• Credit is available in an instant
• Safe payment gateway
• It allows borrowers to pick a convenient repayment schedule
• Easy to avail
• Transparent terms and conditions
• No cost EMI

Buy now pay later Bangalore – know the eligibility criteria before you apply

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:

• BNPL schemes can only be availed by Indian residents
• A buyer must be at least 18 years of age to avail of the scheme. The maximum age limit is 55 years in most cases
• This scheme can be availed only by salaried individuals
• An individual should have a bank account 
• Furnishing KYC documents is also mandatory to avail of the scheme

Buy now pay later Bangalore – list of service providers

Some of the BNPL service providers in Bangalore are listed below:

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

Buy now pay later Bangalore vs credit cards – which one to opt for

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:

• Low-cost facility with clear terms: Most BNPL service providers in Bangalore offer the facility based on transparent terms. Since a majority of the offers provided under the scheme are subsidized by associated brands, customers can benefit due to the low-cost element. Credit cards, on the other hand, come with multiple hidden charges and often charge substantial interest rates.
• Instant digital credit access: Irrespective of a consumer’s location in India, he/she can avail of instant digital credit access through BNPL sign up. On the other hand, credit cards usually involve significant application time and lengthy paperwork. BNPL service providers often extend digital KYC provisions to applicants. Thus, users can get instant approval and initiate transactions through the credit facility.
• No credit history barrier: Credit cards are mostly offered to individuals who have a good credit history and credit score. BNPL, however, aims to cover a larger set of the urban population. BNPL service providers often rely on alternative data sources for application approvals. Therefore, the scheme allows individuals with no credit past to avail of this facility and covers a wider population as compared to credit cards.
• Lower interest charges – In India, credit cards are still unaffordable for most individuals since they are expensive considering the applicable interest rates. Especially when it comes to missed payments, the interest cost on credit cards can go significantly high. BNPL scheme providers often charge 0 to 24% as interest charges. This can change as per the amount borrowed, repayment tenure chosen and the borrower’s credit track record.

Also Read: Credit Cards Vs Buy Now Pay Later Which Is The Better Option

Conclusion

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.

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