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Do you wish to purchase a new dress for your upcoming birthday or just to feel good? Are you contemplating your wish to buy against the money that will be required? Did you just come across a limited period special offer on your favourite mobile brand but are low on funds? Well, you need not worry as many of us face these situations once in a while. There are chances that we have to miss out on some of the best deals because we couldn’t arrange the cash needed. This is when a buy now pay later can come to our rescue.

All you need is a personal loan for venturing on your shopping expedition to move the items from the wish list to the actual shopping cart. All this without really compromising or going overboard on your monthly budget. Today, many digital lenders across India offer buy now pay later at reasonable rates making them a convenient option for instant fund requirements. This will allow you to binge on your favourite shopping destinations without missing out on some good deals. Read on to find out more about buy now pay later.

Buy Now Pay Later – Key Features

  • Flexible Loan amount: You can get a buy now pay later as small as Rs. 500 and depending on your requirement you can also opt for a higher amount up to Rs. 2 lakhs. Personal loans are available for shopping and these can be used for purchasing lifestyle products or even luxury items including clothes, makeup kits, electronics, mobile phones, fashion jewellery and much more.
  • Simple application process: You can apply for a buy now pay later online and the process involved is pretty simple. It requires you to fill up a simple application form for a start. The loan is then sanctioned depending on the eligibility criteria set out by the lender and after submitting all the necessary documents. Some of the formalities may differ across lenders.
  • Shop from Best Retailers: Buy now pay later offered by digital lenders can be used for shopping at top online as well as offline retailers such as Amazon, Flipkart, BigBazaar, etc. Most of these retailers offer best deals from time to time and buy now pay later allow you to grab some of the biggest deals as and when they come up.
  • No Cost EMI: Most buy now pay later offer convenient repayment mechanisms and feature retailer-specific and sometimes purchase specific EMI offers. Some lenders may charge a nominal interest rate hence it is important to know the terms beforehand.
  • Flexible tenure: Buy now pay later tenures could range between a few days to months. Lenders generally offer flexible tenures on buy now pay later depending on your repayment capability.
  • Minimal documentation: Buy now pay later require minimal documentation and hence disbursement of these loans is fast, sometimes within as little as a few minutes. Sometimes, the disbursal time could vary depending on the applicant’s profile.
  • Exciting offers: While shopping from a partner retailer site or offline, there could be additional offers such as cashback, discounts, etc. These are sometimes over and above the offer(s) given by the retailer.

Eligibility Criteria

Eligibility criteria could vary for buy now pay later offered by different lenders. However, some of the common eligibility criteria are as listed below:

  • The applicant must be at least 21 years of age.
  • Maximum age of an applicant can be 65 years.
  • Only salaried individuals are eligible for this loan.
  • Minimum monthly income of the applicant should be as per the predefined criteria of as laid out by the lender.


  • ID Proof: Aadhaar, PAN, Voter ID, etc.
  • Address proof: Utility Bills, Ration Card, etc.
  • Income Proof: Salary Slip, Form 16, bank account statement, etc.

Digital Lenders

  • KreditBee: KreditBee offers buy now pay later in the form of a personal loan ranging from Rs. 1,000 to Rs. 2 lakhs. Applicants must submit minimum documents as required by the lender for quick disbursal of loan.
  • EarlySalary: EarlySalary offers instant buy now pay later with features such as no-cost EMI. It has tie-ups with top retailers such as Amazon and Flipkart for availing this offer. This lender allows a convenient repayment mechanism and offers flexible tenures ranging from 3 to 6 months.
  • Stashfin: Personal loan is offered by Stashfin for shopping needs of individuals. The maximum loan amount that can be availed is Rs. 5 lakhs. Repayment tenure offered by this lender ranges between 3 to 36 months.
  • ZestMoney: ZestMoney allows applicants to avail buy now pay later by activating credit limit. Shopping can be done with partner stores with easy EMI repayment ranging from 9 to 24 months. Some of the other features of buy now pay later offered by ZestMoney include zero foreclosure fees and zero processing fees.

Application Process

  • Visit the buy now pay later application page at respective lender’s website.
  • Basic information has to be filled in, including full name, mobile number, gender, date of birth, email address, monthly income, etc.
  • One can view the available offers from various lenders.
  • After filling in the details, one can choose the buy now pay later best suited to specific needs.
  • Lender’s representatives will then reach out to guide through the remaining process including document submission.

Important Aspects to Consider

  • Need for Loan: Every need can be easily fulfilled as there is a loan available in the market for it today. Before approaching a lender for loan requirements, one must consider the need for credit. Once the loan is availed, repayment is not far behind and it has to be adhered to. Sometimes, EMI could add burden to the existing financial situation and therefore, it is important to consider the real need of a loan before applying.
  • Credit Score: Credit score is an essential factor and must be thoroughly analysed before making a loan application as it could have an impact on one’s credit history.
  • Debt-to-Income Ratio: Debt-income ratio is an important factor in the loan approval process. It is also critical since it helps in determining one’s repayment capability.
  • Fine Print of Loans: Loans have a list of terms and conditions such as prepayment penalty charges relating to Balance transfer. While signing up for a loan, it is most important to go through the fine print before agreeing to the terms of the loan.
  • Bargain for a Good Deal: An applicant who has a good credit score can easily negotiate terms with the lender and get a better deal. Most banks offer loans on the lower interest rate to individuals who have better credit scores. One must be updated about the ongoing market trends to ensure that he or she lands a good loan deal.


1. Can I prepay my Loan which I borrowed for shopping? Are there any charges on prepayment?

You can choose to prepay your personal loan which you would have borrowed for shopping. Prepayment charges may be applicable but these could differ across lenders. Hence it is best to enquire with your specific lender on the prepayment penalty if any.

2. What if I am unable to repay the buy now pay later within the set timeline?

In case you do not repay the buy now pay later as per pre-agreed timelines and miss an EMI, it could have a significant impact on your credit score This is mainly because a buy now pay later is considered as a personal loan and it hurts your credit score for non-payment.

3. How much time does a Personal Loan avail for Shopping take to be disbursed?

For existing customers, lenders may provide such loans within a matter of minutes. However, sometimes the disbursal time could vary across lenders and depends on their evaluation process.

4. Can I opt for multiple buy now pay later from the same lender?

Some lenders may offer only one loan at a time and some could offer multiple loans in one go.

5. If I have applied for a buy now pay later, does it mean I can purchase products only from the stores that the lender has tie-up with?

For receiving maximum benefits of offers related to store-lender tie-ups, you will have to purchase products from the listed stores.

Latest & Update Buy Now Pay Later News

SpiceJet Launches Book Now, Pay Later Feature to Ease Ticket Purchase Process For Customers10 Nov 2021

SpiceJet announced a new EMI scheme named ‘ Book Now, Pay Later’ to allow passengers to save large on deferred/delayed payment interest costs (upto 70% interest cost reduction). According to the airlines’ statement in the press release, “As part of t...

Read more

SpiceJet announced a new EMI scheme named ‘ Book Now, Pay Later’ to allow passengers to save large on deferred/delayed payment interest costs (upto 70% interest cost reduction). According to the airlines’ statement in the press release, “As part of the launch offer, customers will be able to enjoy a three-month EMI option at no additional cost (no interest)”. The customers will have to provide their basic details like PAN, Aadhar, Virtual IDs or verify their identity with an OTP, to avail this scheme. This scheme is currently available on Indian credit cards issued by Axis Bank, HSBC Bank, Kotak MAhindra Bank, Standard Chartered Bank, and SBI Bank, as of now.

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