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ZestMoney Buy Now Pay Later

ZestMoney Buy Now Pay Later

4

Max Tenure

NA

Best Rate

0%

Processing Fee

0%

Fibe Buy Now Pay Later

Fibe Buy Now Pay Later

4

Max Tenure

180 Days

Best Rate

0%

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0 - 500

Cashe Buy Now Pay Later

Cashe Buy Now Pay Later

4

Max Tenure

NA

Best Rate

2.25 p.m%

Processing Fee

1.5%

Dhani

Dhani

4

Max Tenure

NA

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Processing Fee

NA

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About Buy Now Pay Later Chandigarh

Buy Now Pay Later Chandigarh is a credit scheme that is new to India and especially in Chandigarh. This credit facility is especially targeted at the city’s millennials who prefer to shop online. Every shopper in the city can avail of this credit mechanism while shopping, especially online. People who find it difficult to avail of a credit card facility can avail of similar credit benefits from BNPL.

Most loans and credit cards in Chandigarh come with many eligibility criteria which could be difficult to fulfil. This is when people in the city can consider the buy now pay later payment option while making purchases and living the desired lifestyle. This scheme can be a relief for those who cannot easily opt for credit cards due to a lack of credit history. It provides a higher purchasing power to borrowers and allows them to fulfil various lifestyle needs.

Buy now pay later Chandigarh – what is BNPL?

Buy now, pay later (BNPL) Chandigarh:

  • Is a credit financing facility 
  • It lets buyers make purchase of products or services on a credit
  • It allows buyers to pay for their purchases through installments spread across a fixed tenure.

Some BNPL schemes allow repayment to be done interest-free while others may levy interest depending on the delay in payment and repayment track record of the borrower.

Buy now pay later Chandigarh – know the basics of the scheme

Buy now pay later Chandigarh has various scheme providers and each offer different mechanisms with various terms and conditions. Mentioned below are some of the common terms and conditions seen across various BNPL offerings in the city:

  • With BNPL, buyers in Chandigarh can purchase any product or service at a retail outlet online or offline, provided the retailer has a tie-up with a BNPL facilitator
  • At the time of checkout, a buyer may use this scheme for making the payment, in which case, he/she can purchase the product but pay for it later on
  • Some credit providers may approve making a small down payment towards the purchase while repaying the remaining balance at a later pre-agreed date
  • A buyer can make the repayment towards the purchase using a cheque payment, direct bank transfer, debit card payment, etc.

BNPL and credit cards may seem similar, in that both allow postponement of payments towards any purchases made. While credit cards let users pay a minimum balance for purchases before the monthly due date, the remaining balance can attract interest until the borrower pays it fully. BNPL, however, allows users to pay for the purchases later without any interest accrual in some cases. BNPL has a fixed repayment schedule that can be anywhere from a few weeks to months.

Buy now pay later Chandigarh – factors that buyers should know

Young shoppers in Chandigarh may be tempted to use the BNPL mechanism to fulfil their wishes of purchasing high-end products. However, before using a BNPL scheme, they should know about some of the important factors that surround it. Listed here are some of them:

  • Before saying yes to a BNPL scheme, a buyer must know the precise repayment tenure along with the terms and conditions associated with it. Most BNPL providers may have similar terms, however, some may have certain unique criteria especially around repayment timelines.
  • A buyer should learn about the repayment specifics such that he/she can plan out the monthly budget without causing any financial stress. This also allows an individual to check the affordability aspect of the products or services being bought using BNPL. Delaying or not making repayments may attract late fees and could be noted by the credit bureaus as default, thereby impacting credit score.
  • Few BNPL schemes do offer 0% interest to buyers, depending on his/her credit standing. However, if one lacks credit history, the scheme may charge high interest fees on purchases. This can result in higher costs as compared to credit cards. BNPL schemes also do not offer reward points and associated benefits like credit cards.

Conclusion

BNPL Chandigarh can be a blessing to young shoppers in the city. However, an individual must carefully consider the policies that come with a specific buy now, pay later scheme else it can prove to be a credit burden later. While it does offer financial liberty, it comes with a certain cost of debt burden and penalties. Therefore, BNPL should be used wisely only as required and to make the most of its benefits.

FAQs

1. Is it bad to use buy now, pay later?

Buy now and pay later Chandigarh is like any other credit facility available in the city. Similar to credit cards, this too may attract fees and other penalties in case of repayment delays. Therefore, one must use it judiciously as per individual financial capability.

2. Why is buy now pay later so popular in Chandigarh?

People in Chandigarh are known for their leisurely lifestyle. This requires sufficient finances to fulfil various needs. As young people in the city prefer to make their purchases online, buy now pay later has gained significant popularity due to its unique features.

3. Does Amazon offer buy now pay later in Chandigarh?

Yes, Amazon offers buy now pay later for purchases made in Chandigarh, depending on the type of product availed.

4. What will Flipkart pay later?

Flipkart offers a buy now pay later option at the time of checkout while making purchases. This allows buyers to make a small payment towards the purchase while the remaining can be paid at a later date as per the mentioned terms.

5. What is the maximum limit of Flipkart pay later?

The maximum limit offered under Flipkart buy now pay later is Rs. 70,000. This allows buyers to access a range of products on the Flipkart app or website.

6. Does Flipkart pay later affect cibil?

Buying now and paying later is similar to a credit card. Flipkart offers this option to online shoppers, however, any delay in repayment means a direct impact on one’s CIBIL™ score.

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