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ZestMoney Buy Now Pay Later

ZestMoney Buy Now Pay Later

4

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NA

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0%

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0%

Fibe Buy Now Pay Later

Fibe Buy Now Pay Later

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180 Days

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0 - 500

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Cashe Buy Now Pay Later

4

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NA

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2.25 p.m%

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1.5%

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Dhani

4

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NA

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About Buy Now Pay Later Cochin

Buy now pay later Cochin is a type of online loan that is fast gaining the attention of the young population in the city. As the credit industry gears up to offer this scheme to penetrate a larger consumer base, more and more people in Cochin are turning to this credit facility.

Shoppers in Cochin, especially those who want to make big-ticket purchases on installments may find it difficult to go for a loan or pay through a credit card because of the strict rules associated with repayment. With new offerings like BNPL that are widely available online or even on mobile apps, people in the city can make the most of a flexible repayment option while still making big-ticket purchases.

Buy now pay later Cochin – what does it mean?

Buy now, pay later (BNPL) is a credit or financing facility. It lets shoppers make purchases without having to pay for them immediately. It allows a stipulated interest-free period within which the buyer can repay through installments. The BNPL provider would help the buyer settle the bill with the merchant at the time of purchase.

BNPL is mainly aimed at young and cash-strapped millennials who may not have credit cards due to a lack of credit track record.

This facility offers people easy access to credit for making purchases that they cannot afford through cash or credit card payments. To avail of BNPL, a buyer must first complete the KYC formalities on the BNPL service provider’s platform. BNPL service providers make use of digital analytics to understand buyers’ purchase patterns and gauge their creditworthiness.

BNPL usually comes with an interest-free period ranging from 15 to 45 days. The credit limit can range from Rs. 500 to Rs. 30,000, in some cases it may even extend up to Rs. 1 lakh.

Buy now pay later Cochin – who offers this scheme?

In recent years, there has been an influx of various e-commerce and fintech companies that have started offering BNPL to shoppers across the country. Cochin is not left far behind as the city is home to a lot of young population.

E-commerce giants like Amazon and Flipkart offer this payment option to their customers. People in Cochin can also make use of the BNPL services offered by banks like HDFC and ICICI Bank. With the increasing demand, app-based fintech companies like LazyPay, PayTM, PhonePe, CASHe, etc also extend BNPL payments. Whether it is buying gadgets or apparel, food delivery, travel needs, and many other expenses can be covered under the BNPL facility.

Buy now pay later Cochin – important things to know

People residing in Cochin should know the exact interest-free period for repayment towards BNPL. It is important to gauge whether one can pay towards the credit availed within this time frame. In case a buyer is unable to pay the amount within the repayment tenure, the lender may charge high interest rates on the unpaid amount apart from the late payment penalty.

If BNPL is not managed appropriately, one can easily fall into a debt trap. Additionally, any repayment delays are reported by the lender to the credit bureaus across the country. This can have an adverse impact on the borrower’s credit score making it difficult for him/her to avail credit in the future.

Buy now and pay later Cochin – how is it better than credit cards?

Acceptability

Credit cards allow a user to defer the payment for a certain period. However, credit cards charge interest in case one does not repay the amount within the due date. While credit cards can be used at most merchant outlets, online or offline, BNPL can only be used via a partner merchant that has the tie-up to accept such a payment mode.

Associated cost

Credit cards generally involve additional costs such as joining fees, annual recurring fees, etc. BNPL facilities may not have such costs except for a small processing fee that may be charged by some providers. Credit cards also generally charge much higher interest as compared to BNPL schemes.

Credit limit

The credit limit offered under BNPL is generally lower than credit cards. Credit cards provide an interest-free period of approximately 45 days while most BNPL schemes allow a smaller repayment period of 15 to 30 days. Credit card usage also earns rewards, depending on the card. These can include cash backs, discounts, offers, etc. In the case of BNPL, however, a borrower does not get to earn rewards.

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

Conclusion

The option to defer repayment without being charged any interest and segregate it into smaller repayments can be very appealing to borrowers. Buy now and pay later, Cochin is one of the ways for people in the city to make required purchases that they would not be able to afford otherwise. Before rushing into using this finance facility, one must evaluate every aspect of a BNPL loan and read the fine print to avoid credit issues later.

FAQs

1. How does BNPL work in India?

BNPL or Buy Now Pay Later is a credit facility that allows an individual to purchase products or services without paying anything at the time of purchase. The borrower can make the payment through instalments within a fixed tenure later.

2. What is the maximum amount a plus customer can pay through buy now pay later in Flipkart?

The credit limit offered by Flipkart Pay Later is a maximum of Rs. 70,000. It also allows users to access a range of different premium products.

3. What is the penalty for pay later in Flipkart?

Depending on the bill amount, the penalty for pay later in Flipkart can vary. The higher the bill amount pending, the higher will be the penalty.

4. What is the rate of interest charged for belated payment of BNPL bills?

The interest rate on missed payments of BNPL can go from 0 to 24% depending on the merchant, repayment tenure and the borrower’s credit track record.

5. How can I remove pay later in Flipkart?

To remove pay later in Flipkart, you need to first close your Pay Later account by contacting Flipkart customer care. Once the partner bank deactivates the loan account, it will be taken off from your credit score within 2-3 months.

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