Buy Now Pay Later in Gurgaon

About Buy Now Pay Later Gurgaon

Buy Now Pay Later Gurgaon is the city’s new-age credit mechanism that can be availed by a large majority of the population in the city. This scheme can especially benefit those who don’t own a traditional credit card. To get maximum benefits from this scheme, it makes sense that people in Gurgaon know more about it.

Credit cards often come with strict eligibility criteria and it can be difficult for low-income groups in Gurgaon to own one. To compete with the various benefits attached to a credit card, the BNPL scheme was introduced. This ensures that the young shoppers in Gurgaon are not devoid of the additional purchasing power that credit cards would offer.

Buy now pay later Gurgaon – what is it?

Buy now, pay later (BNPL)  is a new-age credit option that is available on most e-commerce websites. Under this, a buyer is given some credit limit that he/she can use for purchasing products or services on the e-commerce marketplace. The due amount will then have to be paid through EMIs spread across 3, 6, 9, or 12 months. The scheme charges a nominal interest rate.

Depending on a borrower’s eligibility, he/she can also avail of the ‘No Cost EMIs’ option using the buy now pay later scheme for a pre-decided number of months. While this scheme is most prevalent across e-commerce marketplaces, offline retailers in Gurgaon are fast adapting to this payment mode to achieve higher sales and revenue.

BNPL is mainly targeted at the young millennials in Gurgaon who are often cash-strapped and may not possess credit cards especially if they are new to credit.

Buy now pay later Gurgaon – how to use this for making payments?

To avail of BNPL Gurgaon, a buyer must first sign up for this option at an online marketplace that extends this facility. In most cases, a buyer has to enter his/her PAN along with bank account details. Upon being processed by the finance provider that has tied up with the seller, the applicant’s monthly credit limit is generated.

This is generally based on an individual’s average monthly balance. The BNPL account is mostly linked to the applicant’s bank account. Thus, any outstanding amount is deducted directly from the borrower’s bank account.

• At the time of making purchases, a buyer can add them to the shopping cart
• He/she must then go to the payment window to see the BNPL availability
• In some cases, one may find an EMI option with the BNPL mode. 
• One can also opt for a zero cost EMI if needed
• A buyer must then choose the BNPL payment method, number of EMIs as per convenience and proceed
• The billing will then be complete and the user’s bank account is debited from the next billing cycle.

Buy now pay later Gurgaon – why is it useful?

Here are some of the benefits of using BNPL Gurgaon: 

• A shopper can avail higher credit limit
• Higher purchasing power 
• Multiple benefits to be availed for using BNPL schemes that are associated with various e-commerce sites
• No Cost EMI offers can be availed on festival days and during sale periods
• The easy application process 
• Transparency of terms and conditions

Buy now pay later Gurgaon – who is eligible?

To avail of a BNPL payment option in Gurgaon, one has to fulfil the following criteria:

• A borrower/shopper must be a residing Indian citizen
• The minimum age should be 21 years 
• The person must have a bank account along with a regular source of monthly income
• Should have a valid PAN 
• Aadhaar number should be available and linked to the person’s bank account

Conclusion

Buy now pay later Gurgaon provides young shoppers the option to defer repayment without levying heavy interest charges. This way, buyers can easily segregate the repayment into smaller portions while continuing to make the required purchases that may otherwise be unaffordable. Before using this finance facility, however, users must carefully evaluate all the aspects and read the terms and conditions carefully.

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