CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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Buy Now, Pay Later (BNPL) is the latest lending option available to many individuals with no credit card or credit history. This feature is mostly offered by e-commerce companies in partnership with leading banks and NBFCs. This is similar to a personal loan or credit card as this is also an unsecured credit.
The buyer is given a credit limit that can be used to purchase things on the e-commerce website under this plan. This sum will be paid in 3, 6, 9, or 12 monthly EMIs at a minimal interest rate.
Kolkata is a major trading hub and the people there love to shop. Be it fashion, home & kitchen, lifestyle, jewellery, or millions of other merchandise, they shop with a fervor. Buy now pay later option is a great boost to business here in Kolkata.
Kolkata is the home of every leading bank and NBFC in India. Buy Now Pay Later has permeated this market pretty quickly and consumers have taken to it like fish to water. Online shopping has become the main form of shopping for people all over the world considering the current pandemic situation. However, not everyone has a credit card to buy that much needed laptop for their work-from-home setup, or getting an ergonomic chair for their home office. That is where Buy Now Pay Later lending options come into play.
Another interesting read for you: Credit Cards Vs Buy Now Pay Later Which Is The Better Option
Buy Now Pay Later, as we already iterated, is a lending option that gives a fixed credit limit to the users that can be used to shop online. This is similar to a credit card but the user does not get a physical card. Also, the credit limit is only equal to the gross monthly income of the user so it won’t be high.
Simpl is a mobile app based lending platform that is connected to over 5500+ merchants across India. Here are the best features of Simple BNPL:
2. Zest Money
Zest Money is by far the most popular BNPL platform for online shoppers. They have affiliation with more than 1.5 lakh stores across India and offer you credit limits of up to Rs.2 lakhs. Here is why people prefer ZestMoney BNPL:
3. Amazon Pay Later
Due to its online presence, Amazon Pay Later is widely used by most Indians. Here are some points to note about Amazon Pay Later:
LazyPay is more popular among shoppers as it allows users to pay at merchant locations using UPI.
5. ZIP by Mobikwik -
The BNPL service offered by Mobikwik is called ‘ZIP’. It is available through the Mobikwik mobile app. Here are its salient features –
Unlike credit cards or personal loans, Buy Now Pay Later are simpler finance options and don’t require you to submit tons of documentation. Here are the basic eligibility criteria:
Documents required are very simple too –
Buy Now Pay Later has allowed Kolkata consumers to purchase some immediate necessities without hesitating about their bank balance. This 15-day/30-day interest free credit has increased the purchasing power of many consumers ultimately benefiting local merchants and small scale traders.
1. What is the interest rate on BNPL credit?
Buy Now Pay Later credit schemes offer you an interest free period of up to 30 days to repay the entire amount or the EMIs you have chosen. Failing to pay this amount will result in late payment charges that range from Rs.100 to Rs.500 for every instance.
2. Where can I apply for Amazon Pay Later?
Amazon Pay Later services can be availed through the Amazon app.
3. Why are most of the BNPL services offered only through smartphone app?
BNPL services are novel lending services that want to offer digital convenience of account management. That is why they are mostly offered through smartphones.
4. Where is the Buy Now Pay Later payment method accepted?
BNPL payments are generally accepted on most online e-commerce sites. These days, they have forayed into physical stores with the help of payment apps too.
5. Who offers financial backing for BNPL schemes?
BNPL schemes are generally backed by leading banks and NBFCs, and are offered through e-commerce platforms.