Buy Now Pay Later in Kolkata

Buy Now Pay Later In Kolkata – Top 5 BNPL Providers In Kolkata

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.

Some of the leading Buy Now Pay Later providers in Kolkata are

• Simpl Pay Later
• Zest Money
• Amazon Pay Later
• LazyPay
• Earlysalary
• Mobikwik Pay Later
• Paytm Postpaid
• Flipkart Pay Later 
• Ola Money Postpaid
• Bullet Pay Later
• Pay later by ICICI Bank
• Dhani

How Does Buy Now Pay Later Work In Kolkata?

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

How Does Buy Now Pay Later Work For Kolkata Shoppers?

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.

• The user is usually shown a notification or a message informing them of the Buy Now Pay Later option on the shopping app
• They can also find it during the payment checkout screen
• Once they click on the BNPL option, they are required to enter their PAN number and the mobile number linked to their bank accounts
• The lender runs a quick check on your credit history and bank balances to determine your repayment capacity
• Based on these parameters, the service will show you a credit limit
• Once you agree to the terms and conditions of the financing, the amount will show up under your BNPL account.
• As per the terms of usage, you are allowed to use this limit either on that shopping app alone or some BNPL services allow you to use them on other platforms too.

List Of Top 5 BNPL Providers In Kolkata

1. Simpl

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:

• A simple 2 step account activation. Just enter your basic details and get your credit limit instantly on your Simple app.
• Connect your Simple app to 1000s of neighborhood merchants and start shopping from them.
• Single tap payment completion for all your online purchases through your Simple app
• They don’t check your credit score as they use their own in-house algorithm to determine your credibility
• Totally transparent process that has no hidden fees or charges. 
• Enjoy 2 billing cycles in a month that allows you to repay comfortably. 

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:

• Open account within minutes and get approved credit limit instantly
• Buy things online or offline without a credit card
• Partnership with more than 150,000 merchants to bring the best products to you 
• Avail 0% EMI on ZestMoney for your purchases
• Comfortably repay in 3-4 months
• No penalty for prepayment or part payment
• No hidden charges; enjoy total transparency

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:

• Easy and hassle-free EMI payments on all qualified Amazon App and Amazon browser purchases.
• Repay in convenient EMIs of 3-12 months.
• Manage your account through a separate dashboard to keep track of payments, transaction history, limitations, and other information.
• No credit check required. Credit limit based on your bank account. 
• No processing fees or cancellation fees. 
• No fees for pre-closure. 

4. LazyPay

LazyPay is more popular among shoppers as it allows users to pay at merchant locations using UPI.

• Shop online and offline using the mobile app
• Repay in 15 days or choose EMIs of 3, 6, 9, or 12 months
• Some of the popular merchants accepting LazyPay are Zomato, Tata Sky, MakeMyTrip, Dunzo, GoIBIBO, BB Instant, and more
• Can be gotten for minimal documentation of just PAN and Aadhaar details
• No interest charges or hidden fees when you make payment on time. 

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 –

• Get instant credit limits of up to Rs. 30,000
• Processing with just your basic details; no lengthy documentations
• Enjoy interest free credit when you repay before due date
• Helps improve your credit score when you pay on time regularly

Eligibility And Documentation Requirements For Buy Now Pay Later Services In Kolkata

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:

• Have to be an Indian citizen
• Salaried employee
• Over the age of 21 

Documents required are very simple too – 

• Your PAN number
• Aadhaar details
• Your name, phone number and address

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.

Buy Now Pay Later Kolkata FAQs