Buy Now Pay Later Mumbai – Find Best BNPL Scheme To Shop Online Or Offline
In recent months, Buy Now Pay Later(BNPL) has been causing a revolution in Mumbai's credit card market. Consumers who do not have a credit card or do not have enough credit history to qualify for one are increasingly using this new lending option to enjoy online shopping.
BNPL has quickly gained popularity among Mumbai customers, both online and offline. Individuals can acquire fast credit depending on their gross monthly income when they buy now and pay later. This type of credit is typically provided by online digital providers who have partnered with major banks and NBFCs.
Top Buy Now pay later providers in Mumbai
- Lazypay
- Zestmoney
- Amazon Pay Later
- Flipkart Pay Later
- Ola Money
- Earlysalary
- Postpe
- Paytm Postpaid
- Mobikwik Zip Pay
- Simpl
- Dhani
- Cashe
Buy Now Pay Later Mumbai – Features & Benefits
Mumbai is India's 'THE' shopping capital. Everything is accessible at better pricing here because of its amazing connection via road, train, and air, and people from all over the country throng this city to do their shopping. From textiles to diamond jewellery, Mumbai is the shopping destination for residents not just of nearby cities, but also of neighboring states.
Customers who are unable to obtain a credit card due to a poor credit score or a complete lack of credit history might consider Buy Now, Pay Later in Mumbai.
The buyer is given a credit limit that can be used to make purchases on the e-commerce website under this plan. This amount will be paid in three, six, nine, or twelve low-interest monthly EMIs. This service is often provided by e-commerce companies in partnership with large banks and non-bank financial companies (NBFCs). This is an unsecured credit option, and is comparable to a personal loan or credit card.
Attractive Features Of Buy Now Pay Later In Mumbai
- Instant credit facility; your eligibility is assessed and your credit limit is displayed in less than 5 minutes
- Get interest free credit for up to 50 days
- Get 3, 6, 9 or 12 months EMI for nominal interest rates
- Totally transparent application process done through mobile app
- Secure transactions through your smartphone
- Digitally manage your accounts, pay for purchases and repay your spends
- Available for both online and offline purchases
The most important benefit of Buy Now Pay Later schemes is the totally hassle-free application process. It is done totally online and takes less than 5 minutes to open your account and find your credit limit.
Additional Read: What Is A Pay Later Service Can A Pay Later Purchase Impact My Credit Score
Mumbai Buy Now Pay Later – How & Where To Apply?
Buy Now Pay Later, as previously stated, is a financing solution that offers customers with a predetermined credit limit that may be used to shop online or offline. Although it functions similarly to a credit card, the user does not receive a physical card. In addition, the credit limit is limited to the user's total monthly income, ensuring that it is not exorbitant.
- The Buy Now Pay Later option on the shopping app is usually made known to the user via a notification or message.
- They'll be able to find it during the checkout process as well.
- After selecting the BNPL option, they must enter their PAN number as well as the mobile number connected with their bank accounts.
- The lender checks your credit history and bank balances to determine your repayment potential.
- Based on these characteristics, the service will show you a credit limit.
- If you accept the terms and conditions of the financing, the funds will be deposited into your BNPL account.
- You can only use this limit on that shopping app, according to the terms of service, while some BNPL services allow you to use it on other platforms as well.
Also Read: Credit Cards Vs Buy Now Pay Later Which Is The Better Option
Buy Now Pay Later In Mumbai – Comparison Chart Of Top 5 Leading BNPL Providers
| BNPL Provider | Loan Amount | Repayment Options | Fees & Charges | Operational On |
|---|---|---|---|---|
Rs.60,000 | 90 days / 180 days | 0.50% interest rate per month | Both Online and Offline | |
LazyPay | Up to Rs.1 lakh | 15 days payment cycle | Up to Rs.500 + Taxes | Both online and offline merchants |
Up To Rs.2 lakhs | 30 days interest free repayment | Rs.250 + taxes | Over 1.5 lakhs merchants online and offline | |
Amazon Pay Later | Up To Rs.60,000 | 30 days interest free repayment | Up to Rs.500 + Taxes | Primarily on Amazon shopping website and Amazon Pay services |
Paytm Postpaid | Up to Rs.60,000 | 30 days of interest free repayment | Up to Rs.500 + taxes | Usable on more than 5 lakhs + merchants both online and offline |
Buy Now Pay Later Mumbai – Eligibility Conditions And Documents Required
Unlike credit cards or personal loans, Buy Now Pay Later loans are easier to secure and don't involve a lot of paperwork. The following are the most important 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
Mumbai Buy Now Pay Later FAQs
1. How much credit score do I require to get a BNPL credit?
A credit score of 700 and above is considered ideal to get a good credit limit on BNPL.
2. 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.
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.
6. What are the repayment options available for Buy Now Pay Later?
Buy Now Pay Later usually sets up an auto-debit from your bank account so that the due amount is deducted directly on the due date.
7. Can I update my Paytm Wallet using Amazon Pay Later?
No, you cannot directly load money to your Paytm wallet from Amazon Pay Later. You can use the Pay Later account credit to purchase stuff online or offline.
8. What happens if you don’t pay back Simpl?
You will be charged a late payment fee of Rs.250 + taxes for every instance of missed payment.
9. Do BNPL schemes help me improve my credit score?
Definitely! These are very much similar to your credit card or personal loan. So making timely repayments can help you improve your credit score.
10. Can I get a credit limit on LazyPay with a credit score of 550?
Though credit score is also an important parameter to determine your eligibility, a credit score of 550 makes it difficult to get a credit limit on LazyPay. Even if you get one, it would be pretty low.