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Don’t we all like to shop till we drop? Buy Now Pay Later can now help you achieve that!
India being a land of festivals, there is always some occasion to celebrate and something new to be bought. And what better place to shop than New Delhi? These dreams shouldn’t be squashed just because you don’t have a credit card. Personal loans for shopping are a good alternative but take a lot of time to process and the documentation process itself is harrowing.
Buy Now Pay Later is here to change all that!
Buy Now Pay Later is a new credit option available mostly through e-commerce platforms. The buyer is given a credit limit that can be used to purchase things on the e-commerce website under this plan. This sum is usually paid back in 30 days without any interest. Users can also choose to pay this back in simple EMIs of 3, 6, 9, or 12 months at a minimal interest rate.
Customers may be eligible for 'No Cost EMIs' on the buy now pay later limit for a fixed number of months, depending on their eligibility. Though this is most common on e-commerce sites, shopkeepers are also integrating this payment method in order to boost sales and revenue.
Buy Now Pay Later is simply a virtual credit card that allows you to purchase whatever you want, but without the hassles of the entire credit card application process. Here are some more points to consider if you are doubtful about this lending option:
As previously stated, Buy Now Pay Later is a loan service that provides consumers with a predetermined credit limit that may be utilized to shop online. In most cases, the buyer must register for this payment option online. You'll need to input your PAN and bank account information. The finance business, which is normally partnered with the vendor, then processes this and generates your monthly credit limit.
This credit limit is usually determined by your monthly average balance in the bank account and your purchase pattern. The outstanding payment will be debited straight from your bank account because this account is linked to your bank account. This works in the same way as a credit card, but the user does not receive a physical card. Furthermore, the credit limit is only equal to the user's total monthly income, so it will not be excessive.
According to the terms of service, you can utilize this limit just on that shopping app, although some BNPL services allow you to use it on other platforms as well.
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 –
Another interesting read for you: Credit Cards Vs Buy Now Pay Later Which Is The Better Option
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 –
1. What is the maximum credit limit one can get under a Buy Now Pay Later scheme?
The credit limit is determined based on your credit score and gross monthly income. Consumers can get up to Rs.2 lakh credit limit based on their eligibility.
2. Does BNPL affect my credit score?
BNPL is a great way to improve your credit score. If you default or make late payments, it does affect your credit score.
3. Do I need to do KYC to use Lazypay buy now pay late option?
All BNPL schemes require you to do full KYC before you can start using the credit limit.
4. 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.
5. 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.
6. What happens if you don’t pay back your balance due on the due date?
You will be charged a late payment fee of Rs.250 + taxes for every instance of missed payment.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application