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Buy Now Pay Lateris here to disrupt the credit card industry! Consumers can now shop to their heart’s content without a credit card.
Buy Now Pay Later(BNPL)- A new financing option provided primarily through e-commerce platforms. Under this plan, the buyer is given a credit limit that can be utilised to make purchases on the e-commerce website and retail stores. This money is normally repaid in 30 days, interest-free. Users can also pay it back in 3, 6, 9 or 12 simple EMIs at a low interest rate.
Depending on their eligibility, customers may be eligible for 'No Cost EMIs' on the credit limit for a set number of months. Though this payment option is most widespread on e-commerce sites, retailers are also incorporating it to increase sales and profitability.
Buy Now Pay Later is similar to a virtual credit card in that it allows you to buy whatever you want without the hassles of the credit card application procedure and stringent eligibility conditions.
Every industry in India has its headquarters in Noida. It has experienced a large influx of people looking for work from all around India. Naturally, the retail business is well-represented in this area, offering a wide range of goods and services. It is truly a bustling retail zone, with the best malls and shopping complexes.
By enhancing consumers' purchasing power, Buy Now Pay Later gives them the power of choice!
If you are still unsure about this lending option, consider the following:
You may be interested in - Top 7 Mobile Payment Apps For Small Businesses In India
Buy Now Pay Later, as previously stated, is a loan service that provides shoppers with a predetermined credit limit that may be used to shop online. In most circumstances, the buyer will need to sign up for this payment method online. You must provide your PAN and bank account information. The finance company, which is usually affiliated with the vendor, then processes information and calculates your monthly credit limit.
This credit limit is normally set by your bank account's monthly average balance and your purchasing habits. Because this account is linked to your bank account, the outstanding payment will be debited directly from your bank account. This functions similarly to a credit card, however the user does not receive a physical card. Furthermore, the credit limit is limited to the user's total monthly income, ensuring that it is not excessive.
CashE is one of the simplest Buy Now Pay Later lending options available in the market. A simple 2 step account activation gets you an amazing credit limit. Just enter your basic details and get your credit limit instantly on your CashE app.
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 –
Also Read: 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 –
If you are in the mood to explore, you can check out PayDay Loans on CreditMantri
1. 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.
2. 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.
3. Can I get a buy now pay later loan 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 BNPL. Even if you get one, it would be pretty low.
4. 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.
5. What is the average interest rate offered on the Buy Now Pay Later scheme?
BNPL schemes usually offer you a 30-day interest free repayment period. You can opt for a 3, 6, 9 or 12 month EMIs for nominal interest rates of up to 24% per annum.
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