Buy Now Pay Later
Last Updated : May 21, 2022, 12:13 p.m.
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Many people restrain themselves from paying interest on any type of debt. Lenders charge interest on the debt they lend to their customers. But with the introduction of BNPL which is a Buy Now Pay Later app you can pay the money to the merchants at no cost EMI or repay the lump sum debt in the future. Basically, the BNPL allows you to purchase anything on their behalf, and later on, you will have to clear those interests. The best thing about these pay-later apps is that they don’t charge any interest on the debt. At first, the app will make the purchase, after which you can either pay the debt in installment or lump sum within 15 days or 30 days. Let’s explore the features and benefits of these applications.
Pay Later Applications
Here, in the table given below. You can explore all the apps that give you the Buy Now Pay Later services.
| BNPL Apps | Features and Benefits |
|---|---|
| Lazy Pay | - Make Payments through UPI using Lazy Pay BNPL. - You will have to settle the Payments only once within 15 days. - There are no interest and charges on Lazy Pay BNPL. - EMI options are available for 3 months, 6 months, 9 months, and 12 months. - You can do cab bookings, Bill Payments, and online shopping through the Buy Now service. - Shop directly from MakeMyTrip, Swiggy, Grocery Stores, Petrol Pumps, Tea Shops, and BookMyShow using BNPL. - There are more than 250 merchants where you can use this option. |
| Amazon Pay Later | - Get credit up to INR 60,000 on Amazon Pay Later. - You can enquire about the credit limit immediately from the Amazon App. - There is no need to enter the credit card details to enjoy the Amazon Buy Now Pay Later option. - You will not have to pay any foreclosure charges if you are settling off the debt. - This service has Zero Processing Fee and Zero Cancellation Fee. - Buy anything from Amazon using the Amazon Pay Later option. - Make repayments of the debt into EMIs. - No interest will be charged if you buy now and pay the debt next month. |
| Paytm Postpaid | - Enjoy a credit limit of up to INR 60000 on the Paytm Postpaid buy now option. - No interest will be charged during the first 30 days. - You will not have to pay any activation fee while using this service. - You can pay the money in full or in a lump sum. - The Buy Now Pay Later app helps you to build your credit score. - The whole process of using BNPL services will be digital. - You can pay using Paytm Postpaid at over 5 lakhs shops nationwide. |
| EPay Later | - Enjoy instant credit on the EPay Later Application. - Enjoy 5 reward points per INR 5000 in any category. - You can utilize 0.1% of the credit limit as reward points on a minimum spent INR 25,000. - Place a minimum order of INR 5 Lakhs and earn 0.2% of credit utilized as reward points. - Earn 10,000 additional reward points for consecutive 12 months on winning super se upar. |
| Zest Money | - Use the Buy Now Pay Later option of the ZestMoney mobile app and enjoy a high credit. - No credit history is needed to use the BNPL feature. - There are more than 8,000 brands like Amazon, Flipkart, Myntra, Nykaa, mi, etc where you can use BNPL. - You can repay the debt either in full or in 3 months, 6 months, 9 months, and 12 months EMIs. - The whole process is safe, secure, and flexible. - All the processes will be transparent and digital because ZestMoney has all information about your credit limit. - Enjoy an interest-free credit period of up to 2 years. - There is no need for any credit history to use the pay later option. |
| Simpl | - Use the BNPL services at more than 15,000 online stores. - Enjoy an interest-free period of 15 days. - Make utility bill payments through SIMPL Buy Now Pay Later app. - You will not need any credit history to use the BNPL service. - Zero paperwork and no hidden fees. - Buy Now Pay Later at Big Basket, Zomato, Dunzo, and many other such apps. |
| Ola Money Postpaid | - Make use of BNPL through Ola Money and settle the debt every 15 days. - You can even use Ola Postpaid for paying the Ola Cab bills. - There are more than 300 apps where you can use the Ola Postpaid. - There are no additional charges to use this service. - Use Ola Postpaid at BookMyShow, Red Bus, OYO, Cleartrip, etc |
| HDFC FlexiPay | - Use the HDFC FlexiPay to pay the bills through BNPL. - The minimum limit allowed for Buy Now Pay Later is INR 1,000. - You will get a maximum BNPL limit of INR 20,000. - You will not have to pay any extra interest if you settle the debt within 15 days. - No processing fees will be charged to use this service. - You are free to choose the repayment tenure between 15 to 90 days. |
| ZIP Paylater | - Pay your shopping bills, food bills and travel bills through MobiKwik pay later app. - Get upto INR 30,000 in this BNPL service. - Minimal documentation will be needed to enjoy this service. - No interest will be charged for a specified period. - Repay your bills on time and improve your credit score. |
| Flipkart Paylater | - Enjoy upto INR 1 lakh credit limit. - The application process is within 30 seconds. - You can pay partial payment of the debt. - Shop from Flipkart today and pay next month through BNPL. - Enjoy a credit for one month without paying any extra interest. |
Eligibility Criteria for Buy Now Pay Later Services
- You must have a minimum age of 18 years to use the Buy Now Pay Later service.
- Individual should be a citizen of India.
- The maximum age of the customer should not exceed 65 years.
- You must reside either in tier 1 or tier 2 city to avail of this service.
- You must be a salaried individual to enjoy this service.
- It is mandatory to have a bank account and valid documents to use BNPL service.
Documents Required for Pay Later App
- Aadhar card, Pan card, or Voter ID card as an Identity Proof.
- Utility bills, Ration card or Passport as an Address Proof.
- Salary Slip, Form 16 or account statement as an income proof.
How to Use Buy Now Pay Later Apps
- Visit the official page of BNPL lender or download its app.
- Provide the basic information like Name, Mobile No., Date Of Birth, Email Address, and Monthly Income.
- Submit the details and the lender will tell you the Buy Now Pay Later credit limit.
- Once you have the credit limit, you can use the Pay Later option.
Frequently Asked Questions
1. What websites let you buy now, and pay later?
The websites that give you the facility to buy now and pay later are Ola Postpaid, Amazon Pay Later, Mobikwik Zip Service, Lazy Pay, Zest Money, and many others.
2. Is BNPL available in India?
Yes, BNPL is available in India and there are various mobile apps and websites that give you the service of buy now and pay later.
3. How is BNPL different from EMI?
BNPL is a service in which the lender pays the bill to the merchant on your behalf and you will have to pay the lump sum amount later to the lender whereas EMIs are paid every month and the lump sum amount is split into equal monthly installments.
4. What happens if I don't pay the BNPL?
If you don’t pay the BNPL then it will affect your credit score . Once you have skipped the repayment of BNPL, you will not be able to use this service again in the future.
5. How do BNPL late payments affect your CIBIL?
When the credit bureaus generate your Cibil Score, they always check your repayment history provided by different lenders. If you make late payments of BNPL then the lender might give a negative review about your repayment and thus your Cibil Score will be affected.
