BNPL : BuyNow PayLater in India
What is BNPL ?
What is BNPL ?
BNPL stands for Buy Now , Pay Later service .This is fast growing service in India as well as globally.
BNPL (Buy Now, Pay Later) is a financial service where an individual can use available balance for purchasing in present time and this used money ( showing as “outstanding balance or due” ) has to pay till date given in generated Bill .
BuyNow PayLater example ( uses) ?
Suppose , You have ₹50000 available limit in your BNPL account and you've purchased ₹1000 something using this on Amazon then you'll have
available limit ₹49000 ( ₹50,000 - ₹1,000)
Available Limit = Total Limit - Used Amount.
Benefits of BuyNow PayLater
Currency almost BNPL service offers you :-
👍 0% intrest ( ₹0 charge as intrest).
👍 ₹0 Processing fee.
👍 ₹0 maintenance fee.
👍 ₹0 hidden Charges.
👍 ₹... CashBack available.
👍 ₹0 total charges in 1 billing Cycle.
👍 Full Digital Process.
👍 Helpful in emergency.
👍 Scan Pay/ UPI/ Card ( physical too) and Tap to pay are available ( depends on provider).
👍 help to generate Credit Score ( CIBIL) For new ( those don't have credit score).
Note : Billing Cycle may varies, 1 month commonly but some generates 2 Bill Per month.
🐦 Bill Generate / Due Bill / Outstanding Bill/ Due Time / Late Payment:
1. Monthly Bill (dues) : [ Updated now Monthly Bill on Card]
Generates on 1st Day of Month . ( Gives minimum 3 days* more time-to- pay so clear the due bill till 3rd date of the month) .
2. Twice in a Month ( 15 days) :
Generate Bill on 16th days of Month ( pay till 19th** date)
1st days of Month ( pay till 3rd** date of month).
* , **= Check provider company may give more/less time.
Our Recommendation: try to pay before generate due bill if You've ₹0 charge BNPL ( Example : LazyPay doesn't send report Credit Bureau if pay before generated bill)
Disadvantages of Buy Now Pay Later
👎 Reports in Credit Score as Loan ( not good for who has already Good Credit Score but over the Time it becomes positive points for you)
👎 Multiple BuyNow PayLater down the credit score
👎 Late Frees are high ( You must pay on time)
👎 May increase your spending ( same as Credit card )
Eligibility of Buy Now Pay Later
🤷Age: minim 18 (21/23 Yrs in few Company).
🙋 Nationality: India .
🤌 PAN/ AADHAR Number+ OTP & Selfie 🤳.
Popular PayLater & Referral Link
(Search in Play Store / App Store & install) .
LazyPay : click here [ ₹500 CashBack on Lifetime free Card]
without Credit Score available.
FreoPay : (Click here to Know Full Details)
Credit Score✓ :click for ₹50 Cashback
Paytm Postpaid( PayLater) :
2 varients; for all.
Paytm Postpaid Lite : intrest Applicable
Amazon PayLater:
Credit Score✓, EMI Option.
Flipkart PayLater :
Credit Score✓, EMI Option.
Mobikwik Zip PayLater:
CashBack
FreeCharge PayLater:
CashBack, intres but ₹0*
Simpl PayLater:
NBFC❌
No documents required
No CIBIL needed
Mostly for young users.
True Balance PayLater:
offers for Old user.
Bullet PayLater: ❌
Resumed with different name
Postpe : postpe is of Bharatpe
UniCard : 1st tier city only check list
Slice Card: big city only , check list first
Zest Money PayLater : EMI available , Amazon etc.
ePayLater : business type PayLater
Ideo PayLater : new
Ola Money PayLater : limited availability.
SnapMint BuyNow PayLater: for EMI (looks like loan)
SALT : BuyNow PayLater : ❌ need salary slip etc
Sazzle:
Not available for anywhere except shopping there.
Note: if you just want to use and doens't have Credit Score then Try
" Paytm Postpaid ( intrest applicable) or
LazyPay PayLater or
Mobikwik Zip ( one time change ₹99 , LifeTime free).