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).