Top 5 Buy Now, Pay Later Apps in India 2022

India is growing at a speed that no one ever expected. Earlier Indian culture was about spending less than they have in hand, basically earning first. But times have changed. The Millennials have brought various changes to society, buy now and pay later is one of those changes generation Z can thank millennials for. As the name suggests, buy now, pay later apps in India are a service that lets you consume now and pay after some time for what you have consumed. In this article, we will learn more about the best pay later apps, buy now, pay later in EMI, and pay later apps for students.

What is Buy Now, Pay Later?

Buy now, pay later (BNPL) is a type of short-term financing that allows consumers to make purchases and pay brands in the future. BNPL is generally structured like an installment plan that involves consumers, financiers, and merchants. Financiers pay merchants on behalf of the consumers when goods or services are purchased by the latter. The consumers later repay these payments over time in equal installments. The number of installments and repayment period varies depending on the BNPL financiers.

Buy now, Pay later apps in India.

With credit cards, it started. For a long time now, Indians have been dependent on credit cards. Buy now, pay later is a credit card-based stuff but a better version of credit card where you will not even need a physical card or long processing applications and formalities.

With such apps, you can avail the benefit of EMI using buy now pay later in EMI. Though, it has a shorter period to pay, almost 15 to 30 days. Seems like a billing cycle, right? Well, why not? Everything is shifting to post-paid nowadays.

So, isn’t it fascinating for you to think that one can pay for everything every month just like an electricity bill? It does sound amazing. In short, BNPL is nothing but a way to raise the flexibility of credit which is interest-free and available for everyone.

Buy now, Pay later apps – Merits and Demerits. 

Buy now, pay later apps in India must be understood before we jump into what they offer. So here are some basics about how the Buy now pay later app works:

• Add to the cart whatever you want.
• Choose to buy now, and pay later instead of making a payment.
• One can also pay a little as a down payment.
• If you opt to buy now, pay later in EMI and keep paying in installments, you enjoy no-cost EMIs.

It is important to remember that no-cost EMI is where you need not pay interest in installments as only the principal amount is paid back.

Merits of Buy now pay later apps in India.

• Get credit instantly – Buy now, pay later is the easiest way to get credit. All you need to do is purchase and opt to buy now, pay later, and it’s all done. A great thing, right? As well as, it is a highly customized option for buyers. Also, it allows customers to interact with various platforms.
• Safe payments – Pay later apps are RBI-approved and are great to use as a safer method. No harm other than your budget maintenance.
• Simple to do – The process is simple. However, all new users need basic info to initiate the application process. Upload KYC documents and choose merchant and EMI plan. Most apps have similar requirements like age should be more than 18 or 21 years.
• Choose to pay in interest-free EMIs – Buy now, pay later in EMI is the best option for those who want to opt for EMI plans. Mostly, it offers no-cost EMI.
• An easy way to improve credit score – With timely payments, you can maintain your credit score quite well and affordably. So, pay later but on time. Try to keep the best reminder for it as the opposite would cost you a lot.

Demerits of Buy now pay later apps in India.

• Impulsive shopping – With Buy now pay later apps in India, people tend to use money, thinking they can pay whenever they have plans. That is misleading knowledge. With buy now pay later apps, one needs to pay in the time decided.
• Penalty for not paying dues on time – On huge non-payments or even the slightest delay, it’s all a pain when a penalty is levied. As such, apps charge many penalties using a higher interest rate.
• Opposite reaction on Credit score – When there is a delay in payments, that tends to disturb your discipline in repaying and end up spoiling your well-baked credit score. Well, the negative impact on the CIBIL score is what no one desires.

5 Buy Now Pay Later Apps in India

After understanding the advantages and disadvantages of Buy now pay later apps in India, let us discuss some best pay later apps for you.

1. ZestMoney

With the tagline ‘less price to pay, more time to pay, this app is sure to deliver. Just download it, complete your profile, upload your KYC, use automatic repayments and use it like you want to. ZestMoney offers the following features:

• Zero Percent interest but only on selected offers.
• No paperwork, no credit card.
• 3-step fast approval process.
• Personalized credit limit of up to 2 lacs.

2. Jupiter Edge Pay Later App

Jupiter Edge Pay Later App seems to be an amazing combination of speed and convenience. It claims to be the fastest UPI app. Here are some more things you get in this app:

• Get a UPI credit of Rs. 20,000 with zero interest.
• 15 days repayment cycle.
• Scan and pay offline.
• Annual fee.
• Available on both android and iOS.
• Hassle-free statement.

3. LazyPay

It is a famous buy now, pay later app. The best features of LazyPay are:

• Paperless KYC process.
• Quick credit line.
• Scan, pay or use UPI.
• 15 days interest-free period.
• Payment dates are generally the 3rd and 18th, with autopay options.
• The maximum credit limit is ₹100000.

4. Amazon Pay Later

Amazon is the best e-commerce luring most customers with incredible stuff and great offers. Not only that but now a feature of pay later has also popped up. Some things one should know about Amazon pay later are:

• Zero interest credit line.
• Use it for bills, groceries, and shopping as well.
• 3 to 12 months EMIs available.
• Auto repayment on every 5th of the month.
• Maximum limit of up to ₹60000.
• The loan partner is IDFC First Bank and Capital Float.

5. Slice 

Slice is one of the best pay-later apps for students. The reason being Slice works like a miracle for those who don’t have credit cards. Get cashback up to 50% with this when you shop from Myntra, Flipkart and other such platforms. This feature in Slice is known as Sparks.

Another benefit is a slice card. It helps you with a 1-2% cash back option over sparks and helps you with timely payments. The best part here is that it’s all free, even on international transactions.

The catch is that do not go for more than 3 months for EMIs that will attract 12% to 15% interest.

Know these things before you start with Buy now pay later apps in India

Ready to start with going into a buy now, pay later app. But one should know the rules related to these apps in India.

• Have KYC ready with you. Without KYC, no app will be in access.
• Most of the apps demand PAN cards as an important document.
• Only start when you know you can pay back on the repayment date as delay will charge higher interest.
• The user’s age must be more than 18 years.
• Some apps ask for a salaried person only or give them preference.
• Being a resident of India is important.

Is buy now pay later a personal loan?

Though Buy now pay later apps to appear like personal loans, they have some crucial differences.

• Maximum limit – A personal loan has a Maximum limit of Rs. 25 lakhs. Buy now, pay later is only up to Rs. 1 lakh.
• Security matters – In a personal loan, one can avail of both secured and unsecured loans. However, BNPL only allows loans to offer some security.
• Interest – Personal loans have interest levied on them. Buy now pay later also allows interest-free loans but for a certain time limit, and the late fee is much higher.
• Restrictions – There aren’t any restrictions on how to spend money on personal loans but buy now pay later has limited and restricted usage.

So by now, we are sure you would have understood all about Buy now, pay later apps in India. It is best to weigh the pros and cons and then conclude whether you want to go ahead with these apps or not. If you wish to proceed with this, you can consider the above-recommended Buy now Pay later apps.

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