In the previous couple of years, a number of “buy now pay later” (BNPL) apps have emerged within the Indian market. These apps work equally to bank cards by offering customers with an on the spot credit score line to pay utility payments, meals, buying, and extra. This makes up for a simple and handy means for folks to fulfill their day by day bills with out worrying about money in hand. Here, let’s have a look at among the greatest purchase now pay later apps in India for Android and iOS.
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Best Buy Now Pay Later Apps in India to Get Instant Free Credit Line
Like bank cards, the purchase now pay later (BNPL) mannequin is all about disbursing small-ticket loans to customers within the type of a free credit score line. You can spend as much as a specific amount on-line or offline after which repay it on the set date with none curiosity prices or charges.
For somebody who doesn’t have a bank card, purchase now pay later providers may be an effective way to handle the money flows. However, given the tons of BNPL apps available in the market, it might get tough so that you can resolve which one to go for.
To make issues simpler, we’ve listed among the greatest purchase now pay later apps in India beneath. Read on.
1. LazyPay
LazyPay is without doubt one of the hottest purchase now pay later options in India. It offers an on the spot credit score line with a paperless KYC course of. You can both scan and pay or use your UPI ID to transact with all of the retailers who settle for UPI.
One will pay at offline retailers and on-line providers like Ola, Uber, Flipkart, Myntra, Zomato, Swiggy, Bookmyshow, and extra. If your transaction worth is greater than ₹10,000, you possibly can select to transform it into Easy EMI primarily based on obtainable plans.
The app offers an interest-free interval of 15 days publish, which you’ll must repay and clear the invoice (on the third and 18th of every month). You can arrange auto-pay or pay manually by way of UPI, web banking, or debit card.
Key Features:
- Scan and Pay with UPI
- Pay on on-line retailers like Flipkart, Zomato, and Swiggy
- 15-day zero-interest compensation cycle
- Maximum credit score restrict of as much as ₹1,00,000
- Regular presents on retailers
- Check late repayment fee here
Offered by: PayU India
2. Simpl Pay Later
Simpl is one other app that provides a one-tap purchase now pay later service on Android and iPhone. You can use it to pay straight on on-line platforms like Zomato, Dunzo, Rapido, Gaana, BigBasket, 1MG, and extra.
Besides, it additionally permits you to pay utility payments like pay as you go and postpaid cell, electrical energy, DTH, and broadband from throughout the app utilizing a given credit score restrict. Like LazyPay, it supplies common presents and reductions on retailers.
The compensation cycle is 15 days, i.e., the invoice is generated twice a month. There aren’t any hidden charges or further prices offered you make funds on time. Plus, the perfect half is you do not want KYC documentation to get began with Simpl.
Key Features:
- Pay on-line on supported retailers
- Pay utility payments with the offered credit score line
- 15-day zero-interest compensation cycle
- Discounts and presents on retailers
- No KYC documentation required
- Check late repayment fee here
Offered by: Get Simpl Technologies Pvt. Ltd
3. Bullet- Pay Later App
Bullet is a trusted postpaid UPI app from the home of neo banking platform Jupiter. It offers as much as ₹10,000 credit score for UPI funds at zero curiosity. You can use this credit score restrict to pay each on-line and offline retailers that settle for UPI funds.
You can use Bullet to spend on apps like Swiggy, Zomato, Amazon, Myntra, Bigbasket, and many others. It additionally permits you to make in-app invoice funds. This contains cell recharge, electrical energy invoice, water invoice, fuel invoice, and extra.
Bill is generated twice on the fifteenth and the final day of each month. You could make the compensation inside 5 days of invoice technology. Unfortunately, Bullet appears to have briefly paused the onboarding of latest prospects.
Key Features:
- Pay on-line on apps like Swiggy, Zomato, Amazon
- Pay your cell recharge and different utility payments
- 15-day zero-interest compensation cycle
- Get a credit score restrict of as much as ₹10,000
- Check late repayment fee here
Offered by: Amica Financial Technologies Private Ltd.
4. Paytm Postpaid
Paytm is without doubt one of the hottest fee apps in India. Interestingly, Paytm additionally presents a pay later service known as Paytm Postpaid to its lively prospects. You can activate it by going to Paytm > All Services > Loan & Credit Card > Paytm Postpaid.
The Postpaid service permits you to make funds to accomplice retailers or for eligible providers. You will mechanically see Postpaid in fee choices each time relevant. This contains recharges, invoice funds, Paytm Mall buying, and different retailers throughout India.
The invoice is generated as soon as each month. Your Postpaid spend restrict is set primarily based on transaction historical past, relation with Paytm, and credit score historical past with credit score bureaus.
It presently presents three variants- Postpaid MINI, Postpaid LITE, and Postpaid DELITE. DELITE carries no comfort prices whereas the opposite two have a comfort cost on the whole spend of about 1-3%.
Key Features:
- Pay at Paym retailers & on-line companions
- Make invoice funds or store on Paytm Mall
- 30-day zero-interest compensation cycle
- Maximum restrict of as much as ₹60,000
- It helps to construct a credit score rating
- Convenience payment relevant on MINI and LITE
- Check late repayment charges here
Offered by: Paytm (in partnership with Aditya Birla Finance, Clix Finance)
5. Amazon Pay Later
Amazon has its personal Pay Later service in India, with IDFC First Bank and Capital Float as its lending companions. The e-commerce large supplies customers with a zero-interest credit score line primarily based on their credit score profile.
You can use Amazon Pay Later to buy merchandise on Amazon. You can even use the credit score quantity to pay for water, electrical energy, cell payments, or shopping for groceries.
The quantity may be paid by both fifth of subsequent month or over EMIs starting from 3 to 12 months. However, it requires you to arrange auto-repayment, i.e., the quantity will mechanically deduct out of your financial institution each month.
You can discover Pay Later within the Amazon Pay part on the Amazon India app.
Key Features:
- Shop on Amazon with Pay Later
- Pay your cell, water, electrical energy payments
- 30-day interest-free compensation cycle
- Maximum restrict of as much as ₹60,000
- Check detailed terms here
Offered by: Amazon India (in partnership with Capital Float/ IDFC First Bank)
Other Popular Pay Later Services in India
There are a number of different pay later providers in India that may be helpful for lots of people. However, they’ve their very own set of cons which is why we didn’t embrace them above.
1. Freecharge Pay Later
- Credit facility as much as ₹5,000
- Use for funds on Freecharge or different retailers
- Monthly billing cycle
- Interest is levied on the quantity used
- An annual payment of ₹199 is charged by Axis financial institution
2. Flipkart Pay Later
- It can be utilized to buy on Flipkart
- Up to 35-days of free credit score
- Maximum restrict of as much as ₹70,000
- Provided in partnership with IDFC First Bank
- A utilization payment of ₹10 on invoice quantities larger than ₹1,000
3. Mobikwik Zip Pay Later
- Use Pay Later to pay payments and on manufacturers related to Mobikwik
- 15 days of Interest-free credit score
- Get as much as ₹30,000 restrict
- One-time activation payment of ₹99
4. Pay Later by ICICI Bank
- Only for eligible present ICICI Bank prospects
- Pay payments, make funds to retailers utilizing a UPI ID, or to buy
- Up to 45-day credit score length
- Can be accessed by way of the iMobile app, web banking, and ICICI Pockets
5. Ola Money Postpaid
- Use Postpaid to pay for Ola Cabs
- Accepted over 300+ apps
- Discounts and presents
- Bill generated each 15 days
- No further prices
Things to Know Before Using Pay Later Apps
Before utilizing these BNPL apps, maintain the next issues in thoughts:
- Buy Now Pay Later ought to be used solely when you possibly can repay in time, not free of charge cash.
- Your eligibility to get a credit score line is predicated in your credit score rating, relationship with these apps, and different components.
- Delaying the compensation can value you a hefty late fee payment and undesirable prices, together with an exorbitantly high-interest charge.
- Missing even a single fee can cut back your credit score rating, impacting your future means to take loans.
- Most of the pay later providers will seem as loans in your credit score report. Opening too a lot of them can impression your credit score rating.
- Do not fall prey to the shady on the spot mortgage or credit score line apps on-line.
Wrapping Up- Enjoy Free Credit Line with Pay Later Apps
These have been among the greatest purchase now pay later (BNPL) apps you should utilize in India. Out of all, my favorites are Amazon Pay Later and LazyPay. Anyways, which one do you want? Do you favor bank cards or BNPL providers? Let me know within the feedback beneath. Stay tuned for extra such articles.
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