Buy Now, Pay Later Schemes: Millions of people are using mobile across the country. With the increase in their number, most e-commerce platforms have also increased. The scope of shopping on e-commerce has increased a lot, due to which the use of credit-debit cards from banks is increasing to a great extent. Due to many types of payment apps, online shopping and shopping are being done on the Internet.
See what’s on offer
Let us tell you that now only e-commerce companies are giving customers the option of attractive schemes like ‘Buy Now, Pay Later’ – Buy Now Pay Later i.e. ‘Buy Now and Pay Later’. With this, you can make purchases instantly without paying. It takes 15 to 45 days to make the payment. The amount spent by you on the payment date is debited from your bank account. If you do not want to make the lump sum payment on the payment date, you can pay the entire amount through EMI.
These are the specialty
Buy Now, Pay Later or BNPL is a payment option. In this, the buyer can make the purchase without paying out of his pocket immediately. Also, one can pay within the stipulated interest-free period. The facilitator company settles the bill in lump sum with the merchant on behalf of the buyer and the buyer pays gradually in 3 or more installments.
You can pay through EMI
The amount can be paid either in lump sum or in Equated Monthly Installments (EMIs) at no cost. If you are not able to make the payment within the stipulated period, the company providing the BNPL facility charges you interest. It also affects the credit score of the buyer. Generally, the interest free period ranges from 15 to 45 days. And the credit limit ranges from Rs 500 to Rs 30,000.
works like this
All BNPL service providers share the operational model with the terms and conditions. Buyers using the BNPL facility for the first time will have to complete their KYC formalities on the provider’s platform.
Thereafter buyers can make purchases using BNPL option. You can deposit the remaining amount in installments by making a down payment. Repayment can be done by bank transfer, cheque, credit card, debit card or directly from the bank account. BNPL can be availed for gadgets, food delivery, travel booking, grocery and other expenses.
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