Buy-Now-Pay-Later, a credit scheme offered by fintech firms, allow you online shopping with partnered merchants. An alternative to credit cards, BNPL cards are becoming popular by the day. Credit Mantri, a credit tracking app, combined a list of the most used BNPL cards by these millennials. Here are the most popular BNPL cards.
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1. CashE : CashE is one of the simplest BNPL cards available in the market. It helps you set a credit limit through just a two-step account activation process. You can manage the card on the Simple app, which also allows you to complete all of your online purchases with a single tap. It gives you a loan of up to Rs. 4 lakh to spend on shopping and the app helps you connect to thousands of local merchants for the same. You can easily repay the amount in two billing cycles per month or choose equated monthly instalments (EMIs) ranging from three months to 1.5 years. The loan program for this card doesn’t place high value on the credit score, allowing people with poor credit to obtain financing.
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2. Zest Money : By far the most popular BNPL platform for online shoppers is Zest Money. They work with over 1.5 lakh stores across India and provide credit limits of up to Rs.2 lakh. Zest Money allows the users to open an account in minutes and get instant credit limit approval. It helps to purchase items online and offline with the help of the app too, without using a credit card and offers 0 percent EMI on these purchases. You can repay the amount in 3-4 months with no penalty for early or partial payment.
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3. Amazon Pay Later : Amazon Pay Later is widely used by most Indians due to its online presence. It offers simple and hassle-free EMI payments on all qualified Amazon App and Amazon browser purchases. You can keep a track of payments, transaction history, limitations and manage your account by creating separate dashboards. Applying for this too doesn’t require any credit checks. Your credit limit is determined by your bank account. The amount borrowed can be repaid through 3-12 months’ EMIs. No processing, cancellation or pre-closure fees are levied.
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4. LazyPay : LazyPay is more popular among shoppers because it allows users to pay using UPI at merchant locations. Using the mobile app, you can shop both online and offline. It is accepted by popular merchants such as - Zomato, Tata Sky, MakeMyTrip, Dunzo, GoIBIBO, BB Now, amongst others. You can obtain the same with just your PAN card and Aadhar card details as documentation. The amount can be paid back in 15 days or through EMIs of 3, 6, 9, or 12 months.
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5. ZIP by Mobikwik : Mobikwik's BNPL service is referred to as 'ZIP.' It is accessible via the Mobikwikmobile app. It offers an instant credit limit of Rs. 30,000. Applying for the same doesn’t involve any lengthy documentation, and you can enjoy interest-free credit if you pay off your loan before the due date.
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6. Flipkart Pay Later : Flipkart Pay Later is a well-known BNPL app in India. It enables users to make purchases both online and in stores without making a down payment. The consumer needs to xclear the dues within 30 days. Flipkart Pay Later provides instant credit of up to Rs. 1 lakh to loyal app users. It also offers the Try Now Buy Later option on select products, where you can pay after receiving and using the product.
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There are many buy now pay later options available, so you can shop around to find the best one for your needs. BNPL is a new and emerging type of credit facility that allows you to make small and medium sized purchases, especially if you do not have a credit card. But if you misuse this facility, your debt can swell just as easily and you can land yourself in a debt trap. Moneycontrol does not advocate BNPL; however, if you must, use it wisely and sparingly. And keep an eye out on those hidden charges or conditions that could trigger higher interest rates or penalties, if you miss just one instalment.
