Buy Now Pay Later: You can do shopping even without money, if the payment is not done on time, the debt burden will increase.

Buy Now Pay Later: You can do shopping even without money, if the payment is not done on time, the debt burden will increase.


new Delhi. Even if you don’t have money or credit card, you can shop easily. Many e-commerce companies are offering the facility of ‘Buy Now Pay Later-BNPL’. Under this, companies give loans for purchases. This facility is beneficial for those who do not have a credit card and suddenly have to buy something.

Usually, the purchase limit in this ranges from Rs 2,000 to Rs 25,000. Some companies provide limits up to Rs 60,000 or Rs 1 lakh. For this interest free loan facility, you can buy any item and pay it after a few days.

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Get loan in few seconds
Loans are available for purchase in BNPL within a few seconds. You will see this option when you make a payment after making a purchase on the e-commerce website. On clicking on it, some information including PAN card will be asked. Then the loan will be approved after digital KYC. In this, it will be told through the message that how much loan has been approved by the lender company.

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Cheaper than credit cards and personal loans
It is cheaper than credit cards and personal loans. Credit card companies charge up to 48 per cent interest after the stipulated period, while personal loan companies charge up to 24 per cent along with processing fee. Interest is charged up to 24 percent in BNPL.

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Penalty may have to be paid with interest
After availing this facility, it is necessary for the consumers to make the payment on time. Failure to do so may result in a penalty of up to 24 per cent with interest on the outstanding amount. It also has a bad effect on the credit score. According to a report, by 2025, the country’s Buy Now Pay Later market may increase to 7.41 lakh crores.

What Buy Now Pay Later
You can make purchases even if you do not have a credit card and do not have money in the account. In this, payment has to be made in the next 14 to 30 days from the date of purchase. You can also convert the payment amount into EMI.

Take advantage only when necessary
Adil Shetty, CEO,, says that due to easy access to loans in BNPL, people can buy more than their capacity, which will make it difficult to repay the loan further. The most important thing in this is to pay the outstanding amount on time. Otherwise, you will be burdened with debt. Therefore, take this facility only when necessary.

Tags: Online Shopping


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