The Buy now pay later apps have been spreading crazily across the whole world as it has made it easy for everyone to buy the products when in need of it without paying instantly. It has become like an installment plan with a wide range of things these days, including small purchases from small shops to services like medical, veterinary bills, etc.
These also include the purchase of expensive things like home renovations and even solar panels. What are BNPL apps? They are schemes that give you the opportunity to buy something without having to pay instantly on the spot until a late day.
Some of these apps allow you up to 30 days to pay back, while others give you up to 12 months.
The best buy now pay later apps in India to get an instant free credit line.
There are times when people run out of money, and often at the end of the month, this is when you need the buy now pay laterals to help you with your work.
This might give you the joy to buy things for free at the moment, but you would need to pay them back later. You are not required to pay the interest fee if you pay back within the first week of the minimum period.
Well, which of these are the best apps for you to use?
- Things to know before using buy now pay later apps.
- Top 10 Buy now Pay later apps in India.
Listed below are some of the most highly rated buy now pay later, apps in India that can be used at the time of need.
- Lazy pay
- Simpl pay later
- Paytm postpaid
- Amazon pay later
- Free charge pay later
- Flipkart pay later
- Ola money postpaid
- Bullet pay later, etc.
As you know that the apps are more like the concept of credit cards, which is typically based on the dishrag of small loans to the consumers in the form of a free credit line.
You are allowed to spend up to a limited amount online or either in physical presence, which then gets reimbursed on the agreed return date with no penalties or extra interests. Through the buy now pay later apps services, it might be a fabulous way of carrying the cash low for someone who doesn’t have a credit card.
Things to know before using buy now pay later apps.
As you know that these apps allow you to purchase with the option to pay later without the need for a credit card. However, you need two take a look into the below-mentioned features to understand how a BNPL app works.
Mode of convenience- one of the biggest helping factors of a BNPL app is that is products can be bought by convenience. This means that if you’re using a ‘buy now, pay later’ app, all you need to do is to check your spending limit and start your transactions.
After completing a few beginning steps of processing your KYC, you easily get your cash float in your account that allows you to buy your products pretty easily.
You then get a period under which you are expected to pay back your money to the app itself.
No requirement of upfront payments- through the use of ‘buy now, pay later’ apps, you can either choose to buy a product without paying immediately, or you can choose to make a payment that would get broken down into installments or EMI’s.
This also gets considered an advantage as, when your payment is broken into EMIs, you may or may not pay extra interest in case of some of the products.
Late interest or late fees- with the ‘buy now, pay later’ app, your payments get made within a maximum period. If not done within the stipulated period, you would have to pay a late fee or a late interest fine along with your required payment. Some of the apps charge you a penal fee of Rs. 10 -20 every day in case of any inability to repay the amount.
At the same time, some would block you from using the services if the reverse payment takes more than ten days to get cleared.
The rate of late interest or late fees varies with each BNPL app and has a different period that allows you to give back the money, or else the charge starts getting levied on the amount that is to be made.
This is the only problem with such ‘buy now, pay later’ apps as these fees charges seem to be small initially but keep getting large and unmanageable if they aren’t paid on time. This will also have a direct impact on your credit score that will be bad for the financial image of the customer.
Top 10 Best Buy now Pay later apps in India.
As mentioned above in the articles, you must’ve read about the various apps that are top-rated BNPL apps in the country. But amongst all these, the top 5 buy ow, pay later apps in India are listed below with their benefits and additional advantages too.
#1. LazyPay App
In India, the LazyPay app is one of the most popular buy now pay later app options. This is because it provides its customers with a paperless process of KYC which comes with a short credit line.
This is the easiest and the most convenient way of getting online credit directly from the app, which also offers its users a fantastic credit limit of up to 1,00,000. The unlimited credit can be used freely too.
Pay later in one tap and go during checkout while enjoying an interest-free credit period of up to 15 days. With the benefit of taking an instant loan to your bank account, very conveniently repaying using EMI options at a very affordable interest rate.
Instantly convert your purchases onto the partner merchants by putting them into flexible EMI plans.
All you’ve spent are consolidated into one LazyPay bill that is then payable on the 3rd and 18th of each month consecutively.
# 2. Paytm Postpaid
with a motive of bringing its customers convenient and smooth services that helps in the management of their finances as well, Paytm too has introduced the new Paytm Postpaid services.
This new introductory offer is also an extended option of the buy now pay later service that provides affordability instantly with credit and flexibility of buying your desired products. This particular service has been launched with the partnership of Aditya Birla Finance Ltd.
The loan amount in the Paytm postpaid ranges from Rs. 250 to up to 60,000 within seconds.
This helps you with your daily monthly expenses, like paying for your mobile or DTH recharges, gas cylinder booking, electricity or water bills and even allows you to shop on Paytm Mall and more.
It offers you a period of up to 30 days to repay your borrowed money or loans at a 0% interest rate. They charge no annual fee or any activation charges but have a minimal convenience fee in them.
It is also accepted in thousands of petrol pumps, at various departmental stores and pharmacies, plus at popular chains like Apollo Pharmacy, Myntra, Uber, Jio, dominos and even reliance fresh.
# 3. Simpl pay later
With the only incentive to give a smooth flow of credit cash to their customers, the simpl pay later app gives you the flexibility to buy things whenever and wherever. With the help of this affordability provided, and the free use of instant cash can help you gain your desired items then and there.
This app is also one of the many apps that give you the benefits of buying now, paying later services, and an innovative way to simplify online shopping just by your desired purchases.
This app is also called the ‘anti-wallet’ for the entire country as it’s the easiest and simple using app, just like its name.
The app supports you with the payment for sites such as BookMyShow or even Faasos and Zomato, which does shopping or booking even more normally without even using an OTP.
The limit given by simpl is very low as compared to any other BNPL app, but the limit increases gradually while keeping a check on your shopping habits.
# 4. Bullet-Pay later
With the intention of this app, the credit method has always taken advantage of the smooth and easy flow of time and has developed itself to meet the requirements of the whole country and the elite classes.
This advanced technology of the buy now, pay later sheet has evolved the method of credit into a new style. Bullet Pay later converts the convenient UPI system of payments through new services of credit cash lines.
You can get the money by scanning the QR code that is very similar to your UPI payments.
After this digital credit card application process, you get a credit loan on your account up to Rs. 10,000.
You can use this up to the credit limit that helps you buy the desired products without any extra interest rate and can be used to make payments both offline and online merchants or businesses.
You need to repay the bill to your app on every billing cycle made on the 15th and 30th of each month.
# 5. Amazon Pay later app
As the above-mentioned buy now pay later apps, Amazon Pay is also one of the many credit cash line apps that helps you buy things online with credit paying services. This has also helped almost hundreds of millions of Amazon shoppers as well around the globe with a lot of business offers. This has improved the consumer experience way better than any other globally used online shopping site.
Amazon pay helps you with your site and offers easy support when and where needed from time to time, which helps its customers to manage their financial payments as well.
It is mostly optimized by shoppers so that they can use the credit alone cash digital when required in a hassle-free manner.
The period for you to return the money of credit that you owe can be done in the 3 or 12 months of the billing with the help of EMI as well, plus this has no activation or cancellation fee.
The money amount of the credit loan can get upgraded gradually with the months of your usage of the following app, like the 1st month would be 10K then the 3rd month would double unto 30K, so the money gets doubled each odd month.
# 6. Freecharge Pay later
This is also one of the top-rated buys now, pay later apps in the country as it provides hassle-free credit loan transactions for the customers at places of convenience. These can be used on the platforms supported by the Freecharge site, such as mobile, DTH, landline, broadband, electricity, etc.
This is also a monthly credit facility app that has a credit loan limit of up to Rs. 10,000 that is too available for the selected registered users of the app.
The return date for the customers to pay back the credit money is up to 30 days of the billing cycle of the credit period that the lending partner, axis bank, extends.
# 7. Pay Later by ICICI bank
If the low cash balance of your account is causing a barrier between you and your purchases, then the pay later by ICICI bank is the place for you. This gives you the first 45 days of zero interest with the help of just a digital credit card opportunity.
This help provided by the bank allows you to pay for your product at any time.
It helps you pay for your daily expenses such as recharge, online shopping, spying bills, scanning and buying at all times.
They are partnered with platforms such as cure. Fit, goibibo, razor pay, MakeMyTrip and much more.
# 8. Ola money postpaid
This app helps you pay over more than 300 apps and is growing even more throughout the whole nation, not only on cabs but also in more necessary places.
The billing period of each of these payments is done on every 15th of each money, where you are required to pay for all of your expenses all at once diligently.
The app provides its customers with super-fast payments on just one-click checkout options similar to others.
They may get only one bill which is to be done only through one payment and no hassle whatsoever with zero additional charges.
#9. Flipkart pay later App
It is an easy way for everyone to get their way of buying a product very hassle-free without a need of running back and forth to a bank to apply for a credit card.
This allows youth to shop easily and happily whatever they want to through the service of buy now, pay later, and experience the use of the bought products by paying for them on every 5th of the next month without any extra charges.
The limit of the credit loan amount gradually increases with your shopping and paying off the bills on time.
This shop now, pay later option helps you grab the best deals for the products at amazing prices with the freedom of purchasing.
#10. Mobikwik Zip Pay Later
This app is also one of the known buys now pay later apps mentioned above in the article, which provides easy and tackle free purchase of the necessities and enables the customers to enjoy a blissful experience of paying.
The app assists its customers with credit loans of up to Rs. 30,000 digitally that allows them to shop easily whenever and wherever. It also helps them pay their bills and recharge their phones, DTH etc., through digital transactions.
The app charges no interest on settling the bill that is done on time while the customers enjoy this. Repaying your bill on time also helps the customers to build and improve their credit scores as well.
With the advancement of digital reaches, the world has evolved globally, and through the invention of such buy now, pay later app services, the experience of lending and repaying has become even easier than before.
They have been offering the most simplistic way of borrowing credit loans as their instant solutions for the users that have helped them manage their financial graphs. The only benefit of these services is the disciplined usage of expenses while considering the billing returns.
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