The 5 best buy now pay later apps in India

The 5 best buy now pay later apps in India: In the past few years, India has grown at a rate that nobody could have imagined. A traditional Indian culture was based on spending less than you have in hand, i.e., earning before spending. However, times have changed. As one of the many changes brought about by millennials, buy now and pay later is something generation Z can thank them for. Our article discusses the best pay later apps, EMI payment options, and pay later apps for students.


The 5 best buy now pay later apps in India

It all started with credit cards. It has been a long time since Indians were dependent on credit cards. This is a version of a credit card where you will not be required to have a physical card and you will not have to wait for lengthy processing times.

In such apps, you can use buy now pay later EMI to take advantage of EMI. Although the payment period is relatively short, almost 15 to 30 days. It seems like a billing cycle, doesn’t it? I mean, why not? There is a shift towards post-paid services nowadays.

Can you imagine paying everything on a monthly basis like your electricity bill? That sounds amazing. Shortly, BNPLs provide everyone with access to interest-free, flexible credit.

The 5 best buy now pay later apps in India – Advantages & Disadvantages

Also Read: Salary of a Full Stack Developer in India in 2022-23 (by location and company)

We must understand what buy now pay later apps in India offer before using them. Let’s look at how buy now pay later apps work:

  • You can add anything you want to the cart.
  • Instead of making a payment, choose to buy now and pay later.
  • A small down payment can also be made.
  • A no-cost EMI is available if you buy now and pay later in EMIs.

The only thing you need to pay back is the principal amount with no-cost EMI.

Advantages of Buy now pay later apps in India

  • You can easily get credit by buying now and paying later. It’s as simple as buying and opting to pay later. as it is a highly customized option for buyers. Customers can also interact with multiple platforms through it.
  • RBI-approved pay later apps are a great way to make payments in a safe manner. As long as you maintain your budget, there is no harm.
  • Getting started is easy. All that is needed is basic information to get started. Choose a merchant and an EMI plan and upload KYC documents. The majority of apps require you to be over the age of 18 or 21 to use them.
  • If you wish to take advantage of the EMI option, you should choose to pay in interest-free monthly installments. Mostly, it offers no cost EMI.

Disadvantages of Buy now pay later apps in India

  • In India, people tend to use a lot of money when shopping through buy now pay later apps, believing they can pay later. This is misleading information. When using buy now pay later apps, payment must be made at the time determined.
  • If you don’t pay your dues on time, you’ll be penalized. Even the slightest delay means a penalty. Due to their higher interest rate, such apps charge high penalties.
  • An opposite reaction on credit score occurs when payments are delayed, and this disturbs your discipline to repay and ruin your credit score. Nobody wants a negative impact on their CIBIL score.

The 5 best buy now pay later apps in India

We will discuss some best pay later apps for you to choose after understanding the advantages and disadvantages of buy now pay later apps in India.

1. Slice

Slice is a great pay later app for students. People who don’t have credit cards will find Slice a miracle. With this, you can get up to 50% cashback on Myntra, Flipkart, and other similar platforms. The Sparks feature in Slice is one of its most popular features.

Slice cards are another benefit. Even on international transactions, it offers 1-2% cash back over Sparks and helps you make timely payments. The best part is that it’s free.

Do not extend your EMIs for more than three months or you will be charged 12% to 15% interest.

2. ZestMoney

Its tagline ‘less price, more time’ is sure to bring results. Install it, complete your profile, upload your KYC, use automatic repayments, and use it however you want. ZestMoney offers the following features:

  • Offers with zero percent interest are available only on selected offers.
  • There is no paperwork, no credit card required.
  • Three-step approval process.
  • Up to 2 lacs of personalized credit limit.

3. Jupiter Edge Pay Later App

The Jupiter Edge Pay Later App combines speed and convenience in a way that claims to be the fastest UPI app in the market. This app also offers the following features:

  • UPI credit of Rs. 20,000 with zero interest is available.
  • Repayment cycle of 15 days.
  • Pay offline by scanning.
  • Both Android and iOS versions are available.
  • There is no annual fee.
  • Statements that are hassle-free.

4. LazyPay

This is a popular app for buying now and paying later. LazyPay’s best features include:

  • Paperless KYC process.
  • Quick credit line.
  • Scan, pay or use UPI.
  • There is a 15-day interest-free period.
  • With autopay options, payments are usually due on the third and 18th of each month.
  • There is a maximum credit limit of $100,000.

5. Amazon Pay Later

There is no doubt that Amazon is one of the best e-commerce sites in the world, luring most of the customers in with its incredible stuff and great offers. In addition, now you can pay later. Here are some things to know about Amazon pay later:

  • Bills, groceries, and shopping can all be done with it.
  • There are EMIs available for three to twelve months.
  • Repayments are automatically made on the fifth of every month.
  • Maximum limit of up to ₹60000.
  • A loan partner is IDFC First Bank, along with Capital Float.

Before you use a buy now pay later app in India, know these things

We are ready to begin our purchase now, pay later journey. In India, however, these apps are subject to certain rules.

  • Prepare KYC documents. Without KYC, no app will be in access.
  • A PAN card is usually required as an important document in most apps.
  • If you delay repayment, you will be charged higher interest charges.
  • It is required that the user is at least 18 years old.
  • Salaried people are preferred by some apps.
  • The importance of being an Indian resident cannot be overstated.

Is buy now pay later a personal loan?

The Buy now pay later apps closely resemble personal loans, but they differ in several crucial ways:

  • Personal loans have a maximum limit of Rs. 25 lakhs. Buy now, pay later is only up to Rs. 1 lakh.
  • BNPL only allows loans if some security is provided – Personal loans can be secured and unsecured, but BNPL only accepts loans if security is provided.
  • A personal loan carries interest. Interest-free loans are also available through Buy Now Pay Later, but for a limited time and with much higher late fees.
  • Restrictions – Personal loans are not restricted, but buy now pay later has limited usage.

You should now have a good understanding of buy now pay later apps in India. The best way to decide whether to use these apps is to weigh the pros and cons. Alternatively, you can use the Buy now Pay later apps recommended above.

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