What is the Buy Now Pay Later Service?
Buy now pay later, also known as BNPL, helps consumers make purchases and pay later. The repayment of the investment can be made through accessible and affordable EMIs or in a lump sum based on the comfort of the consumer that too at very little or no interest charges.
Using the buy now pay later services, you can easily purchase high-value items without disturbing your budget; therefore, the BNPL services make your high-value purchases affordable. Generally, consumers of the young age groups or many others do not have credit cards. Hence the buy now pay later service comes to their rescue by supporting them in carrying out the big-ticket purchases and then paying the amount later in affordable EMIs.
Working Model of Buy Now Pay Later Services?
Buy now pay later (BNPL) services work in the following manner:
- The customer purchases the participating outlet or authorised retail store.
- The customer chooses the buy now pay later payment option during the payment process.
- Using this payment mode, the customer is sometimes required to make a small down payment which is a fraction of the total amount.
- The remaining amount is deducted through a series of interest-free EMIs. These EMI payments can be cleared through multiple modes like bank transfers, debit cards, credit cards, cheques, or directly through the bank account.
Therefore, the buy now pay later service is a suitable payment option for offline and online modes.
Advantages of Using Buy Now Pay Later Services
Some of the best-in-class advantages offered by BNPL services have been highlighted below:
- Increases affordability: You can carry out big-ticket purchases without hampering your budget.
- Instantaneous access to credit: The application process for BNPL services is highly seamless, and you get easy access to the credit facility within no time.
- Building credit history: Using the BNPL services, if you repay your dues on time, it helps build a solid credit history, eventually improving your credit score.
- Safe and secure transactions: The transactions are done through buy now pay later services are highly secure, and there are no chances of fraud.
- Easy repayment tenure: Based on the quantum of your spending, you can choose a suitable tenure so that you are not financially stressed in paying back the dues.
- No cost EMI facility: In most cases, the BNPL payments can be divided into three to four EMIs. These instalments are generally in the form of no-cost EMIs.
Buy Now Pay Later Services with Bajaj MARKETS
When you purchase from Bajaj Ekart, you can benefit from the BNPL services offered by BNPL partners like Walnut 369 and Instacred. To purchase through these services of Bajaj MARKETS, you just need to select the BNPL as the payment option at the checkout after finalising your purchase.
To avail the BNPL services through Walnut 369, you must provide details like your Aadhar card, PAN, and mobile numbers. To avail the service through Instacred, you are required to give your mobile number and bank name. To benefit from the BNPL service through Walnut 369, the minimum purchase amount should be ₹999. Whereas in the case of using these services through Instacred, the minimum spending varies based on the selected bank, which generally lies between ₹5,000 to ₹7,000.
Eligibility Criteria to Avail the BNPL Services with Bajaj MARKETS
To benefit from the advantages offered by the BNPL services, you need to fulfil the following requirements:
- The minimum age of the consumer should be at least 20 years
- You must be a resident of India
- You must possess a regular source of income, preferably a salaried person or a person engaged in self-employment with a steady income.
- The consumer should have a bank account with updated KYC details
- Mostly, these services are offered in Tier 1 or Tier 2 cities of India at present
Don’t miss the chance to benefit from the buy now pay later services of Bajaj MARKETS. You can also use some other facilities to make your shopping experience seamless using the Bajaj Finance card like the Bajaj Finserv EMI Network Card. This card facilitates you to pay for your big-ticket purchases into affordable and customised EMIs so that you can repay the dues at your ease. You would be amazed to know that the Bajaj Card also features a pre-approved loan of up to ₹4 Lakhs and ₹2 Lakhs in the case of Insta Cards. EMI network card helps you to carry out purchases in the segments like gadgets, electronics, lifestyle shopping, etc., through online and offline payment modes.