What if payment is missed under Buy Now Pay Later?
If you are using BNPL ie Buy Now, Pay Later apps, then in any case make the payment before the due date. The billing cycle for BNPL apps is 15-30 days.
There are various charges on late payment.
BNPL That is, the trend of “Buy Now, Pay Later” has increased a lot. According to the report of consultancy firm RedSeer, at present BNPL’s market It is around 22500-26250 crores. According to the pace at which growth is visible in BNPL, by 2026, this transaction can reach Rs 3.75 lakh crore. BNPL is being seen as an alternative to credit cards. For the youth and self employed people who do not have a credit card, BNPL is like a credit card in which additional time is available for payment. The credit card is not issued until your credit history has been created. However, student credit card facility is available for students.
In such a situation, the market of BNPL is very big. The number of credit card users in the country is only 67 million. At the same time, only the top-10 crore people are important in terms of the business of banks. In such a situation, the market is open for buy now, pay letter companies. There are two types of digital BNPL players in our country. The first is payment finance, while the second is transaction finance. Talking about BNPL, the features of different apps are different.
Gets limit up to 10 lakhs
LazyPay, Simpl, ePay Later, Slice, Paytm Postpaid, Ola Postpaid are some of the Buy Now, Pay Later apps. Their credit limit ranges from 20 thousand to 10 lakh rupees. This limit is different for different users. As the transaction of this app increases, its limit increases. Talking about the billing cycle, it is 15 days for some apps and 30 days for some. There is an additional time of 3-7 days for payment after the bill is generated. This time limit is different for different apps.
never miss a due date
Now it is most important to know what will happen if the payment is not made by the due date. Late payment charges are different for different apps. This includes late payment penalty, interest rate. How much additional charge will have to be deposited on late payment depends on how late the payment is being made and how much amount is being paid. By the way, the interest rate ranges from 1 percent to 3 percent monthly. At present, there is a lack of regulation regarding this, due to which there is no clarity regarding late payment charges.
Get information about different charges
By the way, before availing the facility of BNPL, check that the processing fee for the app you are using, late payment charge, billing cycle, how much time is available for payment after billing, what is the interest rate. Also find out if there are any additional charges other than these which are hidden. Some apps charge a prepayment as well. By the way, the prepayment charge is also collected by the banks.
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