MobiKwik, a pioneer in digital payments, is also one of the country's largest 'Buy Now, Pay Later' (BNPL) or digital credit providers.
If you want to buy a new washing machine, laptop, or electric oven, you should consider paying it off over time rather than spending hundreds or thousands of dollars all at once. You can do just that with Buy Now, Pay Later" (BNPL) or digital credit programs.
As the name suggests, Buy Now, Pay Later programs are a type of loan that allows you to purchase an item immediately and pay it off over time.
Buy Now, Pay Later – What is it?
Buy Now, Pay Later (BNPL) or digital credit is a short-term financing allowing consumers to make purchases and pay for them later, often with no interest.
• Purpose
BNPL programs are useful when you want to pay out a large item, such as furniture, electronics, or a new mattress.
• Repayment Terms
BNPL repayment terms vary but are typically shorter than those of a personal loan.
• Fees and Interest
Many BNPL programs do not charge interest or fees as long as you follow your repayment plan. However, some start charging interest if you choose a longer repayment term or a more expensive item.
• The Application Procedure
BNPL has a simple application process that takes only a minute or two. If your retailer has it, you can select BNPL at the checkout. You'll know right away if you're approved or not after a soft credit check.
• Amount of the Loan
The amount you can finance with the help of a BNPL service ranges from around 5000 INR to 30,000 INR. MobiKwik BNPL offers credit up to Rs. 30,000.
• Credit Impact
You don't require to have perfect credit to qualify for the BNPL. A lender will only perform a soft credit check, which will have no negative impact on your credit. However, BNPL programs may not report on-time payments to credit bureaus, so following through on your BNPL agreement may not help you build credit.
Buy Today and Pay Later with MobiKwik
MobiKwik Buy Now, Pay Later service - ZIP - allows users to get a credit of up to 30,000 at ZERO cost to shop, pay bills, and do other things, making it easier for users to manage cash crunch.
• Apply and manage everything through our mobile app.
• 0% interest and no fees in case you pay on time.
• Make extra payments whenever you want.
• Get a virtual card to use in-store or online shopping.
Examine your Eligibility
We will check your eligibility at the beginning of your application; if you're eligible, it's up to you whether you want to continue applying. If you decide not to proceed, your credit score will not be affected!
Simple access from your Mobile Device
Once approved, your new Buy Now Pay Later account will be available in your mobile app within 1-2 business days. You can then add your new virtual card to your payment options.
Purchase either In-Store or Online
You can use your virtual card to make purchases in-store or online. Use online payment methods, or enter the card number, expiry date, and CVV into your mobile app.
Benefits of Buy Now, Pay Later
Buy Now, Pay Later can provide shoppers with the following benefits:
• It is a disciplined and a convenient way to pay for purchases over time.
• No need for good credit or a high credit score to qualify quick approval.
• Usually zero or lower interest than credit cards.
In Conclusion
The idea behind Buy Now, Pay Later or Digital Credit is that customers can get what they need right away while also getting some extra time to pay for it. If you can't or don't want to pay for something all at once, Buy Now, Pay Later financing may seem appealing.
These loans extend your credit without imposing high-interest rates but with a repayment schedule, so you don't end up with a mountain of ongoing debt. However, read the fine print on Buy Now, Pay Later financing carefully so that you fully understand the terms to which you're agreeing. Finally, weigh the advantages of point-of-sale installment loans against the advantages of alternative financing options such as rewards credit cards or personal loans.
MobiKwik not only allows its users to pay and save on online transactions, but they also provide wealth management and credit facilities.
