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Best Buy Now Pay Later Apps in India to Get Instant Free Credit Line
Like credit cards, the buy now pay later (BNPL) model is all about disbursing small-ticket loans to users in the form of a free credit line. You can spend up to a certain amount online or offline and then repay it on the set date without any interest charges or fees. For someone who does not have a credit card, buy now pay later services can be a great way to manage the cash flows. However, given the tons of BNPL apps in the market, it may get difficult for you to decide which one to opt for. To make things easier, we’ve listed some of the best buy now pay later apps in India below. Read on.
1. LazyPay
LazyPay is one of the most popular buy now pay later solutions in India. It gives an instant credit line with a paperless KYC process. You can either scan and pay or use your UPI ID to transact with all the merchants who accept UPI. One can pay at offline merchants and online services like Ola, Uber, Flipkart, Myntra, Zomato, Swiggy, Bookmyshow, and more. If your transaction value is more than ₹10,000, you can choose to convert it into Easy EMI based on available plans. The app gives an interest-free period of 15 days post, which you’ll have to repay and clear the bill (on the 3rd and 18th of each month). You can set up auto-pay or pay manually via UPI, net banking, or debit card. Key Features:
Scan and Pay with UPIPay on online merchants like Flipkart, Zomato, and Swiggy15-day zero-interest repayment cycleMaximum credit limit of up to ₹1,00,000Regular offers on merchantsCheck late repayment fee here
Offered by: PayU India Android iOS
2. Simpl Pay Later
Simpl is another app that offers a one-tap buy now pay later service on Android and iPhone. You can use it to pay directly on online platforms like Zomato, Dunzo, Rapido, Gaana, BigBasket, 1MG, and more. Besides, it also lets you pay utility bills like prepaid and postpaid mobile, electricity, DTH, and broadband from within the app using a given credit limit. Like LazyPay, it provides regular offers and discounts on merchants. The repayment cycle is 15 days, i.e., the bill is generated twice a month. There are no hidden fees or additional charges provided you make payments on time. Plus, the best part is you do not need KYC documentation to get started with Simpl. Key Features:
Pay online on supported merchantsPay utility bills with the provided credit line15-day zero-interest repayment cycleDiscounts and offers on merchantsNo KYC documentation requiredCheck late repayment fee here
Offered by: Get Simpl Technologies Pvt. Ltd Android iOS
3. Bullet- Pay Later App
Bullet is a trusted postpaid UPI app from the house of neo banking platform Jupiter. It gives up to ₹10,000 credit for UPI payments at zero interest. You can use this credit limit to pay both online and offline merchants that accept UPI payments. Bill is generated twice on the 15th and the last day of every month. You can make the repayment within five days of bill generation. Unfortunately, Bullet seems to have temporarily paused the onboarding of new customers. Key Features: Offered by: Amica Financial Technologies Private Ltd. Android iOS
4. Paytm Postpaid
Paytm is one of the most popular payment apps in India. Interestingly, Paytm also offers a pay later service called Paytm Postpaid to its active customers. You can activate it by going to Paytm > All Services > Loan & Credit Card > Paytm Postpaid. The Postpaid service lets you make payments to partner merchants or for eligible services. You will automatically see Postpaid in payment options whenever applicable. This includes recharges, bill payments, Paytm Mall shopping, and other merchants across India. The bill is generated once every month. Your Postpaid spend limit is decided based on transaction history, relation with Paytm, and credit history with credit bureaus. It currently offers three variants- Postpaid MINI, Postpaid LITE, and Postpaid DELITE. DELITE carries no convenience charges while the other two have a convenience charge on the total spend of about 1-3%. Key Features:
Pay at Paym merchants & online partnersMake bill payments or shop on Paytm Mall30-day zero-interest repayment cycleMaximum limit of up to ₹60,000It helps to build a credit scoreConvenience fee applicable on MINI and LITECheck late repayment charges here
Offered by: Paytm (in partnership with Aditya Birla Finance, Clix Finance) Android iOS
The amount can be paid by either 5th of next month or over EMIs ranging from 3 to 12 months. However, it requires you to set up auto-repayment, i.e., the amount will automatically deduct from your bank every month. Key Features: Android iOS
Other Popular Pay Later Services in India
There are several other pay later services in India that can be useful for a lot of people. However, they have their own set of cons which is why we did not include them above.
1. Freecharge Pay Later
Credit facility up to ₹5,000Use for payments on Freecharge or other merchantsMonthly billing cycleInterest is levied on the amount usedAn annual fee of ₹199 is charged by Axis bank
Android iOS
2. Flipkart Pay Later
It can be used to shop on FlipkartUp to 35-days of free creditMaximum limit of up to ₹70,000Provided in partnership with IDFC First BankA usage fee of ₹10 on bill amounts greater than ₹1,000
Android iOS
3. Mobikwik Zip Pay Later
Use Pay Later to pay bills and on brands associated with Mobikwik15 days of Interest-free creditGet up to ₹30,000 limitOne-time activation fee of ₹99
Android iOS
4. Pay Later by ICICI Bank
Only for eligible existing ICICI Bank customersPay bills, make payments to merchants using a UPI ID, or to shopUp to 45-day credit durationCan be accessed via the iMobile app, net banking, and ICICI Pockets
5. Ola Money Postpaid
Use Postpaid to pay for Ola CabsAccepted over 300+ appsDiscounts and offersBill generated every 15 daysNo additional charges
Android iOS
Things to Know Before Using Pay Later Apps
Before using these BNPL apps, keep the following things in mind:
Buy Now Pay Later should be used only when you can repay in time, not for free money.Your eligibility to get a credit line is based on your credit score, relationship with these apps, and other factors.Delaying the repayment can cost you a hefty late payment fee and unwanted charges, including an exorbitantly high-interest rate.Missing even a single payment can reduce your credit score, impacting your future ability to take loans.Most of the pay later services will appear as loans in your credit report. Opening too many of them can impact your credit score.Do not fall prey to the shady instant loan or credit line apps online.
Wrapping Up- Enjoy Free Credit Line with Pay Later Apps
