How to Maximise the BNPL Lending Approach?

Buy Now Pay Later (BNPL) is a payment method that eliminates the need for upfront payment when you shop at leading online merchants. After using a BNPL deal to buy any desired products, you can repay it in easy EMIs over a chosen tenure. Here's how to make the most of this lending approach.

Ways to Maximise Your BNPL Deal 

●      Choose a Suitable Loan Amount

A top fintech company offers BNPL deals up to ₹60,000 on its pay later app. Consider the total cost of all the items you wish to shop for to understand how much you need to borrow. For instance, when shopping on Amazon, add all the chosen items to the cart and check the total cost. Then apply for an Amazon Pay Later loan of a suitable amount to finance all the purchases. 

●      Opt for a Suitable Tenure

You need to pick a tenure as per the amount you want to borrow. Some fintech companies recommend different tenures for different loan amounts on pay later apps to make it easy. So, if you take a loan of ₹1,000-₹60,000 at 0% interest, you can go for the tenure of 90 days. If you choose a loan of ₹6,000-₹60,000 at 0.75% interest, a tenure of 180 days would be suitable. Select a tenure based on your repayment capacity.  

●      Enter Correct Details

To apply for BNPL deals, you need to create your profile by providing the required details on the pay later app. These include your name, date of birth, email ID, mobile number, city, pin code, ownership status, educational qualifications, etc. Ensure to provide correct details so the lender can trust you as a customer without fraudulent motives. 

●      Submit Genuine Documents

You need not submit too many documents when applying for a Pay Later loan on a fintech company's app. Also, since you can simply upload them online, there's no hassle of paperwork. Just provide genuine documents that may include your ID proof, address proof, selfie and other requirements. Submitting authentic documents will allow the verification to be seamless and show that you're KYC compliant. So, you'll have a higher chance of getting your loan approved fast. 

●      Read How the Loan Works

You need to understand how the BNPL deals work to make the most of it. So, before applying for a loan on a pay later app, remember to go through the provided information carefully. For example, an Amazon Pay Later amount is transferred to your Amazon account as a gift card. You can use the loan amount right from your Amazon account. If you learn this, you can use the shopping loan properly. 

Conclusion

You can apply for BNPL deals on a digital lender's pay later app on your Android or iOS device. Just follow the above tips to maximise the benefits of this loan.