Tips to Make Sure You Never Miss a BNPL Deal EMI

BNPL has enormous acceptance among millennials. This payment mode helps purchase your desired products without thinking twice about the price tag. It offers access to microloans from as less as ₹3,000 up to ₹60,000. You can spend the funds on multiple e-stores like Amazon, Myntra, Flipkart, Big Basket and 15 other shopping brands. BNPL is an excellent idea if you want to purchase small-ticket items in home furnishing, apparel, groceries and medicines categories. A 7-day interest-free grace period is allowed on EMIs.

But you have to make sure they are cleared on time. Else, a delayed or missed payment can impact your credit score and attract penalties. The EMIs start at 0% interest, making them easy to repay. After figuring out how to apply for EMI in Flipkart, here are a few ways to ensure you never miss it.

Tips to Pay BNPL EMIs on Time

●      Know Your Payment Abilities 

Start with assessing your current financial liabilities. For example, factor in your debit and credit cards and existing loans. Make sure the total bill does not exceed 30-40% of your monthly salary. If yes, consider taking a long-term BNPL of 180 days. A longer tenure will help you lower the EMI. Next, use an online calculator to know the monthly instalments for a particular loan. Now it becomes easy to plan and pay off the amount on the loan app.

●      Manage Your Expenses Better

A cash crunch can make you miss the EMIs. So, create a realistic budget for your lifestyle as long as the BNPL amount is not cleared. Track your spending and cut down on unwanted expenses. For example, cancel multiple streaming platform subscriptions or avoid too many expensive monthly dine outs. They can help save a significant amount and money towards EMI clearance. But try to stick to the budget. Inconsistency can disrupt the financial plan, and you might end up cash strapped.

●      Opt Only As Much As Required

Going overboard with the funds and overestimating your finances can lead to a default. So, stop and think practically how much you need. Understand how to apply for the BNPL EMI option in Flipkart, try to calculate the expenses and request the exact amount. This can ensure manageable payouts. You can apply for the second time if you require extra funds since it is quite a quick and straightforward process. Download the BNPL app on your phone and create a profile.

●      Pay An Extra Amount

Received an incentive at work? Or an FD is maturing? Try to use a portion of this money to pay more than the minimum EMI. It will help you clear the loan earlier and reduce the chances of missing out on the payments. Check the pre-payment charges, if any.

Conclusion

Set up an auto-debit facility allowed by the top digital lending company. The amount will get debited from your account automatically without manual monitoring. This reduces the chances of late or missed payment and saves on penalties.