Why is BNPL Becoming a Popular Option in India for Cash Strapped Buyers?

BNPL was initially launched for e-commerce marketplaces. It then spread to numerous industry verticals. The younger generation, especially, has adopted this payment option to buy products they cannot afford to pay for upfront. You do not have to shell out lump sum rupees at once. The plan works on affordable monthly installments. Social loan companies now offer services to transport, grocery, medicines, and apparel.

Why is BNPL Gaining Momentum in India?

The BNPL on Myntra, Uber, Apollo Pharmacy, Flipkart, or grocery sites like Big Basket and Big Bazaar come at 0% interest rates. So, you can fill your cart with items without having to worry about a hefty payback amount. It can be cleared with pocket-friendly EMIs at the end of each month. Users can also pick stuff from Amazon at 0.5% for 90 days. There is also a 180-days plan that you can opt for. BNPL is provided as gift vouchers or wallet amounts that can cater to your needs.

Buy Now Pay Later deal is an excellent option for those strapped for adequate funds. You can still buy items across all categories online. But, instead, the payment gets divided into installments to make it easy on your pocket. Moreover, you can pick your tenure (90 and 180 days) according to your financial health. It is available on both iOS and Android systems for easy accessibility.

Conclusion

BNPL can be opted for 3 months and 6 months. This can help close the loan within a short duration instead of continuing the EMI for a significant period. The deal further offers as little as ₹3,000 up to ₹60,000. So, you can pick whatever amount you require without any compulsions of selecting a particular figure. So salaried millennials can use the money to shop for both big and small products online.