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What is BNPL Payment?

 


Buy Now Pay Later, or BNPL is a method of payment that lets you make a purchase without having to pay the entire amount upfront. Typically, you sign up with a business that offers this service, and that business collects payment when you make a purchase. However, after the lender makes a payment on your behalf, you must make a repayment within a given time frame. In contrast to a personal loan, the BNPL program often carries no interest charges. You have two payment options: free Equated Monthly Instalments or a lump sum payment (EMIs). The lender is required to charge you interest on your amount if you don't repay the amount within the allotted payback period. Further postponement can affect your credit rating.

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