9 Tips To Manage Monthly Budget With Buy Now, Pay Later!

Manage Monthly Budget With Buy Now, Pay Later

What is a good budget?

A good budget is a budget that allows a person to manage his/her monthly expenses and still let him/her save for the future! When this is the ideal definition of a budget, there are times when a huge expense suddenly burns a hole in the pocket and creates a dis-balance for months.

A credit can help in this situation! It has the ability to let a person manage expenses efficiently without creating a dis-balance in the monthly budget. But, with credit comes mid to high-interest rates also. Usually, banks and financial institutions offer credit at a mid to high-interest rate which needs to be returned on monthly installments. At the same time, it becomes the responsibility of the borrower to submit the EMIs regularly. Failing to do so can affect the credit score, which eventually impacts the creditworthiness of the user.

Contrary to all this, Paytm created a credit delight for its users. Paytm Buy Now, Pay Later facility offers instant credit of up to Rs. 60,000 to the users. Besides, there is no interest charged on the borrowed amount for 30 days. Along with these top advantages, users are also given the flexibility to break down the credit amount into monthly installments.

In this blog, we will guide you about how to manage the monthly budget with Paytm Buy Now, Pay Later efficiently. Before that, it is wise to understand the basics of Paytm Buy Now, Pay Later.

What is Paytm Buy Now, Pay Later?

Also called BNPL, Shop Now, Pay Later, Paytm ‘Buy Now, Pay Later’ is a feature that allows users to buy things, pay bills, book tickets and more from the borrowed amount. This borrowed amount then is required to be paid by the user during a stipulated period. Paytm along with its partners ABFL and Clix offer the BNPL, Shop Now, Pay Later facility to users.

  • The Buy Now, Pay Later feature can be used to pay expenses of ‘Groceries, Fuel, Mobile & DTH Recharge, Bill Payments, Flight Tickets’ and more
  • Rs. 500 to Rs. 60,000 can be borrowed while using the feature Buy Now, Pay Later
  • There is no activation fee charged by Paytm
  • Users are given the flexibility to convert the borrowed amount into EMIs of up to 12 months
  • Can be used online/offline for INR denominated purchases only from the selected merchant websites or outlets
  • Buy Now, Pay Later feature offers interest-free loans through the Paytm NBFC partners
  • Buy Now, Pay Later or BNPL feature helps in building a good credit score
  • The borrowed amount paid after the stipulated time period will attract a penalty as interest from the user

How to Manage the Monthly Budget with Paytm Buy Now, Pay Later?

The following reasons showcase how to manage the monthly budget with Paytm Buy Now, Pay Later easily-

  • Opt for Paytm Buy Now, Pay Later to get instant credit instead of using the cash for making payments. This way, a user will still be able to buy things without spending entire money at one go on the purchase
  • Paytm Buy Now, Pay Later can be used in case one required emergency fund to complete the transaction instead of breaking the fixed deposit
  • By using the Paytm Buy Now, Pay Later, one can complete payments on credit and pay installments on a monthly basis. For example, Mr. A has taken credit of Rs. 36,000. His monthly instalment will be Rs. 3000 for 12 months. The first 30 days will be interest-free. This means, instead of paying Rs. 36,000 in one go, he can simply pay Rs 3000 on a monthly basis without creating a disbalance in his monthly budget
  • Paytm Buy Now, Pay Later facility does not charge interest on the borrowed amount for 30 days, this means, a user is basically paying interest for the remaining months only. The interest paid on the monthly installment will not create a huge impact on one’s monthly expenses
  • Paytm Buy Now, Pay Later can be used to pay electricity bills, grocery bills, mobile recharges easily
  • Paytm Buy Now, Pay Later facility offers instant credit unlike loan or credit provided by banks that require a lengthy documentation process
  • Instead of paying all the borrowed amount at one go, the Paytm Buy Now, Pay Later facility offers flexibility to divide the amount into monthly payments
  • Paytm Buy Now, Pay Later is considered the best option to use as it can help a person take the desired credit whenever required

Who can use the Buy Now, Pay Later Feature?

Following is the eligibility criteria that need to be first fulfilled by the user before activating or availing the Buy Now, Pay Later feature-

  • The user should be a resident of India
  • He/she should be above the age of 18 years
  • The person who would like to use Buy Now, Pay Later feature should have a regular source of income
  • He/she should have a valid bank account

*Lenders who provide the Buy Now, Pay Later feature to the particular retailers can add the desired general guidelines and eligibility criteria accordingly

FAQs
Is it good to use Paytm Buy Now, Pay Later?
A user with an instant credit requirement can use Paytm Buy Now, Pay Later to complete transactions within minutes.
Can I make an online transaction through Paytm Buy Now, Pay Later?
Yes, Paytm full KYC-ed users can make online transactions through Paytm Buy Now, Pay Later.
How much credit is provided through Paytm Buy Now, Pay Later?
A credit amount of Rs. 60,000 is instantly provided to the user to let him/her make transactions online or offline.
Is it possible to encash the amount provided through Paytm Buy Now, Pay Later facility?
No, users cannot encash the amount provided through Paytm Buy Now, Pay Later facility from anywhere. The amount can only be used to make transactions online or offline.
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