ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Buy-now-pay-later (BNPL) loans can let you make purchases immediately but pay them off over time with no interest.

Detailed explanation-2: -What is Pay Later Facility? Through ‘Pay Later’ facility user can upload the eForm/ generate SRN for MCA21 services in one step and make the payment at a later point in time using the online payment mode (Credit card or Internet banking or through NEFT).

Detailed explanation-3: -What is a credit card loan? A credit card loan is money you borrow against your credit card limit and then pay back monthly over a set repayment term.

Detailed explanation-4: -Buy now, pay later plans allow consumers to make purchases and pay for them in several installments. Credit cards also let consumers pay over time, but the only required payment is the monthly minimum due. The pros and cons of BNPL plans and credit cards depends on the consumer’s financial situation.

Detailed explanation-5: -What is buy now pay later? Buy now pay later schemes do exactly what they say – you get the opportunity to buy something now without having to pay for it in full until a later date. Schemes vary and the delay period for spreading the cost of goods can be anything from 30 days up to three months.