ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Buy now, pay later (BNPL) is a financing avenue that allows shoppers to buy something but pay for it later within a stipulated interest-free period in three or more instalments. The BNPL provider settles the bill outright with the merchant on the buyer’s behalf.

Detailed explanation-2: -A buy now, pay later plan (BNPL) is a loan offered to a customer at the point of sale so they can purchase merchandise on credit but without a credit card. Popular options include Shop Pay Installments from Shopify, Affirm, Afterpay, Sezzle, PayPal, and Klarna.

Detailed explanation-3: -The popular Buy Now Pay Later (BNPL) products you are often offered at the checkout are credit agreements – a form of borrowing. With these products, you usually don’t pay any interest or charges on the amount you’ve borrowed if you keep to your repayment agreement.

Detailed explanation-4: -Eligibility criteria for Buy Now Pay Later You must be aged above 18 years. The maximum age of eligibility in some cases can be up to 55 years. You must be a salaried individual. You must have a bank account and all the KYC documents in place.

Detailed explanation-5: -Consumer loan. Consumer loan is a credit, lent to an individual for personal usage for purchasing specific item or service. Mortgage. Auto Loan. Installment. Overdraft. Credit Card.