What Makes Buy Now, Pay Later Ideal for India’s Millennials, Generation Z

By Partner Content | Updated: 21 December 2021 20:05 IST

Buying your favourite gadgets is now easier than ever, thanks to a range of buy now, pay later payment methods. Young buyers across India are embracing these buy now, pay later methods since they make their lives a lot easier. Anything from buying the latest flagship smartphone to replacing that old refrigerator in the house can involve some amount of anxiety when it comes to pricing.

You know you want the best for yourself, but paying all that money in one go can break your budget. Buy now, pay later payment methods can help solve those kinds of problems, and make it less complicated to buy your favourite electronics both online and offline. These payment methods are a hit among Indian millennials and Generation Z for several reasons.

Today, we'll tell you everything you should know about buy now, pay later methods and how you can make the most out of them:

What is buy now, pay later?
Simply speaking, buy now and pay later payment methods let you make a purchase and make the payment later in a convenient fashion that suits you. It's almost like using a credit card, but without actually owning one. Buy now, pay later methods are simpler to understand and use, and don't come with a lot of strings attached. In most cases, you don't end up paying a heavy processing fee or interest.

Can young Indian buyers avail buy now, pay later?
A big reason why buy now, pay later is so popular among young Indian buyers is that almost anyone can avail these services. The amount of credit you can avail of shall depend on the service you're choosing and your credit history. These services don't require a lengthy or complicated registration process. Buy now, pay later payment services can be accessed both online and offline in various forms.

What makes buy now, pay later services perfect for Indian millennials, Generation Z?
The easy availability of credit isn't the only reason why Indian millennials and Generation Z members are adopting buy now, pay later. There are several advantages of using these payment methods over conventional payment options for big-box purchases.

Flexible repayment options: This is quite possibly the biggest advantage of buy now, pay later payment methods. You no longer need to worry about falling short of your monthly expenses while buying a big box product with buy now, pay later. You can pick from flexible repayment options that suit your budget. After an initial payment, you can pay back the remaining amount without any interest as monthly instalments.
No processing fees: Conventional personal loans demand painful processing fees. Buy now, pay later services completely eliminate that, making it much more accessible and cost-effective.
No hidden charges: Buy now, pay later payment methods generally don't involve any hidden interest or fees. Everything is easier to understand while making a purchase, and you don't have to read pages worth of hard-to-understand legal content while making a purchase.
Zero documentation required: Buy now, pay later payment methods don't require any sort of documentation. You can avail these services online too, without the need to upload any special documents.

Which buy now, pay later services are ideal for buying gadgets?
Not all buy now, pay later services are created equal. Some will work for a specific range of products while others will suit a different product category. As we mentioned earlier, these convenient payment methods come in all sizes and shapes, depending on your credit history and banking affiliation.

Ideally, you should pick a buy now, pay later service that offers the least friction. These services come with a specific time frame for interest-free repayments that can range from a couple of days to weeks. Pick the service that comes with no hidden charges or processing fees. These would add up eventually, and hurt your overall budget.

What are some popular pay later payment methods for buyers?
HDFC Bank's FlexiPay is a buy now, pay later service that lets you buy your favourite speakers, earphones and more without worrying about making a large payment in one go. If you have an HDFC Bank debit card, you're automatically eligible for this payment service. HDFC Bank FlexiPay involves no extra cost for 15 days and comes with zero extra charges. You can avail credit from Rs. 1,000 to Rs. 10,000 instantly any time of the day or night. Paying back is easier too; you can pick from 15 days to up to 90 days at nominal charges per month.

Another useful pay later service from HDFC Bank is EasyEMI. This works best if you're on a tight budget and are looking to buy an expensive gadget. With HDFC Bank EasyEMI you have the option to pay back in parts by converting your large transaction into easy instalments. HDFC Bank EasyEMI works for both online and offline transactions and is available with HDFC Bank's debit and credit cards. EasyEMI lets you avail EMI payment options at no extra cost, and come with flexible repayment timelines, making it ideal for your large electronics purchases.

If you're already an HDFC Bank credit card user, you can simply convert your large purchases into SmartEMI for stress-free repayment options. SmartEMI offers highly attractive interest rates that are among the lowest in the market. HDFC Bank SmartEMI offers a repayment tenure ranging from 6 months to 24 months.

Shopping for your favourite gadgets doesn't have to be complicated anymore. To learn more about HDFC Bank's payment methods click here.

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