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“I started <keyword id="20024281" type="General" weightage="20" keywordseo="investing" source="keywords">investing</keyword> when I was 24, and had just taken up my first job. At first, it felt like a herculean task, setting aside Rs 15,000 every month for long-term investing. But now, at 29, I have a comfortable corpus with me, and I am able to even fund my sister’s education. I now realise how investing is the first step towards achieving some level of financial independence”. That was Yumna, a 29-year-old Delhi-based communication professional’s “tryst with her finances”. Tomorrow, India will celebrate its “tryst with destiny”, its 78th day of independence from Britishers. And so, it is certainly the right time to revisit our personal journeys towards independence, at least financially. If we heavily rely on our monthly salaries, being broke towards the end of the month, and desperately waiting for that end-of-the-month fund credit “ting”, then are we really independent? So, this Independence Day, consider gifting yourself (and your friends and loved ones) these five presents that promise you financial freedom. <h2>Start SIP-ing in Mutual Funds, stocks</h2>The British ruled India for almost 200 years, starting from the battle of Plassey in 1757, to when India finally ousted the British Raj in 1947. Nearly 200 years of tireless persistence, struggle and revolution was what it took to achieve freedom. Keep that in mind when you feel constantly investing for 10-15 years is “way too long!”. Consider this. Yumna started investing Rs 15,000 every month, five years ago. Assuming 12% p.a. in return, she has already amassed over Rs 12,00,000, out of which her investments are worth Rs 9,00,000, while her returns come to Rs 3,37,295. What if Yumna continues to invest at this pace for the next 20 years? If she invests Rs 15,000 (and assuming 12% p.a. return), she’d have invested Rs 36,00,000, while her returns would be a whopping Rs 1,13,87,219, making her total corpus worth Rs 1,49,87,219. The best time to start investing in the market was yesterday. So, if you’re yet to start investing, do so right away. But remember, it’s a marathon, and not a sprint, so remember to stay in and invested for the long run. <keyword id="20481917" type="General" weightage="20" keywordseo="index-funds" source="keywords">Index funds</keyword>, which basically mirror popular market indices like Nifty and Sensex are a good place to start. <h2>Insure yourself</h2>Getting a term and <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> should be at the top of your to-do list, immediately after you start earning. And no, don't rely just on your employer-provided <keyword id="19996817" type="General" weightage="20" keywordseo="insurance" source="keywords">insurance</keyword>. Plus, having term insurance can also help you save on taxes (an annual premium paid of up to Rs 25,000 for those aged less than 60 is tax-free under old tax regime), apart from saving you during medical emergencies. Says Sabyasachi Sarkar, Appointed Actuary, Go Digit Life Insurance, “a life insurance plan is a tool that provides a safety net for your family in case of unexpected events and for your need of savings or pension. Ideally one should take a term life cover that is at least 10-15 times your annual income. Moreover, adding riders like death benefits or disability coverage to your policy can offer protection and advantages beyond the basic coverage. Moreover, when picking a life insurance company, consider factors like the claim settlement ratio, returns etc”. Once you’ve insured your life, it's time to safeguard your health as well, with a solid health insurance policy. As Vivek Chaturvedi, CMO and Head of Direct Sales at Go Digit General Insurance notes, “Ensure the plan that you are picking does not come with any cap on the choice of room or ICU as this may impact your overall hospitalization bill. Second, make sure your policy provides a sum insured backup or reinstatement benefit.” Also, check for the pre- and post-hospitalization benefits in your health coverage. Ensure that expenses like diagnostic tests, doctor’s fees, medical check-ups, etc. that you might have to incur before you get hospitalized or after you are discharged are covered. A good plan should provide at least 60/90 days of pre- and post-hospitalization coverage. And lastly, check the coverage for organ donor expenses. While it is a low-probability event, any organ transplant is an expensive affair. This ensures such costs are covered by the insurer. <h2>Save for a rainy day</h2>“It can’t happen to us until it does”. When you are flooded with a daily deluge of news about accidents, deaths, fires, train wrecks and more, it’s easy to disassociate and think “Oh, this won’t happen to me”. But when emergencies arrive at your doorstep, they don't knock but rather break the door down. As such, it's best to be financially prepared for any contingencies, and the best way to do so is to have an <keyword id="20747810" type="General" weightage="20" keywordseo="emergency-fund" source="keywords">emergency fund</keyword> handy. For this, you can set aside 3-6 times your monthly income in a liquid mutual fund, recurring deposit (RD) or savings bank account. This will help you tide over a medical emergency, job loss and more. But remember, this is not to be broken into for funding those impromptu vacations! <h2>Upskill, Upskill</h2>Earning money is hard, but still easier than effectively managing it. Most of us run away from managing and investing our own hard-earned money because it sounds difficult and looks too complicated and jargon-y. This Independence Day, gift yourself a basic course on <keyword id="20762784" type="General" weightage="20" keywordseo="money-management" source="keywords">money management</keyword>, budgeting and investing. You won’t become <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword> overnight, but it will certainly be a good start. Start with a basic budget and importantly, stick to it. Write and track how much you earn and spend on a monthly basis, so that you’re more in charge of your funds, and not looking (hopefully!), at maxed-out credit cards and empty wallets at the end of the month. <h2>Be free of anything that looks easy money</h2>These days, it’s super easy to get credit, a personal loan, and buy your favourite gadget, or your latest fascination via <keyword id="19985897" type="General" weightage="20" keywordseo="BNPL" source="keywords">BNPL</keyword> (Buy Now Pay Later). And in the short run, it can be incredibly satisfying as well. But then, when you get your monthly statements, and find a never-ending stream of interest charges, and penalties, which eventually pull you into a spiral of debt trap. If something looks too good to be true, it might really just be too good to be true. BNPL and instant credit are very much like that. So, the next time you want to buy something expensive, hold that thought for at least 48 hours, before revisiting it. Most of the time, you’ll find you don't even desire it anymore. If you still have the urge to buy it, try the saving and buying approach, instead of swiping your credit card or signing up for BNPL apps!

Five gifts you can give to yourself, friends, or family, towards achieving financial independence

<ul><li>RBI tightens capital norms for lenders disbursing unsecured loans like <keyword id="35520" type="General" weightage="20" keywordseo="personal-loans" source="Orion">personal loans</keyword>, credit card receivables.</li><li>Experts say that the central bank aims to stem unsecured loan growth which has been growing at 26% for the last five years.</li><li>The move might also have a spillover effect on fintechs who aggressively push <keyword id="9522245" type="General" weightage="20" keywordseo="bnpl" source="Orion">BNPL</keyword> schemes.</li></ul>The Reserve Bank of India tightened capital norms for lenders disbursing unsecured loans to unsuspecting borrowers on Thursday evening and there is a rationale behind this move. Given the slowdown in corporate loans, banks have been chasing retail customers for loans. Such has been the rush to offer loans that top-ups are being offered even on auto loans which is just a camouflaged unsecured credit. For example, Suresh Chandra (name changed) had a ₹15 lakh car loan that had to be paid off in 12 months. Before he could repay his existing auto loan, he was being inundated by banks and NBFCs luring him into taking more loans. A large private bank offered him a top-up loan that’s akin to the value of his car, and another wanted to offer a loan that was 150% of the part of the loan that had already been paid off. “Sometimes I get tempted to take up on these offers. Also because technically auto loan interest is lower and they’re offering the top-ups at the same rate. If I need money, I will surely take this up instead of a new personal loan,” Chandra told Business Insider India. Giving a top-up loan is a good way for banks and NBFCs to push across new loans to borrowers. A top-up loan is an additional credit that’s given over and above an existing loan and when opting for a balance transfer. It doesn’t come with end-use restrictions and requires minimum documentation. Now, India’s central bank has cracked down on lenders to stall this aggressive loan push to consumers on Thursday by tightening capital norms. Not only has it classified top-up loans as unsecured loans, it also increased risk weight on unsecured loans like personal loans, credit card receivables, consumer credit and more such. It will make it tougher for them to give out loans as easily and freely to consumers. RBI puts up a ‘STOP’ sign Banks and NBFCs have been giving out too many unsecured loans. Unsecured retail loans have been growing at a 26% compounded annual growth rate (CAGR) between FY18 to FY23, as per Nomura. In FY18, unsecured retail loans were 7.8% of bank credit and now they’re as high as 10.6%. All this has happened by chasing after consumers for loans. “We view this as a clear signal from the regulator that it wants to bring down the strong growth in these segments, which is being brought into effect by bringing about an increase in the effective cost of capital for lending to these segments,” says a report by Nomura. Experts say that RBI’s move will control the increasing delinquencies and high risks associated with lending in the unsecured loan segment. Due to increased risk weightage, lenders should have to cover for more credit risk in the unsecured loan segment and it will make lending more expensive. The loans will also turn more expensive for borrowers. “RBI has been cognizant of the high increase in unsecured lending and initial delinquency trends seen in the unsecured loan segment. While this might look like a small piece in the overall picture, the RBI is cautious enough to take an early step in controlling the same,” says Ameet Venkeshwar, chief business officer at LoanTap. The credit standards will also get tighter, experts hope. Most top banks offer personal loans at interest rates ranging between 10-26% depending on creditworthiness. These loans can go as high as ₹20 lakh and the minimum income limit has to be ₹30,000 to become eligible for such loans. Personal loan interest rates and processing fees <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lender </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Interest Rate p.a. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Processing Fee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Loan tenure </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC BANK </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.5-21% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 2.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12-60 months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI BANK </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.5-16% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 2.5% + GST </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 60 months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HOME CREDIT CASH LOAN </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24-34% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.5-5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 48 months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ADITYA BIRLA CAPITAL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14-26% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12-72 months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AXIS BANK </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.49-22% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 60 months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.05-14.05% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 1.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 72 months </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Bank websites and Bankbazaar Thou shall not tempt The free flow of personal loans has been pushing credit culture in the country. Preeti Mishra, a professional from Mumbai has a similar story. “I swiped as much as ₹50,000 on my debit card to pay my child’s school fees. Immediately, I got a call from my bank offering to convert that payment into a loan which can be paid off in installments. Why would I want to take a loan which I can afford to pay?” she says. Like Chandra, she also says that it’s fairly tempting. “Even if I was in a tad bit of a money crunch, I would have taken up the loan. And, in the long run, it would have made it tougher for me,” she worries that one bad day she might actually fall into a trap. Sumanto Roy is one such who has fallen into it, and now swimming at the deep end. The 27-year-old earns ₹60,000 per month. He already has a car loan that takes away ₹10,000 per month, another ₹8,000 as EMI for his phone and another ₹12,000 goes off his bank account every month as his laptop EMI. If Roy wasn’t living with his parents, he would have found it very tough to get by with this loan burden. “It’s difficult to pay off my credit card bill every month. I roll it over by making the minimum payment. Now, I am saving and trying to pay off my dues as fast as possible,” he tells Business Insider India adding that the loan burden is distressing him personally. Will BNPL hold on? However, banks and NBFCs are one side of the aggressive loan push story. There is a rising number of Buy Now Pay Later startups, companies that integrate EMIs while checking out of e-commerce websites, and VC-funded startups that loan for people who borrow to go on a holiday or a date. Experts believe that RBI’s move might change the dynamics of some of these fintechs to some extent. Jefferies expects PayTm’s consumer loan disbursal growth to normalize from around 90% in FY24 to 40% in FY25 and 35% in FY26. “For Paytm's lending partners, higher funding costs and increased capital requirements will affect product profitability in BNPL/PL. They may respond by tightening credit standards and/or moderating growth from elevated levels right now,” Jefferies says. Giving loans is a good business in today’s world where GenZs, especially are focussed more on ‘experiences’, want to live the good life. On the other hand, the new-age apps advertise in a buzzing manner day in and day out with taglines like — ‘Download, pay your credit card bills and earn rewards’. The lure of loan was always there. At the end of the day, lenders are different when you take the loan, and when it’s the time to pay up. Sooner or later, they would want their pound of flesh right at the heart. SEE ALSO <a href="https://www.businessinsider.in/business/news/wine-vs-tea-indias-consumption-trends-show-a-sharp-divergence/articleshow/104810168.cms">Wine vs Tea: India’s consumption trends show a sharp divergence</a> <a href="https://www.businessinsider.in/business/news/bitten-by-inflation-indians-buying-fewer-clothes-this-season/articleshow/105179140.cms">Bitten by inflation, Indians buying fewer clothes this season</a>

The dark truth behind RBI’s crackdown on easy personal loans

Ever since the pandemic broke out, digital offerings have gained greater growth momentum. Among these, one popular category has been <keyword id="9522245" type="General" weightage="100" keywordseo="bnpl" source="Orion">BNPL</keyword> (buy now, pay later) credit products. This is an interesting phenomenon as <keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">credit card</keyword> usage has never quite caught on in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> as one would have expected it to, especially in non-tier 1 cities. As per GlobalData, the country has only five credit cards for every 100 persons. Nonetheless, the <keyword id="13591588" type="General" weightage="20" keywordseo="BNPL-credit" source="Orion">BNPL credit</keyword> option has been finding increasing favour among various cohorts across India. RedSeer Consulting estimates the segment will touch almost $50 billion by 2026. Given its tremendous potential, multiple players from diverse domains have entered the space, including fintech/payment players, <keyword id="2619064" type="General" weightage="20" keywordseo="e-commerce-entities" source="Orion">e-commerce entities</keyword>, a ride-hailing aggregator and banks. <cmsannotation type="cmsannotation" annotationid="BNPL Benefits and Changing Consumer Habits" comment="subhead" text="BNPL Benefits and Changing Consumer Habits">BNPL Benefits and Changing Consumer Habits</cmsannotation> Thanks to the instant digital credit offering, millennials and other younger cohorts have been using BNPL while shopping online, which includes first-time digital payment users. Towards catering to the rising demand, many e-commerce and smaller D2C (direct-to-consumer) brands, which wouldn’t otherwise be in a position to offer credit facilities to consumers due to the costs involved, are also using BNPL. The popularity of BNPL can be best gauged from the response of banks that were initially apprehensive about entering the sphere but are now active participants. BNPL provides a maximum credit of a couple of thousands up to one lakh only. Conversely, credit card limits can extend up to five lakh or more, depending on the service provider and the creditworthiness of an individual. Yet, given the typically higher interest rates of credit cards, many consumers avoid using their cards regularly for small ticket purchases. It is these cohorts in metros and non-metro regions that BNPL players are servicing. The best part is that borrowers can avail of short-term credit via BNPL even if they don’t have a credit history, which is next to impossible with credit cards where hard inquiries are made via credit bureaus before a card is approved, with possible impact on credit scores. As a result, the shopping habits of consumers who were previously reluctant to credit are now changing. The demand for BNPL is being fuelled by the low penetration of credit cards in the country and the surge in e-commerce transactions during the past few years, particularly after the outbreak of COVID-19. Market analysts believe there is tremendous scope for credit products such as BNPL as the 15 to 45 days’ credit period allows people to manage their monthly purchases and monthly budgets better. Depending on the BNPL offered, the credit period could extend up to a few months. During this time, the credit amount can be repaid in installments. However, there are late fee penalties and interest charges if the payment is not made within the predetermined date. Accordingly, service providers earn revenue through the commissions paid by merchants as well as via late fee charges, though the latter is not a core revenue-driver as such. <cmsannotation type="cmsannotation" annotationid="Tailwinds and other advantages" comment="subhead" text="Tailwinds and other advantages">Tailwinds and other advantages</cmsannotation> With people being confined within their homes for prolonged periods since March 2020 due to intermittent lockdown restrictions, the simple, convenient and instant credit option has come as a boon, particularly for new-to-credit borrowers, shopping online. Acknowledging the demand, e-commerce portals and apps are providing the BNPL option to buyers. Earlier, when people required an almost interest-free credit for buying or other recurring expenses, they were inclined to borrow from family, friends or relatives. But the pandemic closed this route, since liquidity constraints affected almost all families. In such a scenario, BNPL gained faster acceptance among shoppers during this period. Whereas the credit offering, first, found favour with young professionals and millennials, people from all age groups also gradually began using BNPL schemes in the lockdown phase. To leverage the changing consumer habits, some BNPL players have joined hands with kirana stores to provide their customers with a convenient credit option. This is possible since BNPL offers can be approved online within minutes with the help of intelligent tech resulting in minimal paperwork, unlike other credit products which consist of tedious documentation and elaborate credit approval processes. What’s more, BNPL’s real-time credit option has lower chances of rejection compared to personal loans or cards. It should be noted that BNPL offers ‘without interest’ and ‘with-interest’ options. In offerings with an interest component, in some cases, customers can avail of higher credit ranging between INR25,000 and INR100,000, which is useful for high-value purchases. Here, the interest-based EMIs (equated monthly instalments) could typically be spread over one to three months and in some cases even beyond. In India, BNPL is used for both daily shopping needs such as personal care products, health and food items as well as high-value goods, including electronics, appliances, cellphones, consumer durables and beyond. Besides facilitating small-ticket purchases without additional charges, the service offers a swift and safe checkout process, making it most convenient for both merchants and online shoppers. Finally, considering the transparency regarding interest rates, late payment fees, etc. consumers are assured there are no hidden charges in BNPL. Going by these benefits, there is no doubt whatsoever that BNPL is bound to gain greater traction with every passing year. The author is the founder and chief executive officer (CEO) of payments platform Simpl. Disclaimer: The opinions expressed are of the author and do not necessarily reflect the views of the Business Insider India.

OPINION: The demand for BNPL is being fuelled by low penetration of credit cards in India

<a href="https://www.businessinsider.com/category/money2020-europe"></a><div type="image" title="Attendees watch a Money20/20 conference session" height="2601" width="4000" msid="92090522" hostid="261"></div><ul class="summary-list"><li>UK <keyword id="14148650" type="UNKNOWN" weightage="60" keywordseo="neobank" source="Orion">neobank</keyword> <keyword id="14148649" type="UNKNOWN" weightage="60" keywordseo="zopa" source="Orion">Zopa</keyword> is getting into the <a href="https://www.businessinsider.com/buy-now-pay-later-bnpl-threats-payments-merchants-fees-data-2021-8">buy now pay later (BNPL) market</a>.</li><li>The company had previously teased Q4 2022 for an IPO, and its CEO affirmed that it will be waiting for "the right moment" to go public. </li></ul>UK neobank Zopa is getting into the <a href="https://www.businessinsider.com/buy-now-pay-later-bnpl-threats-payments-merchants-fees-data-2021-8">buy now, pay later (BNPL) market</a>, it announced Wednesday.The announcement came just the day after <a href="https://www.businessinsider.com/apple-pay-later-doesnt-worry-us-buy-now-unicorn-affirm-2022-6">Apple said it was also launching BNPL services</a>."We're not gonna compete with Apple," Zopa CEO Jaidev Janardana said at the Money20/20 <keyword id="11898487" type="UNKNOWN" weightage="60" keywordseo="fintech" source="Orion">fintech</keyword> conference in Amsterdam on Wednesday. "Our focus will be on bigger-ticket items."Zopa's <keyword id="9522245" type="UNKNOWN" weightage="60" keywordseo="bnpl" source="Orion">BNPL</keyword> option is available for purchases from £250 to £30,000 ($314 to $37,630).The bank says it will carry out full credit checks to ensure it only offers affordable credit to customers and will help customers to consolidate their debt and build their credit profiles."We understand that BNPL is just debt," Janardana said.Ed Massey, Zopa's head of partnerships and business development, called BNPL a "relatively unpredictable space," citing upcoming regulations, rising inflation, and the current cost of living crisis.Zopa said that its BNPL service will first be offered as retail <keyword id="11895316" type="UNKNOWN" weightage="60" keywordseo="finance" source="Orion">finance</keyword> for merchants through B2B2C partnerships, and then to consumers when new regulation comes into place.Zopa first launched as a peer-to-peer lender connecting savers to borrowers, though it closed down this stream of its business <a href="https://www.zopa.com/about/our-story">in late 2021</a>. Since <a href="https://www.businessinsider.com/zopa-attains-full-uk-banking-license-2020-6">getting its banking license</a> in 2020, Zopa says it has become profitable, attracted £1.2 billion in deposits, and issued around 300,000 credit cards.Massey said that Zopa makes 7 million fully-automated lending decisions a month.Zopa had previously earmarked the fourth quarter of 2022 for its IPO. Janardana said it's "doing the necessary steps" but "we will wait for the right moment to do an IPO," adding that investors including Japanese investment giant SoftBank were happy to wait. In October,<a href="https://www.businessinsider.com/zopa-bank-fast-growing-fintech-lender-raises-300m-from-softbank-2021-10">Zopa announced that it had raised $300 million in funding from SoftBank</a>, and says that it has raised a total of $500 million to date.

Report from Money20/20: Zopa is getting into the booming buy now, pay later market

<ul class="summary-list"><li>CEO of pay later unicorn <keyword id="11965225" type="UNKNOWN" weightage="60" keywordseo="affirm" source="Orion">Affirm</keyword> tells Bloomberg he's "genuinely excited" about <keyword id="11894021" type="UNKNOWN" weightage="60" keywordseo="apple" source="Orion">Apple</keyword>'s move.</li><li>Max Levchin said he's "not particularly worried" about the threat Apple Pay Later poses to Affirm. </li></ul>The cofounder of "buy now, pay later" unicorn Affirm said he's "genuinely excited" about Apple's decision to enter the same market despite the threat it may pose. Tim Cook announced Apple Pay Later <a href="https://techcrunch.com/2022/06/06/apple-pay-later-lets-you-split-up-purchases-into-four-payments-at-no-interest/">at its developer conference</a> on Monday. The <keyword id="14147157" type="UNKNOWN" weightage="60" keywordseo="apple-wallet" source="Orion">Apple Wallet</keyword> feature lets users split any purchase into four interest-free payments over six weeks.Max Levchin, who is also Affirm's CEO, told <a href="https://www.bloomberg.com/news/articles/2022-06-07/affirm-ceo-says-he-s-not-worried-about-apple-s-pay-later-rival?srnd=technology-vp">Bloomberg TV on Tuesday:</a> "They're focusing on a six-week product, which I think is great. There's plenty of competitors and they should be worried – I think this spells a certain level of concern for folks that are really specialized in this really short-term product."In contrast, Affirm offers payment plans for up to 60 months, he said.Rajat Roy, an associate professor at Bond University, wrote in a <a href="https://theconversation.com/buy-now-pay-later-apple-will-now-lend-you-money-to-keep-you-spending-and-expand-its-empire-184550">piece for The Conversation</a> that Apple was "trying to consolidate its foothold in the world of consumer finance, and increase its profitability".He added: "As Apple's customers increasingly start to use the Pay Later service, it will gain from merchant fees." Affirm stock <a href="https://markets.businessinsider.com/news/stocks/affirm-stock-price-apple-announces-buy-now-pay-later-wallet-2022-6">dropped 6%</a> on Monday after Apple's announcement and has lost almost three quarters of its value this year following a turbulent period for buy now, pay later firms, but is still worth about $7 billion.In late May, Swedish fintech darling <keyword id="11965228" type="UNKNOWN" weightage="60" keywordseo="klarna" source="Orion">Klarna</keyword> laid off <a href="https://www.businessinsider.com/klarna-fintech-unicorn-pre-recorded-message-layoff-700-employees-2022-5">10% of its staff</a>, or about 700 employees. Affirm, however, is still actively hiring, Levchin said. Regulators <a href="https://www.cityam.com/consumer-groups-sound-the-alarm-over-buy-now-pay-later-bills-as-cost-of-living-soars/">in the UK</a> and <a href="https://www.cnbc.com/2021/12/16/consumer-watchdog-takes-aim-at-buy-now-pay-later-programs.html">the US</a> are also paying increasing attention to the sector. In December, the US Consumer Financial Protection Bureau opened an investigation into consumer debt levels on platforms including Klarna and Afterpay. Affirm did not immediately respond to Insider's request for comment.

Apple Pay Later doesn't worry us, says CEO of buy now, pay later unicorn Affirm

<ul><li><keyword id="11983441" type="UNKNOWN" weightage="60" keywordseo="affirm-stock" source="Orion">Affirm stock</keyword> fell 6% on Monday after <keyword id="11894021" type="UNKNOWN" weightage="60" keywordseo="apple" source="Orion">Apple</keyword> announced its own Buy Now, Pay Later payment option.</li><li><keyword id="12211805" type="UNKNOWN" weightage="60" keywordseo="apple-pay" source="Orion">Apple Pay</keyword> Later allows users to split the cost of an Apple Pay purchase into four equal payments with no interest.</li><li>The new offering from Apple works with any merchant that already supports Apple Pay, and does not require a new POS terminal.</li></ul><a href="https://markets.businessinsider.com/stocks/afrm-stock">Affirm</a> stock sank as much as 6% on Monday after <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> announced its own buy now, pay later payment option at its <a href="https://www.businessinsider.com/apple-iphone-edit-button-unsend-imessages-texts-ios16-2022-6">annual WWDC event.</a>Apple announced Apple Pay Later, which is fully integrated into Apple's digital wallet and allows its users to pay back any purchase made with Apple Pay in four installments. Apple said its buy now, pay later option boasts zero interest rates and no late fees.The new payment option from Apple has long been rumoured, which is perhaps why <keyword id="11965225" type="UNKNOWN" weightage="60" keywordseo="affirm" source="Orion">Affirm</keyword> pared its losses and traded down just 3% about one hour after Apple's announcement. Still, Affirm is down 75% year-to-date, and is off more than 86% from its 52-week high. Apple Pay Later is available wherever Apple Pay can be used, including for in-app purchases and shopping on the web. Additionally, the new payment installment plan is fully integrated with existing point-of-sale terminals, so retailers won't need to upgrade their POS systems to enable Apple Pay Later.Any purchase made with Apple Pay Later can be tracked and managed through the Apple Wallet app on the iPhone. Apple's first foray into the buy now, pay later space was with its Apple Credit Card, which allowed users to make monthly installment payments with 0% interest for specific Apple products purchased at Apple Store locations.Now Apple will compete with the likes of Affirm, Klarna, and Afterpay in the buy now, pay later space, but Apple highlighted its plans to launch the service were more of an effort to help its iPhone users completely replace their physical wallet. The company is working towards that goal by launching state-approved digital drivers licenses, among other features.<keyword id="11940162" type="UNKNOWN" weightage="60" keywordseo="apple-stock" source="Orion">Apple stock</keyword> traded up half a percent in Monday trades. The company also unveiled new MacBooks, and iOS 16 for the iPhone. Speculation has mounted that Apple may unveil an augmented reality product. The conference is still ongoing.

Affirm sinks after Apple announces its own buy-now-pay-later option at WWDC event

<ul><li><cmsannotation type="cmsannotation" annotationid="Second biggest players in the BNPL market" comment="subhead" text="Second biggest players in the BNPL market"></cmsannotation><keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> Pay Laters provides credit up to ₹1 lakh to its customers depending on their credit profile.</li><li>The <keyword id="6592393" type="General" weightage="20" keywordseo="flipkart-pay-later" source="Orion">Flipkart Pay Later</keyword> feature is currently only available on Flipkart and Myntra, but it will be expanded to other platforms.</li><li>The company is now looking to go public in 2023 at a valuation of $60-70 billion.</li></ul>Walmart-owned ecommerce giant Flipkart on Thursday announced that it has doubled the user base of its ‘Buy Now, Pay Later’ (<keyword id="9522245" type="General" weightage="20" keywordseo="bnpl" source="Orion">BNPL</keyword>) business. The Flipkart Pay Later now has over six million users within seven months. Flipkart Pay Laters provides credit up to ₹1 lakh to its customers depending on their credit profile. The fintech venture allows customers to shop any number of times throughout the month and pay the total bill amount in part within 30 days or through EMI. The feature is currently only available on Flipkart and Myntra, but it intends to expand it further. After that, they could face competition from players like Simpl, LazyPay, Mobikwik, <keyword id="5988397" type="General" weightage="20" keywordseo="paytm-postpaid" source="Orion">Paytm Postpaid</keyword> and <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> Pay Later. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Customers </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Simpl </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Flipkart Pay Later </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LazyPay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.5 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Postpaid </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mobikwik </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.8 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amazon Pay Later </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 million+ </td></tr></tbody></table>Source: Company announcements <cmsannotation type="cmsannotation" annotationid="Second biggest players in the BNPL market" comment="subhead" text="Second biggest players in the BNPL market">Second biggest players in the BNPL market</cmsannotation> With 6 million users, Flipkart Pay Later is the second biggest ‘<keyword id="4585897" type="General" weightage="20" keywordseo="buy-now-pay-later" source="Orion">Buy Now Pay Later</keyword>’ player after Simpl. The feature can be used to purchase items across categories like groceries, lifestyle, general merchandise and home. It also offers longer-tenured EMI options to buy mobiles, consumer electronics and large appliances. Flipkart Pay Later currently processes 3 million long tenured EMI transactions on a monthly basis, and 90% of these transactions come from repeat customers. The company claims to offer a frictionless checkout experience as the platform does not require any paperwork or down payment before offering the credit line. “As per research, the Buy Now Pay Later (BNPL) market will grow 10x over the next five years, surpassing $40 billion by 2026. Interestingly, 45% of customers prefer to make purchases with BNPL options even if they have a credit card owing to the convenience that BNPL provides,” Dheeraj Aneja, senior vice president and head of fintech and payments group at Flipkart, said. Flipkart is currently pulling all strings for a successful public debut by 2023. The company raised <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-raises-3-6-billion-at-a-valuation-of-over-37-billion/articleshow/84338594.cms">$3.6 billion in July 2021 </a>in a run-up to this ambition, and is currently valued at $37 billion. It initially planned an initial public offering (IPO) in the USA by November 2022, seeking a valuation of $50 billion, but the plan was delayed due to market volatility. The company is now looking to go public in 2023 at a<a href="https://www.businessinsider.in/business/corporates/news/flipkart-ipo-may-happen-in-2023-at-a-valuation-of-70-billion/articleshow/90703817.cms"> valuation of $60-70 billion</a>. To make this into a reality, Flipkart is looking to boost its online healthcare services and travel booking heavily, as per media reports. SEE ALSO <a href="https://www.businessinsider.in/tech/news/the-state-of-uttar-pradesh-and-how-its-been-feeding-facebook-ad-revenues/articleshow/91660700.cms" data-type="tilCustomLink" style="">The state of Uttar Pradesh and how it’s been feeding Facebook ad revenues</a> <a href="https://www.businessinsider.in/business/news/heatwave-has-turned-acs-from-a-luxury-to-a-necessity-but-margins-remain-muted-for-the-players/articleshow/91655568.cms" data-type="tilCustomLink" style="">Heatwave has turned ACs from a luxury to a necessity — but margins remain muted for the players</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-vs-bharti-airtel-four-charts-to-showcase-how-indian-telecom-giants-faired-in-2022/slidelist/91640306.cms" data-type="tilCustomLink" style="">Reliance Jio Vs Bharti Airtel — Four Charts That Showcase How The Indian Telecom Giants Faired In 2022</a>

Flipkart claims to be the second biggest ‘buy now, pay later’ player ahead of Paytm, Amazon

<ul><li><keyword id="1554716" type="General" weightage="20" keywordseo="buy-now" source="Orion">Buy Now</keyword>, <keyword id="3621187" type="General" weightage="20" keywordseo="pay-later" source="Orion">Pay Later</keyword> schemes by e-commerce platforms may look attractive but charge you a higher amount if you miss any payment deadline.</li><li>Suppose you took a cab ride of ₹1,500 on Ola and paid through Ola Money Postpaid. If you forget to pay the amount in the next 15 days then you will be charged ₹100 the other day.</li><li>Online platforms like Paytm Postpaid, Ola Money Postpaid, Amazon Pay Later and Flipkart PayLater charges up to ₹600 fees if you miss any deadline dates.</li></ul>Just like credit cards, Buy Now, Pay Later (<keyword id="9522245" type="General" weightage="20" keywordseo="bnpl" source="Orion">BNPL</keyword>) schemes allow you to buy products beforehand and pay the total amount in installments. You must be aware of Paytm Postpaid, Ola Money Postpaid, Amazon Pay Later, Flipkart PayLater and several others. To help you understand the steep charges by online platforms that have Buy Now, Pay Later scheme here is an example. Suppose you took a cab ride of ₹1,500 on Ola and paid through Ola Money Postpaid. Later if you forget to pay the amount in the next 15 days then you will be charged ₹100 the other day. Also, this amount will keep on increasing every cycle if you miss future deadlines. During the last couple of years and also because of covid infused financial stress, BNPL schemes have become very popular among young who are new to the credit space. Macquarie expects the total amount of loans disbursed through such schemes to be anywhere between $45 billion and $50 billion by March 2026. The current market is still very small ⁠— about 0.7% of all bank loans and about 2.07% of loans given by the non-banking financial companies, <a href="https://rbidocs.rbi.org.in/rdocs//PublicationReport/Pdfs/DIGITALLENDINGF6A90CA76A9B4B3E84AA0EBD24B307F1.PDF">according to the latest data provided by the Reserve Bank of India</a>. <div type="image" title="loan disbursal" height="900" width="1200" msid="87798372" hostid="261"></div> While these schemes do serve the purpose of buying products on time and paying later, one should be aware about the high cost in late payments. How does BNPL work? <ul><li>Buy a product at an online or e-commerce platform</li><li>Select ‘Buy Now, Pay Later’ option</li><li>Make a small down payment of the overall purchase amount</li><li>The remaining amount shall be debited in a series of EMIs</li></ul>Most BNPL schemes offer a smaller repayment window of 15 to 30 days and charge up to ₹600 fees if you miss the deadline. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Late fees </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ZestMoney </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹250+ 1% per day on late repayments </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Simpl </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹250 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ePayLater </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹100 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">KrazyBee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹500+ 0.2% penalty charge per day </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Postpaid </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10-500 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amazon Pay Later </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹100-500 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mobikwik Zip </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20-200 per cycle default. Plus 1% late fee after 3rd cycle </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Flipkart PayLater </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹60-600 per cycle default </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LazyPay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹50-500 per cycle default </td></tr></tbody><tbody></tbody></table>Source: Macquarie report dated November 18, 2021 BNPL looks attractive but is definitely not a win-win situation for consumers. These steep late fee charges indicate significant revenue for the company, said analysts at global brokerage firm Macquarie Research. What should you do? Educate yourself about the interest charges including processing fee, which you would be paying before you make your purchase via the BNPL option, on the total amount before buying a product through BNPL. It is best to use the BNPL option when you are sure of paying the entire due amount before the due date. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/opinion-the-next-four-letter-word-taking-the-world-of-finance-by-storm/articleshow/87260681.cms">OPINION: The next four-letter word taking the world of finance by storm</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/ntpc-is-hiring-experienced-engineering-professionals-with-a-monthly-salary-of-60000/articleshow/87781706.cms">NTPC is hiring experienced engineering professionals with a monthly salary of ₹60,000</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-is-now-bigger-than-paytm-reasons-why-the-market-is-not-excited-about-vijay-shekhar-sharmas-vision-of-a-superapp/articleshow/87777762.cms">Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp</a>

From Simpl to Paytm Postpaid ⁠— these are the penalties on late payments on Buy Now, Pay Later schemes

<ul class="summary-list"><li>The three major credit bureaus will start collecting data on "buy now, pay later" loans. </li><li><keyword id="13412939" type="UNKNOWN" weightage="60" keywordseo="experian" source="Orion">Experian</keyword> will be the only one to count these loans toward — or against — credit scores for now. </li></ul>Accepting the enticing "buy now, pay later" offer you see while shopping online could start counting toward — or against — your credit score.That's because the three major US credit bureaus, <keyword id="12107777" type="UNKNOWN" weightage="60" keywordseo="transunion" source="Orion">TransUnion</keyword>, <keyword id="13412940" type="UNKNOWN" weightage="60" keywordseo="equifax" source="Orion">Equifax</keyword>, and Experian, will be collecting data on these purchases, according to their press releases. If you make payments on time, it could boost your credit score; if not, it could hurt it, which could in turn affect your ability to obtain a mortgage, credit card, or other loan. <keyword id="9522245" type="UNKNOWN" weightage="60" keywordseo="bnpl" source="Orion">BNPL</keyword> loans such as those offered by Affirm, Afterpay, Klarna, and PayPal's "Pay 4" option have been growing increasingly popular over the past few years, <a href="https://themotleyfool.partnercentric.com/?campaign=78888&amp;pc_source=TheMotleyFool_Awin&amp;ued=https://www.fool.com/the-ascent/research/buy-now-pay-later-statistics/?awc=12195_1647964660_f6d5cfa98770dc94848fe3a78cd51101&amp;utm_source=aw&amp;utm_campaign=78888">especially</a> among Gen Z buyers. The services essentially do what they say, which is offer buyers short-term, often interest-free loans to pay for purchases. Shoppers sign up for a scheduled repayment plan and pay back the debt in installments. The rise of BNPL <a href="https://www.businessinsider.com/buy-now-pay-later-raise-government-concerns-debt-credit-risk-2022-1">led to</a> a pandemic-era spending and debt boom, prompting the the Consumer Financial Protection Bureau to <a href="https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-opens-inquiry-into-buy-now-pay-later-credit/">open</a> an inquiry into BNPL firms in December, citing concerns around debt growth, consumer protection laws, and data harvesting.The three bureaus are taking different approaches when it comes to incorporating the relatively new shopping phenomenon into the financial profiles of credit users. Equifax will be the only one of the three where a BNPL provider can choose to include BNPL loans in the calculation of your core credit score. TransUnion and Equifax will start collecting information about an individual's outstanding BNPL loans, but won't factor it into a credit report. Both TransUnion and Equifax, however, allowed for the possibility that they might do so in the future. "To protect consumer credit scores from immediate negative impact, detailed information related to each BNPL transaction will be stored separately from Experian's core <keyword id="13440764" type="UNKNOWN" weightage="60" keywordseo="credit-bureau" source="Orion">credit bureau</keyword> data," Experian <a href="https://www.experianplc.com/media/latest-news/2022/experian-s-industry-first-buy-now-pay-later-bureau-will-protect-consumer-credit-scores-and-provide-real-time-insights-to-drive-more-inclusive-and-responsible-lending">said</a> in a press release. <h2>Experts are cautious about buy now, pay later and its impact on credit scores</h2>TransUnion does plan to use BNPL loans to calculate consumers' credit scores in the future, but it will likely take credit bureaus and reporting models a few years to adjust, Liz Pagel, Senior Vice President at TransUnion, <a href="https://www.cnbc.com/select/bnpl-loans-to-be-reported-on-credit-reports/">told</a> CNBC last week, and Experian's Chief Product Officer, Greg Wright, <a href="https://www.lendacademy.com/podcast-342-greg-wright-of-experian/?intcmp=insightsblog-btn-022322-bnpl-podcast">said</a> the same thing. For now, BNPL information will be separate from credit information in those two bureaus so that it doesn't negatively impact credit scores — but they won't be improving them either. Other than storing the data, Experian and TransUnion have not said what else they plan to do with it. Equifax, in contrast, will run bi-weekly reporting on BNPL loans. The bureau will account for BNPL lines of credit, and give the firms that generate scores the opportunity to view and decide how to incorporate the BNPL data, Equifax <a href="https://investor.equifax.com/news-events/press-releases/detail/1204/equifax-first-to-formalize-inclusion-of-buy-now-pay">said</a> in a press release. Susan Sterne, president and chief economist at Economic Analysis Associates, told Insider's Ben Winck in January that the credit bureaus should have investigated the impact of BNPL sooner, due to the risk of a possible credit bubble. Credit bubbles describe a surge in forms of credit, such as loans. "The three big agencies that follow consumer debt have yet to really get their hands around this as it's a relatively new concept," Sterne said. "They've been diligent post-financial crisis, but I guess nothing has changed. They should have been more aware of this."

Buy now, pay later loans like Affirm and Klarna will soon count toward your credit score

<ul class="summary-list"><li>The Student Borrower Protection Center released an investigation on private student-loan financing.</li><li>It found "Buy Now, Pay Later" loans can steer students in the for-profit sphere deep into debt.</li></ul>The for-profit education sphere has been under scrutiny for decades over accusations of bad behavior and misleading students into taking on debt — and a new investigation highlighted the major risks with the loans many of those schools offer.The Student Borrower Protection Center (SBPC) released <a href="https://protectborrowers.org/wp-content/uploads/2022/03/SBPC_BNPL.pdf">a report</a> on Thursday that found over 100 for-profit schools issue "dangerous" loan financing options to students that are lightly-regulated and are not in the best interest of the borrower.The report highlighted "Buy Now, Pay Later" (<keyword id="9522245" type="UNKNOWN" weightage="60" keywordseo="bnpl" source="Orion">BNPL</keyword>) loans in particular, which allow borrowers to split loan repayments into a series of installments, but have left many to face "huge and unexpected fees, see damage to their credit, be left with no protections in the event of fraud, lose ability to seek justice in the courts in the event of a dispute, and more," according to the report.BNPL loans fall under what the report described as "shadow <keyword id="11896049" type="UNKNOWN" weightage="60" keywordseo="student-debt" source="Orion">student debt</keyword>" — a term for the broad set of "risky" loans available outside the typical private student loan market."Today's report exposes yet another industry bent on making a buck through the student debt crisis," SBPC Director of Research &amp; Investigations Ben Kaufman said. "Policymakers and law enforcement at all levels must step in to protect borrowers from the unholy but ever-more prevalent marriage of dubious schools and risky private credit."As Insider previously <a href="https://www.businessinsider.com/buy-now-pay-later-raise-government-concerns-debt-credit-risk-2022-1">reported</a>, BNPL loans have grown in popularity over recent years — more than <a href="https://www.emarketer.com/content/almost-75-of-bnpl-users-us-gen-z-millennials">45 million Americans</a> are using them — prompting the Consumer Financial Protection Bureau (<keyword id="12055000" type="UNKNOWN" weightage="60" keywordseo="cfpb" source="Orion">CFPB</keyword>) to open an inquiry on firms that hand out those loans given their unregulated nature. And, as the Student Borrower Protection Center's report found, regulation is needed. Many students who attend for-profit schools take out BNPL loans with the promise of successful employment post-graduation, but despite the programs costing hundreds of dollars, "there is no available evidence to indicate that they consistently or even frequently lead to a job, let alone one at advertised average starting salaries for their given field."Here are other main findings from the SBPC's investigation:<ul><li>BNPL options are available as a student loan at more than 50 "apparently unaccredited and/or unregulated for-profit schools," leading to significant lack of oversight over the financing.</li><li>BNPL companies are especially active in for-profit training bootcamps, usually for tech jobs, that have historically misled students into taking on debt with few career prospects.</li><li>Despite PayPal <a href="https://www.yahoo.com/now/pay-pal-credit-for-profit-schools-213858404.html">claiming</a> in 2020 it would take action to rein in its private loan financing products, schools can use PayPal services as a type of loan they offer, and they are continuing to offer the company's BNPL loan as a student loan. </li></ul>Law360 <a href="https://www.law360.com/articles/1469711/paypal-faces-5m-suit-over-buy-now-pay-later-product">reported</a> on Wednesday that PayPal is facing a lawsuit after consumers told a federal court the company did not make them aware of the "true risks" of its BNPL service.<h2>The government has started cracking down on risky student-loan financing</h2>PayPal and <a href="https://www.afterpay.com/en-US">Afterpay</a> are most commonly known for ecommerce sales, but they also offer a service that schools can use to set up BNPL loans for students.As the SBPC highlighted, the risks with BNPL can be dire. Not only are those lenders not required to offer an account statement disclosing payments, which can make borrowers confused about what they owe, but late fees can be as high as $25 for one late payment. <a href="https://www.afterpay.com/en-US">Afterpay</a> reported it sourced 20% of its overall yearly revenue from late fees alone, per the National Consumer Law Center.Lawmakers are aware of these risks, and six Democratic senators urged the CFPB to increase oversight and ensure transparency over BNPL products in December."[BNPL] are not generally subject to federal supervision that can spot unfair, deceptive, or abusive practices or other violations of federal consumer protection laws," the lawmakers' <a href="https://www.banking.senate.gov/newsroom/majority/us-senators-urge-cfpb-to-take-action-to-ensure-transparency-and-oversight-of-buy-now-pay-later-products_providers">letter</a> said. "Consumers may be unaware of these regulatory gaps and may be erroneously led to believe that credit obtained from a BNPL provider comes with protections that are similar to those for credit cards." On Wednesday, the CFPB <a href="https://www.businessinsider.com/private-student-loan-borrowers-deeper-debt-biden-education-department-2022-3">published</a> a blog post reminding colleges that advertise private <keyword id="11896050" type="UNKNOWN" weightage="60" keywordseo="student-loans" source="Orion">student loans</keyword> that they must disclose all costs and risks associated with the financing, as required by the Higher Education Act. "Without guardrails, these financial incentives can create conflicts of interest that may drive students to use financial products—branded by trusted college logos—that have high or unusual fees and fewer consumer protections than other widely available products," Rich Williams, chief of staff of the Office of Postsecondary Education, wrote. "Expensive financial products can leave many vulnerable students deeper in debt, and unexpected fees can threaten their path toward graduation."

Millions of student-loan borrowers are being driven toward 'dangerous' debt for a for-profit education, investigation finds

Good morning and welcome to <keyword id="11420569" type="UNKNOWN" weightage="60" keywordseo="insider-finance">Insider Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:<ul><li>Andreessen Horowitz just tapped David Haber as its <a href="https://www.businessinsider.com/david-haber-goldman-sachs-andreessen-horowitz-fintech-general-partner-2021-6">first New York-based general partner</a>.</li><li>Goldman Sachs is <a href="https://www.businessinsider.com/goldman-sachs-marcus-hiring-buy-now-pay-later-product-leader-2021-6">building out teams</a> focused on new buy now, pay later offerings. </li><li><keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> is showing an interest in <a href="https://www.businessinsider.com/accenture-virtual-augmented-reality-transform-trading-floor-banking-michael-cheek-2021-6">adopting more virtual reality</a>. </li></ul>You're invited: Join us Tuesday at 12 p.m ET for a virtual event presented by PwC, spotlighting the biggest trends CEOs will focus on in the next 12 months. <a href="https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg30.jsp&amp;partnerref=editorial_newsletter&amp;eventid=3133937&amp;sessionid=1&amp;key=7A1B1FC73859D6F335A5645AA0F68725&amp;regTag=&amp;V2=false&amp;sourcepage=registeralse&amp;sourcepage=register" target="_blank" rel="noopener noreferrer">Register here</a>.<a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a>Like the <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. <h3><a href="https://www.businessinsider.com/david-haber-goldman-sachs-andreessen-horowitz-fintech-general-partner-2021-6">a16z is zeroing in on the New York fintech scene with a new general partner hire. He explains why the best minds on Wall Street are pivoting to startups.</a></h3><a href="https://www.businessinsider.com/david-haber-goldman-sachs-andreessen-horowitz-fintech-general-partner-2021-6"><div type="image" title="David Haber, general partner at Andreessen Horowitz" height="512" width="682" msid="83918470" hostid="261"></div></a>Andreessen Horowitz is on a hiring spree, and David Haber, who will lead the firm's bullish take on the New York fintech scene, is its latest get. <a href="https://www.businessinsider.com/david-haber-goldman-sachs-andreessen-horowitz-fintech-general-partner-2021-6">Read up on Haber's role here.</a><h3><a href="https://www.businessinsider.com/deutsche-bank-alliancebernstein-accenture-return-office-covid-remote-work-2021-6">WATCH: Execs from Deutsche Bank, AllianceBernstein, and Accenture share details on return-to-office plans, from COVID-19 vaccinations to long-term hybrid models</a></h3><a href="https://www.businessinsider.com/deutsche-bank-alliancebernstein-accenture-return-office-covid-remote-work-2021-6"><div type="image" title="Insider Events 'Future of work on Wall Street' event promotion, including Katie Burke of AllianceBernstein, Melissa Fridman of Deutsche Bank, and Michael Cheek of Accenture." height="1874" width="2499" msid="83918475" hostid="261"></div></a>Executives from Deutsche Bank, AllianceBernstein, and Accenture joined Insider's <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> reporter Reed Alexander on June 24 to explain how they're navigating Wall Street's return to the office (plus, we got sneak previews of the new offices that Deutsche Bank and AllianceBernstein are opening later this year). <a href="https://www.businessinsider.com/deutsche-bank-alliancebernstein-accenture-return-office-covid-remote-work-2021-6">Check out the full webinar here.</a><h3><a href="https://www.businessinsider.com/accenture-virtual-augmented-reality-transform-trading-floor-banking-michael-cheek-2021-6">Virtual reality is helping Wall Street reimagine a hybrid work model. An Accenture MD breaks down how traders and bankers can use the tech.</a></h3><a href="https://www.businessinsider.com/accenture-virtual-augmented-reality-transform-trading-floor-banking-michael-cheek-2021-6"><div type="image" title="Virtual reality" height="2438" width="3250" msid="83918481" hostid="261"></div></a>Traders may soon swap big, burdensome screen rigs for something more streamlined: virtual reality. <a href="https://www.businessinsider.com/accenture-virtual-augmented-reality-transform-trading-floor-banking-michael-cheek-2021-6">Michael Cheek shares how AR and VR could impact Wall Street.</a><h3><a href="https://www.businessinsider.com/wells-fargo-julie-caperton-private-bank-wealth-management-hiring-advisors-2021-6">Wells Fargo's new private bank head has big hiring plans for advisors to the ultra-wealthy, and says her priorities are 'growth, growth, and growth'</a></h3><a href="https://www.businessinsider.com/wells-fargo-julie-caperton-private-bank-wealth-management-hiring-advisors-2021-6"><div type="image" title="Headshot of Wells Fargo's new private-bank head, Julie Caperton." height="455" width="606" msid="83918483" hostid="261"></div></a>Julie Caperton plans to hire more client advisors and relationship managers to exclusively service high-net-worth and ultra-high-net-worth customers near all of the 26 private bank hubs. <a href="https://www.businessinsider.com/wells-fargo-julie-caperton-private-bank-wealth-management-hiring-advisors-2021-6">Read more about her hiring strategy.</a><h3><a href="https://www.businessinsider.com/goldman-sachs-marcus-hiring-buy-now-pay-later-product-leader-2021-6">Goldman's Marcus is staffing up teams focused on buy now, pay later as banks push into the red-hot market of point-of-sale financing</a></h3><a href="https://www.businessinsider.com/goldman-sachs-marcus-hiring-buy-now-pay-later-product-leader-2021-6"><div type="image" title="Marcus Goldman Sachs" height="3354" width="4472" msid="83918486" hostid="261"></div></a>Goldman's Marcus is hiring a leader and associate focused on buy now, pay later offerings. <a href="https://www.businessinsider.com/goldman-sachs-marcus-hiring-buy-now-pay-later-product-leader-2021-6">Here's what we know about the roles</a>.<h3><a href="https://www.businessinsider.com/blackstone-home-partners-america-single-family-rental-real-estate-inflation-2021-6">Blackstone's betting $6 billion on the rental market - here's why private-equity loves real estate right now</a></h3><a href="https://www.businessinsider.com/blackstone-home-partners-america-single-family-rental-real-estate-inflation-2021-6"><div type="image" title="Jonathan Gray Blackstone" height="1043" width="1390" msid="83918487" hostid="261"></div></a>Blackstone is all-in on rent resets and long-term property assets to combat potential inflation. <a href="https://www.businessinsider.com/blackstone-home-partners-america-single-family-rental-real-estate-inflation-2021-6">Here's why PE loves real estate.</a><h3><a href="https://www.businessinsider.com/citigroup-hires-etienne-lussiez-from-barclays-to-run-index-volatility-2021-6">Citigroup poached a volatility trader from Barclays to run index flow trading, reinforcing a desk hard hit by Wall Street talent war</a></h3><a href="https://www.businessinsider.com/citigroup-hires-etienne-lussiez-from-barclays-to-run-index-volatility-2021-6"><div type="image" title="Etienne Lussiez is the head of index flow volatility trading at Citigroup" height="650" width="866" msid="83918488" hostid="261"></div></a>Citigroup has hired Etienne Lussiez from Barclays to run index flow volatility trading. <a href="https://www.businessinsider.com/citigroup-hires-etienne-lussiez-from-barclays-to-run-index-volatility-2021-6">Here's what we know</a>.<h3><a href="https://www.businessinsider.com/wall-street-hires-and-exits-bradley-wolff-erika-najarian-eric-sheridan-2021-6">Must-know promotions, exits, and hires at firms like Evercore, UBS, and Goldman Sachs</a></h3><a href="https://www.businessinsider.com/wall-street-hires-and-exits-bradley-wolff-erika-najarian-eric-sheridan-2021-6"><div type="image" title="Bank researcher Erika Najarian" height="633" width="845" msid="83918489" hostid="261"></div></a>Top bank analyst Erika Najarian is leaving Bank of America after more than a decade to join UBS. After nearly 10 years at UBS, top internet research analyst Eric Sheridan has left the firm to join Goldman next month. <a href="https://www.businessinsider.com/wall-street-hires-and-exits-bradley-wolff-erika-najarian-eric-sheridan-2021-6">Here are all the people moves you need to know</a>.<h2>Odd lots:</h2><a href="https://www.bloomberg.com/news/articles/2021-06-24/robinhood-ipo-plans-said-to-be-slowed-by-sec-review?sref=5xrDvJna">Robinhood's IPO Plans Slowed By SEC Review (Bloomberg)</a><a href="https://www.wsj.com/articles/credit-suisses-spac-bonanza-dries-up-11624614653?mod=hp_lead_pos13">Credit Suisse's SPAC Bonanza Dries Up (WSJ)</a><a href="https://www.businessinsider.com/big-law-associates-lawyers-compensation-salary-work-life-balance-burnout-2021-6">Big Law associates are close to their breaking point, and fat raises and special bonuses aren't fixing the problem (Insider)</a><a href="https://www.businessinsider.com/wall-street-banks-asking-whether-employees-got-covid-vaccine-survey-2021-6">Goldman Sachs, Morgan Stanley, and AllianceBernstein are asking employees if they've received the COVID-19 vaccine. Here's how 8 firms are handling return to the office. (Insider)</a>

You Searched For "BNPL" and got 11 results

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