We all like to believe that money cannot buy happiness, but it does allow us to buy the things that can make us happy. We need money for our daily survival, and also to buy items of clothing, footwear, electronics and even home appliances to make our lives pleasant and comfortable.
Wouldn’t it be nice if you could simply place a purchase order online and not have to pay for them immediately? There is a way to do this, if you borrow a credit line loan.
What is a credit line loan?
A credit line is a source of funds made available against your approved credit limit. In turn, the credit limit is approved against your credit score and monthly income. Once the credit limit is approved and set by the lending app, you can borrow a credit line loan against it. These loans can be used for emergencies as well as shopping. When used for shopping, they are known as ‘BNPL loans’ (see next section for information on the shopping loan).
Leading loan apps in India offer a credit limit up to Rs 4,00,000 (based on eligibility) and a maximum tenure of 1 year to repay the loan via EMIs. This is a large sum of money for your shopping and emergency needs.
You have the liberty to use the entire credit limit at one go, or use it in smaller increments as and when you need the money. It is possible to borrow the money provided the credit line is still viable. Repaying the loans reinstates the credit line on the buy now, pay later app. This ensures that you have a ready source of funds at your disposal whenever you need the cash.
What is a BNPL loan?
A BNPL loan is an abbreviation for the term ‘Buy now, pay later’. It is a loan that completes your purchase without you spending any money upfront. The loan lets you shop first on credit without worrying about having to make the payment immediately.
As per the terms set by the lending app, you can repay the loan in a series of EMIs How do I get it?
Getting the BNPL loan is easy. You need to download a leading loan app that offers credit line loans. Check which brands it associates with. After downloading , navigate to the buy now, pay later using a few steps as directed (input your email ID, bank details and OTP sent to your mobile number).
Look for the field marked ‘credit line’ and allow the app to set your credit limit. For this, you must submit the required list of documents online, and let the app check your credit score.
Apply for a credit line loan for shopping. Suppose you want to shop at Myntra, you can look for the clothing shop online by clicking ‘Shop’ and the Myntra logo.
The loan is disbursed in the form of a gift card or voucher, for the amount you sought. Redeem it at checkout and complete the purchase.
Have the Myntra clothing delivered to your home and start using it. Meanwhile, you can repay the shopping loan in easy EMIs every month for a period of one year.
Conclusion
Whether it is Myntra clothing during sale or medicines from Apollo Pharmacy, or even booking a haircut online on Urban company, the BNPL loan has your back at all times.