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What is Paylater? Know everything here

Financial hurdles are common, and you may find yourself cash-stripped towards the end of the month. Paylater is a lifesaver for salaried people who need to pay off pending bills quickly. By signing up, you can get immediate credit up to a certain amount without running from pillar to post to complete formalities. Different banks and financial service companies offer paylater facilities for the benefit of their customers. 

Can You Avail of Instant credit through PayLater

You can get money credited to your account within a few minutes. Once you create a PayLater account, you can borrow money up to a certain limit without interest. However, interest will be applicable if you do not repay the money within the specified time. 

How to Create a PayLater Account 

The process is relatively simple. Fill up the application and enter all the required details. If you are eligible, your bank account will be linked to your Pay later account. You will then receive a credit up to the specified limit into this account. There are zero interest charges unless you do not return the outstanding amount on time. 

Who Can Apply 

Most people are eligible for Pay Later accounts because you need only the basic requirements to qualify. These conditions are more or less the same, irrespective of where you apply.   

  • Applicants are required to be not less than 21 years or more than 65 years of age.
  • Individuals must be working, salaried persons with regular income within the specified range.
  • Must possess valid Identification and address proof.
  • A certificate of salary and bank account statement

What Does PayLater Offer Customers?

You can sign up for Pay later through their registered website or the Pay later loan app to avail of the following facilities:

  • Pay later loan apps like MobiKwik can avail of credit up to Rs. 30,000, repayable within a limited period.
  • Pay electricity, phone, water, and other utility bills. 
  • Easy mobile recharge and DTH payments of almost all operators 
  • Transfer money instantly from wallets and credit cards to banks. 
  • Complete UPI payments using mobile numbers or bank accounts
  • Pay rent, credit card bills, traffic challans, and insurance premiums. 
  • Scan and Pay at grocery stores, malls, pharmacy stores, restaurants, food delivery, movie, and bus tickets. 

What Are The Benefits of PayLater 

In addition to quick payment facilities, there are several other benefits of signing up for Paylater. Some of them are as follows:

  • Exciting offers, cashback points, and discounts: Each time you pay later through platforms like MobiKwik and others, you become eligible for exciting cashback offers and coupons that you can use later. Loyalty programs let you redeem cashback points in several ways on the Paylater loan app
  • Hassle-free shopping: shopping becomes extremely easy because you don’t have to search for your favorite brands online. Pay later customers can shop for clothing, accessories, and more from well-known brands like Flipkart and Myntra on the go. You also earn cashback points when you shop offline, so you always benefit when you pay through PayLater.
  • Seamless money transfers: With Pay later, you can make direct money transfers up to the tune of one lakh to bank accounts without having to pay additional transaction fees. Similarly, you can also receive money without having to pay any extra charges. 
  • Easy Loan Options: If you need money urgently, no need to worry because you can opt for a personal loan as well. Loans are processed in minimum time, and you don’t have to pledge anything by way of securities against the loan. You can avail of loans up to 5 Lakhs, which will be credited to your wallet.
  • Shop using EMI: Now, you no longer have to wait to shop for your favorite designer brands. Avail of credit up to Rs. 1,00,000 with reasonable processing fees and Pay later with easy monthly installments.
  • Attractive Investment Options: Investing in Mutual Funds becomes easy with as low as Rs. 100. Investing in tax-saving funds through your bank is also a good option. You can also invest in pure gold and other assets and manage them online 24×7 without leaving your home.  

Conclusion

Pay later is the answer to all your financial worries during critical times, especially when you don’t have the time for lengthy documentation and loan processing. The Pay later loan app makes things simpler and gives you the freedom to handle your finances at the click of a button. 

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