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Buy Now and Pay Later is a short-term financing option that allows you to spread the cost of purchase into multiple instalments. It is a popular alternative to traditional credit card payments and personal loans which often come with higher interest rates and not much flexibility. BNPL can be availed using your credit and debit cards.

Both Shop Now Pay Later and credit cards enable you to pay for purchases over time. But there are some important differences between these two. Shop Now Pay Later generally comes with a shorter repayment period than credit cards, and the interest rates are also lower. However, it is important to note that using Pay Later services responsibly is still crucial, as missed payments can damage your credit score.

Buy Now Pay Later (BNPL) can be used for a variety of purchases in India, like mobile phones, home appliances, laptops, fashion/apparel, watches, healthcare, education and travel. However, it is important to note that not all merchants will accept BNPL as a payment option. It is best to check with the store cashier/owner.

The minimum purchase amount for using Buy Now Pay Later in India can vary depending on the bank and the merchant. Still, most providers typically have a minimum-purchase amount of ₹3,000-5,000. Each bank has its own minimum limits and it is advisable to check with them once.

Buy Now and Pay Later can be a safe way to finance purchases, but you must use it responsibly. It is important to make sure you understand the terms and conditions of the BNPL service you are using and only borrow what you can afford to repay. Be sure that you make your payments on time to avoid late fees, which will damage your credit score.

Not all providers have early repayment charges. However, it's important to check the specific terms and conditions of your chosen BNPL provider. Some might have prepayment penalties, so ensure you understand the policy before making early payments.