Advantages of Using PayLater Account
June 18, 2019
The PayLater Account, you can get an interest-free credit for up to 45 days for online purchases, bill payments and merchant UPI payments. Read this post to know 5 of the biggest benefits of the PayLater Account.
Running out of money before the end of the month is a dilemma that most salaried people in India face on a regular basis. One of the most common ways to tackle such financially difficult times is to borrow money from friends and family. But we all know how financial matters can spoil relationships, even the ones that have stood the test of time. The best alternative is to use the PayLater Account. This facility allows you to borrow money at zero-interest for online purchases, bill payments, UPI payments and more. Here are some of the top benefits of PayLater Account:
1. Instant Availability of Funds
Emergency online purchases or bill payments can put much stress on your finances when you are already running low on the account balance. With PayLater, you get an instant digital credit line for quick payments. Simply use the PayLater option on the checkout page for completing online payments and the amount will be deducted from the PayLater Account, which you can then repay within 45 days.
2. Zero Interest Credit
With PayLater Account, you get to use the credit line for free. There is no interest charged on the amount you use from this credit line as long as you make the payment within 45 days from the date of purchase. If you fail to make the payment by the due date, penal interest will be charged by the bank on the daily outstanding balance. There is also a fixed late payment fee for the same.
3. Easy Repayment
Repaying the amount you use from your PayLater Account is quick and easy too. Simply add the funds to your linked Savings Account and the bank will automatically deduct the outstanding balance from your account. You also get the PayLater repayment option on the banks Internet Banking portal as well as their Mobile Banking app. This allows you to clear your account dues anytime you like.
4. Adequate Limit for Managing Monthly Expenses
The PayLater Account comes with a credit limit ranging from Rs <5,000> to Rs <20,000>. This limit is pre-set by the bank based on a customers’ eligibility and account history. Based on how you use the credit limit, the bank can renew, reduce or increase your credit limit. The credit limit range has been carefully set by the bank to make sure that one can manage their monthly expenses, especially the emergency ones, with utmost convenience.
5. Maintain Savings Account Balance and Earn Interest
As the account allows you to get interest-free credit for up to 45 days, it is also a great way to continue maintaining a higher balance in your Savings Account and earn more interest on the same. This also makes PayLater an excellent solution to protect yourself from running out of cash balance by the end of the month.
PayLater: Simple, Convenient and Cost-Efficient
After knowing the PayLater benefits stated above, it is not difficult to understand why this facility is a smarter alternative to borrowing funds from anyone for managing your routine expenses.
Log in to the bank’s Internet Banking portal or Mobile Banking app to check for the invitation for using the PayLater facility to start using interest-free credit at times of need.
Apply for Paylater On Internet Banking.
Apply for Paylater On iMobile.
Apply for Paylater On Pockets.
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