Buy Now, Pay Later Loans, Helpful In India's Festive Recovery

Indian customers are using the Buy Now and Pay Later loans in a very efficient way. Customers are using this method to buy all types of products including household items and things for personal use as well. A Survey by Research and Market showed that these types of payment have increased by 20-30% in the last three months and are expected to increase by 66% on annual basis in India to $11.6 billion this year. 

Bhavin Patel, Co-founder of LenDenClub has said that as people are getting their jobs back it is more evident for them to have these small loans as an alternative for instant cash needs. With a decrease in the covid cases and with vaccination going on, it is also assumed that people would like to invest in goods and jewellery. 

These loans are also fulfilling the gap and are easily available to the customers who are usually not qualified for taking loans. This is a win-win situation for both, borrowers and lenders. The condition after the second wave of covid has to create some financial problems for the middle class of the society and with this payment mode, it has become easy with having to pay the total price in installment and it eases the payment method for the customers.