Buy Now, Pay Later (BNPL) schemes have become the latest fad in the credit space, particularly among the youth as they offer ease of access and disbursal. While these schemes allow one to buy products now and pay at a later date, many users do not know the penalties that platforms levy for late-payments and defaults.
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Typically, most of these platforms give a period of 15 to 30-days for repayments. But here's what happens if you miss the deadlines and here's a compilation of the late payment charges levied by some BNPL platforms.
Here are the late payment charges levied by a few players that offer the ‘buy now pay later’ scheme:
Simpl
If a payment isn’t made by the due date, Simpl — a BNPL platform — can charge a late penalty of up to Rs 250 + applicable taxes (GST).
ZestMoney
On missing out on paying an EMI, ZestMoney said it charges up to Rs 250.
Amazon PayLater
Amazon PayLater levies late fee charges as per table below, if dues are not repaid by due date (5th of the month):
| Payment amount | Late charges |
| <= Rs 200 0 | 0 |
| >200 <= Rs 1,000 | 100 + 18% GST |
| >1,000 but <=5,000 | 200 + 18% GST |
| >1,000 but <=5,000 | 200 + 18% GST |
| >1,000 but <=5,000 | 200 + 18% GST |
Lazypay
Users who are late in paying on Lazypay are charged as per this late fee structure:
| Payments | Late charges |
| Bill up to Rs. 199 – | No late fee |
| Bill from Rs. 199 to Rs. 499 | Late Fee of Rs. 50 |
| Bill from Rs. 500 to Rs. 1,999 | Late Fee of Rs. 100 |
| Bill from Rs. 2000 to Rs. 4,999 | Late Fee of Rs. 150 |
| Bill from Rs. 5000 to Rs. 9,999 | Late Fee of Rs. 300 |
| Bill from Rs. 10,000 to Rs. 24,999 | Late Fee of Rs. 400 |
| Bill more than Rs. 25,000 | Late Fee of Rs. 500 |
Flipkart PayLater
A penalty for late payment is charged in the case of Flipkart PayLater based on the outstanding due as of the 5th of the month. The penalty structure is as follows:
| Bill Amount | Late Payment Charge Amount |
| Rs 100 - Rs 500 | Rs 60 |
| Rs 501 - Rs 1000 | Rs 125 |
| Rs 1001 - Rs 2000 | Rs 175 |
| Rs 2001 - Rs 4000 | Rs 300 |
| Rs 4001 - Rs 5000 | Rs 410 |
| Rs 5000 & above | Rs 600 |
Paytm Postpaid
These are the charges levied by Paytm Postpaid in case of payment default:
| Outstanding Amount | Late Fees(per month) |
| Upto Rs. 100 | Rs. 0 |
| Rs. 101 to Rs. 250 | Rs. 10 |
| Rs. 251 to Rs. 500 | Rs. 25 |
| Rs. 501 to Rs. 1000 | Rs. 50 |
| Rs. 1001 to Rs. 2000 | Rs. 100 |
| Rs. 2001 to Rs. 5000 | Rs. 250 |
Slice
Late fee charges are payable on and from the 4th day of the relevant installment becoming overdue in the case of Slice payments. The default charges are calculated at Rs 35 per day for such a period; during which the default continues subject to a maximum limit of Rs 2,000 or 30 percent of the outstanding amount.
Ola Money Postpaid
These are the charges levied by Ola Money Postpaid on payment default:
| Due Amount | Late fee (Rs) |
| 0 to 250 | 0 |
| 251 to 500 | 50 |
| 501 to 1000 | 75 |
| 1001 to 2500 | 100 |
| 2501 to 5000 | 250 |
| 5000+ | 500 |
First Published: Nov 24, 2021 3:19 PM IST
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