Simpl Pay Later Review – Are you looking to maximize your purchasing power and make your money go further? Understanding Simpl Pay Later is the ultimate guide to the benefits of Buy Now, Pay Later.
It offers customers the flexibility to choose their own payment plan, with no hidden fees or charges. With its simple and secure checkout process, customers can enjoy a hassle-free shopping experience. Simpl Pay Later is the perfect choice for those looking for a convenient and affordable financing option.
This comprehensive guide explains the advantages of this payment option, from its convenience to its flexibility. With this guide, you’ll learn how to make the most of your money and get the most out of your purchases.
Table of Content
- Table of Content
- The Overview of Simpl Pay Later
- What is Simpl Pay Later?
- How Does Simpl Work
- How to Apply for Simpl Pay Later App in India
- What Are The Simpl Pay Later Charges And Fees
- Simpl Pay Later Eligibility
- How To Delete Simpl Account
- Frequently asked questions (FAQ)
- Popular Pay Later And Credit Line Apps
The Overview of Simpl Pay Later
| Highlights | Description |
|---|---|
| Type of service | Digital credit platform |
| Due Date | Bill generates twice a month |
| Payment option | Pay Later |
| Repayment terms | Flexible |
| EMI Facility | pay in 3 EMIs with no extra cost |
| Target audience | Users who may not have access to traditional credit products |
| Availability | Currently available in India |
| Regulatory compliance | Registered as an NBFC with the Reserve Bank of India |
| Data privacy and security | Compliant with data privacy and security guidelines |
| Benefits for users | Hassle-free and transparent credit option |
| Charges And Fees | Zero Interest and No Hidden Fees |
| Benefits for merchants | No risk for merchants |
| Partnerships | Partnerships with 26000+ brands and merchants in India |
| Popular Accepted Stores | Rapido, Zomato Delivery App, Bigbasket, Blinkit, MakeMyTrip, Dunzo, JioMart, Zepto, Tata 1mg, Nykaa, UrbanCompany, Goibibo, RedBus, and many more. |
| Payment options | Can be used to make purchases in installments |
| App availability | Can be accessed through the Simpl Pay Later app |
| Additional features | Offers rewards and cashback on select purchases |
What is Simpl Pay Later?
Simpl Pay Later is a revolutionary payment solution that is designed to make payments easier and more convenient for Indian consumers. It is a fast, secure, and convenient way to pay for goods and services online. With Simpl Pay Later, Indian consumers can pay for their purchases in a few simple steps without having to enter their credit card information or bank account details.
It offers a range of benefits for Indian consumers. It provides a secure and convenient way to pay for goods and services online. It is also a great way to manage your finances, as it allows you to pay for your purchases in installments. This means that you can spread the cost of your purchases over a period of time, making them more affordable and manageable.
This payment option is available to customers at over 26000+ brands across India. including Zomato, Bigbasket, Blinkit, MakeMyTrip, Dunzo, JioMart, Zepto, Tata 1mg, Nykaa, UrbanCompany, Goibibo, RedBus, and many more. it is quickly becoming one of the most popular payment solutions for online shoppers.
it allows users to pay utility bills such as Gas Bills, Electricity Bills, Water Bills, and Postpaid Bills and also lets them recharge their DTH, Prepaid Mobile, and Wi-Fi with a 1-tap.
How Does Simpl Work
With Simpl Pay Later, customers can buy now and pay later with no interest or additional charges.
Simpl Pay Later is a simple and secure payment solution that helps customers manage their finances more effectively. It is designed to provide customers with an easy and hassle-free way to pay for their purchases. Customers can choose to pay for their purchases in four easy installments over a period of time, making it easier for them to manage their finances.
it is available to customers across India. Customers can use Simpl Pay Later to pay for their purchases at any participating store. All customers need to do is select the Simpl Pay Later option at checkout and enter their mobile number. Once the payment is approved, customers will receive an SMS with their payment details.
Simpl Pay Later is a safe and secure payment solution. All payments are processed through a secure payment gateway and customers can be assured that their data is safe and secure. Customers can also track their payments and manage their finances with the Simpl Pay Later app.
How to Apply for Simpl Pay Later App in India
To get started, you will need to create a Simpl Pay Later account. To do this, you will need to provide some basic information, such as your name, email address, and phone number.
Once you have completed the registration process, you will be asked to verify your identity. This can be done by providing a government-issued ID, such as a driver’s license or passport.
Once your identity is verified, you will be able to activate your Simpl Pay Later account. you have to set up auto-repayment, you will need to link your bank account to your Simpl Pay Later account.
You can do this by providing your bank account details, including your bank name, and account number.
Once your bank account is linked, you will be able to start using your Simpl Pay Later account. To make a payment, you will need to select the “Pay Later” option when you are checking out at a participating merchant.
What Are The Simpl Pay Later Charges And Fees
| Charges and Fees | Description |
|---|---|
| Bill Generate Date | – Twice a Month – On 15th and 30th/31st |
| Payment Date | You’ll have to settle it within 5 days after The bill generate date |
| Interest rate | Simpl charges a flat interest rate on the credit borrowed, which may vary based on the repayment term and frequency |
| Late payment fee | penalties charge up to Rs 1200 excluding GST |
| Transaction fee | A small fee is charged for each transaction made using Simpl Pay Later |
| Prepayment fee | No prepayment fee is charged if the user wishes to pay off the credit balance early |
| GST | Goods and Services Tax (GST) is applicable on interest charges and fees as per the prevailing rates |
| No-cost EMI | Simpl also offers a no-cost EMI option for select purchases, which means there are no additional charges or fees |
Simpl Pay Later Eligibility
| Eligibility Criteria | Description |
|---|---|
| Age | Must be 18 years of age or older |
| Residency | Must be a resident of India |
| Bank Account | Must have an active Indian bank account |
| Creditworthiness | Must pass Simpl’s credit assessment |
| Income | Must have regular source of income |
| KYC Documentation | Must submit valid Know Your Customer (KYC) documentation, such as Aadhaar, PAN, or Voter ID card |
| Credit History | May be required to have a credit history, although Simpl Pay Later is designed to be accessible to users who may not have a credit history |
| Merchant Partnership | The purchase must be made at a merchant that has partnered with Simpl to offer the Pay Later option |
How To Delete Simpl Account
Firstly, Clear All your Dues and then request Simpl Account deletion. here is the following steps to follow –
Step 1: log into your Simpl account. Once you’re logged in, you’ll need to go to the Manage Simpl Account page.
Step 2: From there, you’ll be able to find the Account Deletion option. Clicking this will take you to the next step.
Step 3: You’ll be asked to provide a reason for deleting your account and confirm that you understand the consequences of deleting it. Once you’ve confirmed your decision, you’ll be able to delete your account.
Step 4: Confirm that your account has been deleted. You’ll receive a confirmation email to let you know that your account has been successfully deleted. It’s important to check this email to make sure your account has been deleted.
Frequently asked questions (FAQ)
It is registered with RBI, As A NBFC Company and it is available at the google play store.
It may potentially affect your CIBIL score in a Negative. When you create a Simpl Account, the Simpl app asks for your PAN Details, which means, they get your PAN And credit score details.
Yes, using Simpl Pay Later can potentially affect your CIBIL score. Simpl reports credit usage and repayment information to credit bureaus such as CIBIL, Experian, and Equifax, which can impact your credit score.
For Any Queries with Simpl, you can use the Simpl customer care toll-free number 1800 102 4145 to find all solution-related Simpl Accounts. Moreover, you can use the Chatbox of Simpl App.
Simpl is available on the google play store and apple app store, which means it follows all terms and guidelines of Google and Apple. it could be a safe app to install on your mobile phone.
Popular Pay Later And Credit Line Apps
| Apps | Charges | Short Description |
|---|---|---|
| Paytm Postpaid | 0% Interest rates up to 30 days | It is a digital credit line that allows users to make purchases online or in-store without having to pay upfront. Postpaid |
| Amazon Pay Later | No Annual Charges | Shop on Amazon India and pay later, without having to make immediate payments. |
| Flipkart Pay Later | Usage Charges | offers convenience, better expense management, and interest-free credit for up to 30 days |
| Buy Now Pay Later in India – What are BNPL Apps? | Read Review | Buy Now, Pay Later (BNPL) is an increasingly popular payment option all over the world. |
| Top 21+ Buy Now Pay Later apps in India | Read Review | Pay Later apps are the perfect solution! Get to know the top 21+ pay-later apps in India and make payments easier. |
