{"id":8388,"date":"2022-07-15T00:29:48","date_gmt":"2022-07-14T18:59:48","guid":{"rendered":"https:\/\/aayushbhaskar.com\/?p=8388"},"modified":"2022-08-07T02:28:35","modified_gmt":"2022-08-06T20:58:35","slug":"best-save-now-pay-later-apps-in-india","status":"publish","type":"post","link":"https:\/\/aayushbhaskar.com\/best-save-now-pay-later-apps-in-india\/","title":{"rendered":"4 Best Save Now, Pay Later Apps In India","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

Save Now Pay Later(SNPL) apps are meant to save money for users so that they can buy their desired products or services in the future.\u00a0<\/span><\/p>\n

These apps block your money as you give them permission and release it on the specified date or once the target has been achieved. You can even withdraw your funds between the tenure without any hassles.\u00a0<\/span><\/p>\n

I used most of these apps myself and ranked them from best to worst. So, let\u2019s get started and find out everything about the new fintech segment of SNPL.<\/span><\/p>\n

What Are SNPL Apps?<\/h2>\n

SNPL apps let the users save money<\/a> for future payments by depositing their funds on the platforms. These funds are kept in various financial instruments by the apps and are later released for any purchase or goals set by the user.\u00a0<\/span><\/p>\n

Now, the best part about these apps is that they offer various discounts on the purchases done from their platforms.\u00a0<\/span><\/p>\n

These discounts are made either by the merchants or by the SNPL apps themselves. So, in short, these apps let you buy your favorite products at discounted prices and also keep you away from credit.\u00a0<\/span><\/p>\n

Different apps have different ways of handling the funds of their customers. Some deposit it in an Escrow account for a time period whereas, some deposit it directly in the merchant\u2019s account in the form of advance payment.<\/span><\/p>\n

Now, if you are getting confused between SNPL and BNPL apps then the next segment will clearly show you how they both are so different.<\/span><\/p>\n

How Is SNPL Different From BNPL?<\/h2>\n

BNPL apps let you make purchases by using credits. This means, that you can buy anything without using your own money and later pay it back to the apps. This process involves your credit score<\/a> and various other credit measures.\u00a0<\/span><\/p>\n

On the other hand, SNPL apps let you make transactions from your own money. There is no kind of credit involved in this method. These apps make you save for the long term and block those funds. In the end, when you have saved a sufficient amount, these apps let you make the purchase and even offer discounts.<\/span><\/p>\n

There is a lot of difference in the psychology of these platforms as well. Let\u2019s understand this in detail.<\/span><\/p>\n

Consider that you want to buy a new pair of shoes that cost around Rs.10,000 but you don\u2019t even have half of those funds. Now, you\u2019ll see the option of buying those shoes immediately on credit and paying it back in monthly installments without any extra interest.\u00a0<\/span><\/p>\n

This makes a consumer think that it is a win-win situation for him, whereas, things are just the opposite. This easy credit makes you vulnerable to catchy marketing techniques by these platforms. <\/span><\/p>\n

This is because when you buy those shoes with credit, your finances for the following month will suffer a huge blow, as now you have to pay back the remaining amount in EMIs. <\/span><\/p>\n

This increases the burden on your pockets instantly.<\/span><\/p>\n

Now, let’s say that you opted for an SNPL platform to buy the same shoes. The only drawback of this will be that you won\u2019t get your hands on those shoes immediately. You must wait until you yourself have sufficient funds to buy them.\u00a0<\/span><\/p>\n

You will do this by depositing a fixed amount periodically on the platform, and the SNPL app will keep on accumulating this sum. After some time, you will buy those shoes with your own money without the fear of credit or EMIs.\u00a0<\/span><\/p>\n

This is how the BNPL apps make you spend more than you should and the SNPL apps help you in resisting impulsive shopping.\u00a0<\/span><\/p>\n

Talking about making profits, both SNPL and BNPL are quite similar. Both of these apps make money through the merchants as they offer their products on their platforms.\u00a0<\/span><\/p>\n

Through this, they indirectly increase the sales and hence charge a commission from these merchants. BNPL apps also make money if the customers are unable to pay back the amount within the time period in the form of interest.\u00a0<\/span><\/p>\n

By now, you must have understood SNPL and how they are different from BNPL. So, let\u2019s dive straight into the list of the best SNPL apps in India.<\/span><\/p>\n

Best SNPL Apps In India<\/h2>\n

The following SNPL apps are ranked on their number of features, user interface, and customer satisfaction. I will try to explain how these apps work along with their highlights. So, let\u2019s start with the number one SNPL app in India.<\/span><\/p>\n

1. EasyPlan<\/a>\u00a0<\/strong><\/h3>\n

\"Easyplan<\/p>\n

EasyPlan is a Save Now Pay Later app that lets you collect funds for a future payment. You can start saving with as low as Rs.100. It deposits your savings in low-risk investing instruments. These investing instruments are debt securities that offer a good interest rate and bear very minimal risks.<\/span><\/p>\n

There are two investing options with very little risk on the platform. If you have a goal whose duration is less than 6 months, your money will be transferred to ICICI Prudential Liquid Fund whereas, for goals that have a duration of more than 6 months, you can keep your funds in ICICI Prudential Savings Fund.<\/span><\/p>\n

Now, the best part is that you can withdraw your liquid funds whenever you want. There is no locking period and the risk involved in these funds is very low.\u00a0<\/span><\/p>\n

EasyPlan also sends you timely notifications and reminders to save money for your goals and deposit it on the platform.\u00a0<\/span><\/p>\n

Top Features<\/span><\/p>\n