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How much penalty 'buy now, pay later' platforms levy on payment defaults; check details

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Here are the late payment charges levies by few players that offer ‘buy now pay later’ option

How much penalty 'buy now, pay later' platforms levy on payment defaults; check details
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.
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 amountLate charges
<= Rs 200 00
>200 <= Rs 1,000100 + 18% GST
>1,000 but <=5,000200 + 18% GST
>1,000 but <=5,000200 + 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:
PaymentsLate 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. 1,999Late Fee of Rs. 100

Bill from Rs. 2000 to Rs. 4,999Late Fee of Rs. 150
Bill from Rs. 5000 to Rs. 9,999Late Fee of Rs. 300

Bill from Rs. 10,000 to Rs. 24,999Late Fee of Rs. 400
Bill more than Rs. 25,000Late 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 AmountLate Payment Charge Amount
Rs 100 - Rs 500Rs 60
Rs 501 - Rs 1000Rs 125
Rs 1001 - Rs 2000Rs 175
Rs 2001 - Rs 4000Rs 300
Rs 4001 - Rs 5000Rs 410
Rs 5000 & aboveRs 600
Paytm Postpaid
These are the charges levied by Paytm Postpaid in case of payment default:
Outstanding AmountLate Fees(per month)
Upto Rs. 100Rs. 0
Rs. 101 to Rs. 250Rs. 10
Rs. 251 to Rs. 500Rs. 25
Rs. 501 to Rs. 1000Rs. 50
Rs. 1001 to Rs. 2000Rs. 100
Rs. 2001 to Rs. 5000Rs. 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 AmountLate fee (Rs)
0 to 2500
251 to 50050
501 to 100075
1001 to 2500100
2501 to 5000250
5000+500
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