[App Review] Postpe : Buy now, Pay later

 Postpe App: Buy now, pay later ( Best BNPL App )

postpe is the only shopping and payment platform you need that lets you shop now and pay next month, for anything and everywhere from Groceries to mobile phones. 

It enables financial freedom and better tracking of monthly spending. 

It provides you with an interest-free credit for up to 30 days and an option to convert your bill into low-interest EMIs.

Scan and Pay - Scan QR codes to pay using postpe at shops anywhere. This is done via the limit that's assigned to you.

 While paying on month-end, you can settle in full or convert your bill into easy EMIs

Send money - it can be used to send money to your contacts or your bank account

cashbacks and Rewards - Unlock cashback and rewards at multiple places

Refer and Earn - Invite your friends and earn up to 5% cashback

Easy EMI - Pay in full or convert to low-interest EMIs

One Bill, Multiple Transactions - postpe aggregates all your transactions and generates one bill for repayment next month

How to use postpe?

Download the postpe app

Sign up using the phone number or WhatsApp

Complete your KYC

Start transacting with postpe

Refer to your friends. Earn up to 5% cashback

When do I have to repay?

Bill is generated on the 1st of every month. You can repay within five (5) days of bill generation or convert to EMIs.

You can pay your bill using any UPI app, debit card, and net banking.

EMI calculation:

postpe extends a credit line between Rs. 1,000 to Rs. 10,00,000 with instant approval and no collateral. 

The interest rates range from 18% to 27% per annum with a loan tenure of 3 to 6 months.

Repayment Terms:

Bill is generated every month. Users have option to convert to EMIs of 3/4/5/6 months. Users can also repay bill in full at no interest cost by the due date.

Annual Percentage Rate (APR):

Ranges from 18% - 27%. APR is communicated on the postpe App while converting bill to EMIs. APR will be different for different tenures of EMIs.

An example:

Amount converted into EMI: Rs. 1,00,000

Tenure: 6 months

Interest Rate (APR): 18% per year

Repayment Amount: Rs. 1,09,000

Total Interest Payable: Rs. 100,000 x (18%/12)*6 (6 months) = Rs. 9,000

Processing Fees (incl. GST): Rs. 0

Monthly installment (EMI): Rs. 18,166.67

Total Cost of the Loan: Interest Amount + Processing Fees = Rs. 8,000 + Rs. 0= Rs. 9,000

Is Postpe approved by RBI ?

Well,  Post pe app is authorized by RBI and the approval of funds from the wellknown bank SBM India.

What is the use of Postpe App ?

There are many good features of Postpe which allows you to 

- Transfer Money directly to your bank account

- Purchase online using the virtual Card

- You get personalised physical card free of cost

Remember there are transaction charges applicable 1.5% for using the postpe card.

 

Conclusion:

Postpe is a great app to help you purchase what you need.  In my six months of user experiance, I felt good to go but initially they started with a very low processing fee of 2% but now charging 3% fee for fund transfer to a bank account.

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