Buy-Now, Pay-Later Overdraft

Introduction to Buy-Now, Pay-Later Overdraft#

The FinBox BNPL stack allows customers to create an overdraft account and start purchasing on credit immediately. Customers can borrow as long as they maintain a minimum balance in their overdraft account.

About the BNPL Overdarft#

  • Buy-Now, Pay-Later is powered by an overdraft account (or a credit line)
  • The Overdraft account is approved instantly.
  • The BNPL feature is activated in 1-2 working days
  • All subsequent transactions are instant.
  • Users can make multiple purchases from your checkout screen
  • The Overdraft account is valid for 1 year.
  • We support multiple repayment models, based on your target demographic.
  • The repayment tenure is flexible.

User journey#

Part 1 - User applies for an overdraft account#

  1. User is shown an offer to apply for an overdraft account - The first step in the user journey is applying for an overdraft account which powers the Buy-Now, Pay-Later. The user will first see the option to activate his overdraft account via a banner in the anchor app.

  2. User shares his data and his eligibility is checked - The user shares his Credit History, Device Data, Bank Statements, GST (if applicable)

  3. E-KYC Following this the user completes his eKYC by submitting his

    • PAN Card
    • Address proof (Aadhaar or Passport)
    • Selfie
    • Business registration proof.

  1. Completes the application process - User e-signs a loan agreement and the application journey is completed.

  2. Sets up ENACH - User sets up his Enach. There are 2 ways of doing so -

    • E-NACH
    • Manual NACH
Buy Now Pay Later

Banner shown in anchor app

Get Personal Loan

Banner shown in anchor app

Get Personal Loan

User is shown eligibility

Get Personal Loan

Credit Line Activated

Part 2 - Making Transactions#

  1. See BNPL option at checkout - Users will see BNPL as a payment option in the Anchor app's checkout page.
  2. Select repayment plan -They can select their preferred repayment plan and make instant transactions on credit
Buy Now Pay Later

User is shown a BNPL option at the checkout screen

Part 3 - Repayment#

  1. EMI amount is auto-debited using eNACH or physical mandate
  2. Users can repay from within the app if they want to pay before the due date.
Buy Now Pay Later

Loan Status

Contents