Travel bookings are an essential activity, and they mostly have to be done in advance in order to avoid the last-minute rush. Booking travel tickets is a tedious chore for most people. Why is this?
Firstly, there are several aspects to keep in mind, including finding tickets at the right time, be it for trains or flights and also hotels. Then they may not always be available for the selected dates. Hence, availability and the search and discovery process are factors that people have to contend with for their travel bookings. The second aspect that most people have to deal with is the requirement for a sizable amount to be paid for upfront travel payments. Most travel platforms require full payment for train or flight bookings, while it is the same story for bus travel as well. At the same time, many platforms require full payment upfront for hotels too.
However, people cannot arrange funds right away for travel bookings
Many people have a strong urge to book their travel tickets but cannot afford to pay a lump sum amount right away, although they can arrange for the funds over a sustained period of time. Let us take an example to illustrate the conundrum faced by several individuals.
Suppose Rajesh is a young professional working at a reputed firm and wishes to plan a family holiday for four people, which is 6-7 months away. However, to secure travel and hotel bookings for this coveted travel destination, he has to get them done immediately. This means paying a lump sum amount in accommodation and travel payments for his four-member family. Suppose this works out to a sum of Rs. 80,000 which Rajesh can afford, but not right now. He can easily save Rs. 15-20,000 over the next 3-4 months and make up the required amount, although he does not have this sum ready for the advance payment straight away. What does he do in this scenario? This is where the buy now pay later India concept comes into play. There are several apps offering this feature today for maximum convenience.
How BNPL is revolutionizing travel bookings
There are several buy now pay later apps that are now making it easier for people to get their travel bookings done under this unique system. Consumers can pay for their travel tickets with this app and then repay the money under easy and convenient terms and conditions. It ensures that they do not have to miss out on their desired travel plans due to the shortage of funds at a particular juncture. This system is steadily attaining immense popularity amongst users for not just travel bookings, but also for groceries, shopping, utility bill payments, food orders, appliance purchases, and a lot more.
When it comes to travel bookings, there is unique buy now pay later apps like LazyPay that help complete transactions in a jiffy. LazyPay credits can also be used via UPI, either online or offline. You can carry out your travel bookings without any hidden charges or interest. Doesn’t that make for a win-win scenario?
Consumers can also directly shop at their favorite travel apps and pay the full amount in 15 days or through EMI plans for 3, 6, 9, and 12 months. Some of these travel apps include MakeMyTrip and many others. Users can directly find their apps or websites in the list of more than 250 partner merchants at LazyPay. They can also find the payment option under Pay Later or the Cardless EMI segment. Once they confirm the purchase, they have to verify their mobile phone number. The convenient EMI plans and seamless operating processes make BNPL a favorite payment option for consumers at LazyPay, particularly for travel bookings.
What are the eligibility criteria at LazyPay?
The eligibility criteria at LazyPay are the following:
- The customer should be between 22 and 55 years of age.
- The customer should be an Indian resident.
- He/she should be a salaried professional.
These are the only conditions to be fulfilled, with this facility available across all leading Indian cities. You will require your bank account number, IFSC code, net banking details for auto repayment, and PAN number. The procedure is fully digital with minimal documentation. You can check eligibility in a few minutes by providing some basic details. Thereafter, you can simply use this facility while shopping online or offline, once you have activated your account.
Using the app opens up all these possibilities for consumers. Buy now pay later India is a system that is now making it easier for travel enthusiasts to book tickets and pay advances without worrying about insufficient funds in their accounts at the moment. This has naturally given a fillip towards pursuing travel aspirations without having to wait till there are sufficient funds available for the same.
Description:
We all love traveling every now and then. Taking periodic breaks and exploring newer destinations helps beat stress and relaxes the mind, enabling people to be more productive at work and happier in general. However, there are some issues with travel bookings that sometimes hinder the fulfillment of travel goals or aspirations. Travel bookings are often difficult for individuals since they require the payment of a lump sum upfront. The lack of necessary funds in a customer’s bank account acts as a deterrent towards executing desired travel bookings. Most people also end up waiting until they have sufficient savings to take care of the same.
Yet, the availability of travel tickets to popular destinations (including train tickets and flights), hotels, and entry fees for popular landmarks could be an issue. Last-minute bookings are sometimes impossible, and people face the conundrum of depleting their savings to pay in advance. The buy now pay later India (BNPL) revolution is solving these issues in the travel industry as well. Customers do not have to wait any longer until they have enough to afford travel bookings. They can use buy now pay later apps to pay for the same.
This helps them make up for the lack of funds while booking, while conveniently repaying the same either within a few days or through easy EMI plans. Many plans come without hidden charges or interest, making it a convenient proposition for users. Customers also get access to a long list of travel platforms and other merchants in the industry who may be partners with their buy now pay later apps. They get the option to directly execute BNPL transactions on the travel platform or the brand’s website/app as well. These are some of the biggest advantages of using these apps for travel bookings, especially if they involve sizable advance payments.
What is Travel Now, Pay Later?
Travel Now Pay Later in India mirrors the structure of Buy Now Pay Later services, providing consumers with the flexibility to make immediate purchases and spread the cost over manageable monthly instalments. This financial model, increasingly popularized by reputable loan apps in India, extends beyond traditional retail transactions to cater specifically to travel expenses. TNPL empowers individuals to book train ticket with pay-later services and other travel services upfront while deferring payment obligations, enhancing accessibility to travel experiences without immediate financial strain.
Advantages of Travel Now, Pay Later Options
Travel now, pay later in India offers several benefits for those looking to finance their trips without immediate payment. Here’s why it’s advantageous:
- Instant Travel Access: With financing options like pay-later for train tickets, bus booking, etc, you can start planning your trip right away. This means booking flights, accommodations, and activities without waiting to save up the entire amount.
- Budget-Friendly: Instead of paying for your trip all at once, pay later financing breaks down the cost into smaller monthly payments. This makes it easier to fit travel expenses into your regular budget without causing financial strain.
- Flexible Repayment: You have the flexibility to choose how you repay your loan. Using apps such as LazyPay, you can utilize the ‘One Tap’ feature to easily verify your purchases and wave goodbye to payment worries for a comfortable 15-day duration. Therefore, eliminate unnecessary hassles and welcome a relaxed shopping experience with open arms.
- Low or No Interest: Many pay-later options offer promotional periods with minimal or nonexistent interest charges. This can save you money in the long run compared to traditional loans or credit cards.
- Easy Application: Applying for pay-later travel financing is typically straightforward and can be done online. This saves time and hassle compared to traditional loan applications.
- Credit Building: Responsible repayment of your travel financing can positively impact your credit score. This makes it easier to access credit in the future for other purchases or financial needs.
- Financial Flexibility: Pay-later financing allows you to keep your savings intact for emergencies or other important expenses. This provides a safety net during your travels, giving you peace of mind.
In simple terms, pay-later travel financing lets you travel now and pay for it later, making it easier to manage your expenses and enjoy your trip without financial stress.
How is TNPL impacting travel budget decisions?
The way we think about our travel budgets has really shifted, especially with the rise of options like Travel Now, Pay Later in India. In the past, we’d plan our trips based on what we could afford right then and there. But now, it’s more about chasing our dreams and seeking unforgettable experiences, no matter the cost.
A lot of things come into play when we’re deciding how to budget for our travels. Things like where we live, how much money we make, and what the economy is like all play a big role. It’s interesting to see how this change in mindset is particularly noticeable among folks in big cities and those in Tier-I and Tier-II cities. They often have more money to spend and are more willing to take out loans or find other ways to finance their adventures.
So, in simple terms, TNPL has changed how we think about spending money on Travel. Instead of just sticking to a strict budget, many of us are now prioritizing the experiences we crave when it comes to booking train tickets, flight tickets, bus tickets with pay-later services, even if it means splurging a little or taking on some debt to make it happen.
What should you be careful about while availing yourself of TNPL?
While TNPL can be a convenient option for funding your travel dreams, it’s essential to proceed with caution. Firstly, carefully assess your financial situation and ensure you’ll be able to meet the repayment terms without straining your budget. Understand the interest rates and fees associated with the TNPL scheme, as these could add up over time. Additionally, read the fine print to grasp any hidden clauses or penalties for late payments. Be realistic about your ability to repay the loan on time to avoid falling into debt traps. Lastly, compare TNPL offers from different providers to secure the most favourable terms for your situation.
Frequently Asked Questions
- Why do people use the buy now pay later loans?
People choose the Buy Now Pay Later (BNPL) option for different reasons. They let you get things you want without paying for them all at once. Instead, you can spread out the payments over time. This helps you manage your money better and makes it easier to buy things, especially when you don’t have enough money right away.
- Is it smart to opt for a buy now, pay later loan?
Whether it’s a good idea to use a buy now, pay later loan depends on your financial situation and how responsibly you handle it. These loans can be helpful if you use them carefully, letting you buy things you need without causing financial strain. But you need to consider how much interest you’ll be charged, any extra fees, and whether you’ll be able to pay back what you owe on time. If you’re not careful, you could end up owing more than you planned, which can lead to problems with debt. So, it’s important to weigh the pros and cons and only use these loans if you’re confident you can manage them wisely.
- Is it safe to apply for a TNPL option?
Whether or not it’s safe to use Travel Now, Pay Later in India varies depending on the company offering it and the security measures they have in place. Opting for well-known and reliable platforms that focus on safeguarding user information, ensuring secure transactions, and providing robust customer support is recommended. For informed decisions, it’s crucial to read reviews, thoroughly grasp the terms and conditions, and adopt safe online practices when utilizing any financial service or app.