What is Post Pay?

PostPe simply means to borrow money and make payment later. PostPe is the new age credit card. This is known as buy now pay later, through this you can shop even if you do not have money, can make online or offline payments or send money online to friends or relatives, and if you send money to PostPe on time. If you repay the money, then you do not have to pay any kind of interest.

You can use this loan in four ways –

  1. payment by physical card
  2. online card payment
  3. QR code payment
  4. send money to mobile number

(How to apply for PostPay?) How to apply for PostPe?

Let us know how to apply to get the facility of PostPe

If this process is online, first you have to download the PostPe App, after that there will be registration through mobile number, then there will be KYC (Know your customer), in this you have to fill the details of Aadhar and PAN card, then verify through OTP. It will be done and in the end you will have to take a selfie of yourself and your KYC will be completed.

But you will not get the facility of PostPe immediately because PostPe will investigate and decide your credit limit in a few days, after that your account will be approved.

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After activation of postpay account

You will get the PostPe card number, expiry date and CVV (like any credit card).Card Verification Value) number, you can see it in the PostPe app. On the basis of this you can make online payment. You can use physical card to make payment at shops. You can pay the shopkeeper through QR code, for this the shopkeeper can have any QR code.

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If you want to send money to your friend or relative from mobile, then it is necessary for that friend or relative to have PostPe app in their mobile, then you can send money by simply entering mobile number. In this way you can pay for the whole 1 month.

What are the benefits of using Postpay?

PostPay is a new way to pay, and it makes shopping and spending easy:

  • You can spend online and offline through both QR and card factors
  • With the PostPay card and app, you can easily pay at millions of merchants with the payment form factor of your choice.
  • When the time comes to pay your dues, you can convert the outstanding amount into EMI with the tenure of your choice.
  • You can also win exciting cashback and rewards.

Your Credit Limit on PostPay

The credit limit of PostPe starts from ₹ 1000 and the upper limit will be decided by looking at your creditworthiness, how much you earn, how much your salary is, whether you repay the loan on time or not.

Considering your performance, your limit can also be increased and after completion of 1 month PostPe will send you the bill totaling the entire money, PostPe gives 5-6 days to pay the bill. If you pay the bill on time, then you do not have to pay any interest.

If you are not in a condition to pay the bill, then you can convert the bill amount into EMI and then you will have to pay on the date of the bill and pay 1.5% interest in the month.

If you are neither able to pay the bill nor convert the bill into EMI, then you will incur late fees, one kind of interest is only 0.1% per day, if you want to transfer the credit limit to the bank, then you have to Charges will be up to 2%.

Other credit card companies charge both late payment fees and interest, but PostPe charges only interest in the name of late payment fees. If you pay PostPe your monthly expenses on time, then there is no benefit to the post.

The income EMI and late payment fees to PostPe are from interest only. PostPe will earn only from those who do not pay the bills on time. You also have the benefits of opening a PostPe account, if you open more accounts, PostPe will give you up to 5% referral cashback.

PostPe App Summary

  • You can take home loan through PostPe app, it is known as buy now pay later.
  • If there is no money, you can do shopping or payment.
  • The credit limit of PostPe starts from ₹ 1000 and the upper limit is decided by looking at your income.
  • If you pay the PostPe bill on time, then you do not have to pay any interest.
  • If you are not in a condition to pay the postpay bill, then you can convert the bill amount into EMI, then you will have to pay on the date of the bill and 1.5% interest will have to be paid in the month.
  • If you are neither able to pay the bill nor convert the bill into EMI, then you will incur late fees, one kind of interest is only 0.1% per day.
  • If you want that you want to transfer the credit limit to the bank, then you will be charged up to 2%.
  • You also have the advantage of opening a PostPe account, if you open more accounts, PostPe will give you a cashback of up to 5%.

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