What is Postpe? know its advantages and disadvantages

What is Postpe? Know its Advantages and Disadvantages

Anubhav Dwivedi's Picture
Anubhav Dwivedi
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What is Postpe ?

  • The service provided by Postpe is known as BUY NOW PAY LATER. There are other apps in the market - Postpe, Paytm, Amazon, Flipkart providing similar services, yet Postpe is a little different from all of them.
  • Postpe can be seen as a present-day credit card, through which one get a loan for a short period of time and no interest or charge of any kind is charged on returning back money on time. Meaning, if you have taken a loan from Postpe and have paid the entire loan till the last date of deposit, then Postpe will not charge you any kind of interest/fees.
Postpe
Postpe 

What are the Benefits(Advantages) of Postpe?

  • Shop now Pay Later - If you do not have money in your account and you want to do shopping, then through this Postpe App you can do shopping even if you do not have money.
  • Physical Card - With Postpe, you can buy goods from any shop, mall or online and pay for it. It also gives you a physical card which can be used at all the shops.
  • Split in EMI - Apart from this, Postpay also gives you the facility of payment in EMI, which means if you are not able to pay any of your bills, then it also gives you the option to pay it in installments.
  • QR Payment - Along with this, by scanning the QR code, you can also make payment in the same way as you do through PhonePe, Paytm, Google Pay, etc.
  • Zero charges - If a person buys any goods from any shop through Postpe, then he does not have to pay any kind of charge for deducting the payment from Postpe, whereas if you buy goods with a credit card, then you also have to pay a transaction charge.
  • Money Transfer - Through this you can send money to any person from credit limit. Even if you do not have money, you can send it through this app.

Disadvantages of Postpe:

  • High Interest Rates: The EMI conversion for Postpe bills incurs a relatively high interest rate of 1.5% per month, which can significantly increase the total repayment amount.
  • Late Payment Fees: Failure to pay on time results in a late payment fee of 0.1% per day. This daily accumulation can quickly escalate the amount owed.
  • Limited Credit Limit: Users may face restrictions on their credit limit, which might not meet larger purchase requirements, forcing them to seek additional financing options.
  • Dependency on Mobile App: Postpe relies heavily on its mobile application for transactions and payments, which may not be user-friendly for everyone or could pose issues for those without smartphones.
  • Impact on Credit Score: Late payments or defaults can negatively affect your credit score, making it harder to secure loans or credit in the future.
  • Limited Acceptance: Postpe may not be accepted at all merchants, limiting its usability compared to other payment methods.
  • Hidden Charges: Users should be cautious of potential hidden charges or fees that might apply to various services, which can lead to unexpected costs.
  • Promotes Over-Spending: The convenience of using Postpe might encourage users to spend beyond their means, leading to potential financial strain.
  • Lack of Physical Presence: Being a digital platform, users may find it challenging to resolve issues or get assistance compared to traditional banks with physical branches.
postpe offers
postpe offers

How to send payment through Postpay?

  • To send money through Postpe App, you will have to download Postpe application in your mobile in which you can send money through QR code.

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What can you use this loan for?

  • In this you can take a physical card with which you can make payments to shopkeepers.
  • In this you can make online payment using card details.
  • You can make payment by scanning QR code from mobile.
  • And you can also send money to someone's account using their phone number.


What is the Postpe limit?

  • The limit of this loan ranges from Rs 1000 to Rs 10 lakh, that is, you can take a loan from Rs 1000 to Rs 10 lakh, but let us tell you that this amount is given only after seeing the balance of your account. If your civil is good then you can take more money and if your civil is bad then you will get a loan of less amount, yes if you have improved your civil later then your amount can also be increased. could

How to download Postpe?

  • First of all you have to download Postpe App in your mobile's Play Store.
  • Then you will have to register it with your mobile number.
  • Now you have to do your KYC
  • Let us tell you that KYC is necessary for any type of account.
  • For which you will have to enter your Aadhar card and PAN card numbers and after that, an OTP will come on your mobile, which you will have to enter on this.
  • After this you will have to take a photo of yourself, after taking the photo KYC of your account will be done.
  • After doing all this process, you will get this card, which will be like your ATM card in which you will also have an expiry date and CVV number on the back of the card.
  • All these cards can be of three types – Master Card, Visa Card, and Rupee Card, which means you can use these cards anywhere.
  • With this, you can pay for your goods at any shop, but for that, the shopkeeper must also have a BharatPe QR code.
download Postpe
download Postpe

When will the money be returned ?

  • If you have taken a loan from Postpe, then no interest will be charged from you on depositing this money before 5th of the next month i.e. if you deposit this money within 5 days. It also gives you option to convert your bill in a EMI of 3 or 6 months duration.
  • And if you convert your Postpe bill in the form of EMI, you will have to pay interest of 1.5% per month.
  • If you fail to repay your postpe bill, then you will be charged a late payment fee which will be 0.1% every day.

Postpe Extra Charges:

  • When you convert your Postpe bill into EMIs, you will incur an interest charge of 1.5% per month. This option allows you to manage your expenses more effectively by breaking down the total amount into smaller, more manageable payments. However, it's important to stay on top of your repayments. If you fail to pay your Postpe bill on time, you will be charged a late payment fee of 0.1% for each day that the payment remains outstanding. This can quickly add up, so it’s essential to make timely payments to avoid additional charges.
Feature Details
EMI Conversion Interest Rate 1.5% per month
Late Payment Fee 0.1% per day for unpaid amounts

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FAQs:

How can I sign up for Postpe?

  • To sign up for Postpe, visit their website or download the app, complete the application form, and submit the required documents for verification.

Is it safe to use Postpe?

  • Yes, Postpe uses robust security measures to protect user data and transactions. These include encryption, secure login mechanisms, and real-time monitoring to prevent unauthorized access and fraud.

Are there any fees associated with using Postpe?

  • Postpe is generally free to use for consumers, with no interest charged if payments are made on time. However, late payment fees or charges for specific services may apply.

Can I use Postpe for online and offline purchases?

  • Yes, Postpe can be used for both online and offline purchases at participating merchants. Look for Postpe as a payment option at checkout.

What happens if I miss a payment with Postpe?

  • If you miss a payment, you may incur late fees and your account could be temporarily suspended. It's crucial to communicate with Postpe's customer service to address any payment issues promptly.

Can I close my Postpe account at any time?

  • Yes, you can request to close your Postpe account through the app or by contacting customer support. Ensure all outstanding payments are settled before closing your account.

How does Postpe decide my spending limit?

  • Your spending limit is based on your creditworthiness, which Postpe assesses using your credit score, income, and financial history.
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