With buy now, pay later (BNPL), one can make purchases and pay later in smaller instalments. You sign up with a company that pays on your behalf when you make a purchase. It helps one enjoy a short initial period without any interest charged unlike a personal loan. But late payments come bearing penalties. You can either pay it as a lump sum amount, or you can pay it via no cost EMIs. If you fail to pay the amount within the given repayment tenure, then the lender can charge an interest. Further delay could impact your credit score. BNPL companies in India include Lazypay, Zest, Simpl, Flexmoney and Postpe.