Buy-Now, Pay-Later Plans In Singapore

Individuals always like to opt for different types of financial plans, and among these, BNPL or Buy now pay later is a popular one. This plan has emerged quite popular among online shoppers because they can repay the purchasing amount in future. Apart from online purchasers, in-store purchasers will also get the benefit of BNPL service.

Top reasons to select BNPL service

If you are in an emergency and don’t have enough money to buy something of your requirement, it is necessary to opt for the BNPL service in Singapore. It is a popular financing option that helps customers to buy any product without making a payment instantly. This scheme seems like short-term credit, and many customers want to have the best BNPL Singapore. As per this scheme, online purchasers will get an opportunity to select future dates to make repayment of their dues.

Prime reasons why people like BNPL

Buy Now Pay Later service has become popular due to several reasons. As per the 2020 survey, almost 1.1 million people opted for this service, and experts hope there will be a hike of nearly 52.6% in BNPL payments by the end of 2022. With the introduction of BNPL service, customers are slowly shifting from cash and card payments. Probable reasons behind selecting this service are mentioned here.

• Easy payment option

As per this scheme, people don’t need to make payments immediately after purchasing the product. Customers can choose the time to make the repayment. This process will undoubtedly make customers stress-free as they don’t need to make payments immediately after buying the product.

• Favourable credit score

Once customers opt for BNPL service, it will help them to maintain a good credit score. Banks and licensed financial institutions will not provide loans without a credit score. Hence, if you don’t have any credit score to date, obtaining a BNPL service will be a wise choice. It will help you to get a promising credit score for the future.

• Easy refund process

Many times, customers complain about not getting a refund of returned products after the scheduled time. Traditional payment methods take a huge time to make the refund. However, if you opt for the BNPL service, getting a refund without hassle can be a good option. As per this service, a refund gets initiated immediately.

• Flexible payment

BNPL service does not only offer easy instalments, but it also offers flexible payment service. Popular BNPL service providers like Atome. Grab, Pay Later, Hoolah or Rely offer flexible payment schedules for BNPL.

What do you know about SSB or Singapore Savings Bond?

Everyone must take necessary care of savings of their hard-earned money. There are several schemes where people can deposit their money to earn good interest at the end of the year. Like in other countries, in Singapore also, people can opt for different savings schemes. Singapore savings bonds are quite popular in this country. It is a type of Government security, and investors will get a good return after maturity. Do you want to know SSB how to buy? Let’s check some essential features of Singapore Savings Bonds.

• The eligibility criterion is 18 years
• The Government of Singapore issues these bonds
• The term of this bond is 10 years.
• The rate of interest increases every year
• The minimum investment amount per bond is S$500, and the maximum amount is S$200000
• The interest payment is after every 6 months
• The interest amount is exempted from the Tax
• This bond is non-transferable except for the death of the bondholder.
• These bonds are prohibited from selling in the open market
• Bondholders cannot trade this bond on the SGX.

Why invest in SSB?

Many investors are still not aware of the prime reasons for investing in SSB. All can check here the prime reasons.

• These bonds come with minimum risk as Government backs these. Whatever may be your financial situation, SSB will offer you good interest at low risk. Hence, it has emerged as one of the investors’ most secured investment options.
• Investors will get a high return in comparison to a savings account. Hence, investors are encouraged to make more investments in SSB.
• Investors cannot trade these bonds in the open market. Hence, these bonds’ interest doesn’t depend on the market risk. The interest rate entirely depends on the long-term earnings of the Securities of the Singapore Government.
• Investors are advised to wait until the bonds mature so that they cannot enjoy a flexible exit. However, investors have the choice to exit the bonds before these mature.
• People in Singapore can invest in SSB using SRS or Supplementary Retirement Scheme. Investing in this scheme will help you to gain tax relief.

Conclusion

The above details relating to BNPL service and SSB will help many in Singapore. Apart from those, are you interested in Credit Cards? Do you want to know What is the number 1 best credit card? Readers can get essential details about popular credit cards in Singapore here.