This article has been written by FinShiksha, a firm specializing in financial education for students who want to build a career in finance. They can be reached at https://finshiksha.com and @finshiksha on Twitter

We all know that credit is an important part of personal finance. You can read more about  ‘Why you need to start using CREDIT in your finances‘. However, you may be still wondering, what are the best credit options available to me?

Well, don’t worry!

We have that covered, with some of the most commonly used personal credit products that cater to your different requirements.

credit card image-best credit options Credit Cards

It is a line of credit from which you can borrow money at any time, up to your credit limit.

Let’s say your credit card limit is Rs. 100,000 and in a month, you used Rs. 20,000. So, now you are only liable to pay Rs. 20,000. Once you pay the amount your limit is restored to Rs. 100,000 which you can use again. 

So, how much interest rate is charged? Anywhere between 24% to 36% annually (which translates to 2% to 3% per month).

Does this mean I can spend any amount of money using credit cards? No, every credit card comes with a limit which is decided by the bank issuing the credit card. The limit is based on the customer’s income, previous payment history (if any), financials, etc. The bank basically checks your ability to repay and then sets the limit.

So what can I use a credit card for? Practically anything. One can use it for buying a burger for Rs. 50 to buying a TV worth Rs. 5 lakhs. Although, the approval process is longer and requires some paperwork. The payment process is also longer since it involves entering lengthy card details for every payment you make.

personal loan-best credit options

Well, what if I need a bigger loan than what a credit card has to offer. Is it possible?

Yes, it is.

A personal loan is a fixed loan given as a lumpsum which you repay in equal installments for a predetermined period of time

But, what about interest rates, are they high like credit cards? No. Personal loans charge anywhere between 12% to 18% annually.

So, what purpose can I use it for? This is best suited for one-time bulk payment, like wedding, home renovation, kids’ education, etc. Simply put, personal loans are used for a specific purpose and not to buy small ticket size items. And ofcourse, the paperwork is quite substantial.

digital credit-best credit options

Is there anything that is faster, easier and involves lesser paperwork?

Definitely! This is where digital credit comes in.

This is one of the latest technologies in the lending universe. It works similar to credit cards but helps in faster transactions without the customer having to carry anything. You can complete your purchases using a smartphone that you already carry with you all the time.

Let’s take an example of ePayLater, which works on a similar premise. You can create an account with ePayLater  by providing some basic personal details and PAN number. ePayLater then processes your data to assign you a credit limit.

That’s GREAT! How can I use it? Say you want to book an airline ticket but don’t have enough balance to make a payment. You can make a quick payment using ePayLater credit and pay later at your convenience. Here, ePayLater gives you 14 days to settle your dues. So practically this is a free online credit available for 14 days without any interest.

What about the interest rate? Like personal loans and credit cards, late payment will incur an interest to you.

Sounds interesting! Where all can I use this online credit? You can  use ePayLater credit to make online purchases like booking a railway ticket on IRCTC, shopping on Flipkart / Amazon, booking a movie ticket or even ordering food online. You can also use this credit to shop at any offline store by scanning a Bharat QR code and making a payment.

So, now that you are all updated with the credit options at your disposal, why not give digital credit a shot?

Download the ePayLater app or visit ePayLater’s website to signup.

Experience the power of true convenience!

Download the App

Download App



fazul rahman · November 25, 2019 at 1:59 pm

Hi , There i am very happy with E pay later services from 2017, i loved this service . i am waiting here for personal loan Or Advance Salary service from E pay later hence most of peoples are using like these type of services while they get their salaries delayed .

NEEMA NAMDEV BUGE · November 25, 2019 at 8:21 pm

Dear sir
I NEEMA NAMDEV BUGE request to paylater your increase limit every month. Give personal loans facility Credit card & solve upi scanning every merchant your scanner not working any merchant please solve this problem give credit limit facility etc. As soon as possible
Thank you

sandeep maurya · November 26, 2019 at 6:39 am

Sir my epaylettar for not cridit limit

Ahmad Pasha · November 29, 2019 at 1:58 pm

Why don’t you introduce Credit Cards and provide them to your existing good track record clients as was done by Ola Post Paid & Paytm?

JOGESH VARA PRASAD · December 8, 2019 at 10:49 pm

My phone no 7989986300 I tried applying so many but it won’t provide any credit to me

    ePayLater · December 11, 2019 at 4:30 pm


    Please reach out to us at support@epaylater.in with your registered details and we will be happy to assist you.

    Team ePayLater

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