What Are the Best Cars Available for ‘Buy Now Pay Later’ in India? A Complete Guide
Are you dreaming of owning a car but not ready to pay the full price upfront? With the rise of ‘Buy Now Pay Later’ (BNPL) options, purchasing a car in India has become easier and more accessible than ever before. This financing model allows you to drive home your desired car today and make payments later, often in easy installments. But which are the best cars available for this option in India, and how can you make the most of it? Let’s explore the top models, their price ranges, and the BNPL options available for you.
Why ‘Buy Now Pay Later’ is Gaining Popularity for Car Purchases
Before we dive into the best cars available with the BNPL option, it’s important to understand why this financing method is becoming increasingly popular. Traditionally, car buyers in India had to pay a large upfront amount, often leading to financial stress. However, BNPL offers a more flexible approach, allowing buyers to spread their payments over time.
The key advantages include:
- Low Down Payment: Only a small percentage of the car’s price needs to be paid upfront.
- Easy Installments: Payments can be spread over a period of months or even years, making the process less burdensome.
- Flexible Terms: Many BNPL schemes offer easy and flexible repayment options with minimal documentation.
Best Cars Available for ‘Buy Now Pay Later’ in India
Here’s a list of some of the best cars available for the ‘Buy Now Pay Later’ scheme in India. These cars offer a variety of options in terms of pricing, features, and financing flexibility.
1. Maruti Suzuki Swift
- Model: Maruti Suzuki Swift VXI
- Price Range: ₹6.5 Lakh – ₹7.5 Lakh
- BNPL Availability: Available through leading NBFCs like HDFC Bank and Bajaj Finserv
The Maruti Suzuki Swift has been one of the top choices for Indian car buyers due to its stylish design, fuel efficiency, and affordable price. The Swift is available with a low down payment option and can be financed through BNPL schemes, making it even more attractive for first-time car buyers.
2. Hyundai i20
- Model: Hyundai i20 Asta
- Price Range: ₹7.5 Lakh – ₹9.5 Lakh
- BNPL Availability: Available through various banks and financial institutions
The Hyundai i20 offers a premium feel with a spacious interior and modern features. With the ‘Buy Now Pay Later’ option, you can drive home this hatchback without worrying about upfront costs. The BNPL plan is available with flexible terms and is a great choice for those looking for a premium hatchback within a reasonable budget.
3. Tata Nexon
- Model: Tata Nexon XM
- Price Range: ₹7.99 Lakh – ₹9.5 Lakh
- BNPL Availability: Available through multiple options including Tata Motors Finance and ICICI Bank
Tata Nexon is a compact SUV that has gained immense popularity due to its safety features and stylish design. Tata’s ‘Buy Now Pay Later’ plan allows buyers to bring home this SUV without any hassle, making it a top contender for the BNPL option in India.
4. Kia Sonet
- Model: Kia Sonet HTX
- Price Range: ₹9.5 Lakh – ₹11 Lakh
- BNPL Availability: Available through select banks like Axis Bank and Bajaj Finserv
The Kia Sonet offers a range of features, including a modern infotainment system, premium cabin, and stylish exterior. It’s a great car for families, and with the ‘Buy Now Pay Later’ option, you can easily manage your finances while enjoying the comfort of a high-end compact SUV.
5. Honda Amaze
- Model: Honda Amaze VX CVT
- Price Range: ₹8 Lakh – ₹9.5 Lakh
- BNPL Availability: Available through HDFC Bank, ICICI Bank, and others
The Honda Amaze is a compact sedan known for its smooth ride, fuel efficiency, and comfortable interiors. With BNPL options, buyers can take home this elegant sedan with minimal upfront cost, making it an excellent option for those looking for an affordable yet stylish car.
6. Mahindra XUV300
- Model: Mahindra XUV300 W8
- Price Range: ₹9.5 Lakh – ₹12 Lakh
- BNPL Availability: Available through Mahindra Finance and other NBFCs
For those looking for a robust compact SUV, the Mahindra XUV300 is a great choice. It offers a range of powerful features, great handling, and a spacious interior. The Buy Now Pay Later option makes this SUV a practical choice for many, especially those on a budget.
Table: Top Cars for ‘Buy Now Pay Later’ in India
| Car Model | Price Range | BNPL Availability |
|---|---|---|
| Maruti Suzuki Swift | ₹6.5 Lakh – ₹7.5 Lakh | HDFC Bank, Bajaj Finserv |
| Hyundai i20 | ₹7.5 Lakh – ₹9.5 Lakh | Various Banks and NBFCs |
| Tata Nexon | ₹7.99 Lakh – ₹9.5 Lakh | Tata Motors Finance, ICICI Bank |
| Kia Sonet | ₹9.5 Lakh – ₹11 Lakh | Axis Bank, Bajaj Finserv |
| Honda Amaze | ₹8 Lakh – ₹9.5 Lakh | HDFC Bank, ICICI Bank |
| Mahindra XUV300 | ₹9.5 Lakh – ₹12 Lakh | Mahindra Finance, NBFCs |
Step-by-Step Guide: How to Avail ‘Buy Now Pay Later’ for Cars in India
If you’re ready to take advantage of this financing option, here’s a simple step-by-step guide to help you get started with the ‘Buy Now Pay Later’ scheme for cars:
- Choose Your Car Model
Research and choose the car that suits your needs and budget. You can refer to the table above for popular options. - Check BNPL Availability
Confirm the BNPL scheme offered by your car dealer. Check if the model you want is available for financing through a Buy Now Pay Later plan. - Submit Required Documents
Submit documents like your Aadhar card, PAN card, proof of address, and income statements. The documentation requirements may vary depending on the financer. - Down Payment
Make the required down payment, which is usually a small percentage of the car’s price. The rest will be covered through the BNPL financing scheme. - Sign the Agreement
After reviewing the terms and conditions, sign the agreement. Ensure that you fully understand the repayment schedule and interest rates. - Drive Your New Car!
Once everything is settled, take delivery of your new car and start enjoying your drive while paying off your dues over the agreed period.
Conclusion
The ‘Buy Now Pay Later’ option is revolutionizing the way Indians buy cars, making it easier to own a vehicle without stressing over large upfront payments. Whether you’re interested in a budget-friendly hatchback like the Maruti Suzuki Swift or a premium SUV like the Kia Sonet, the options available with BNPL can make your dream car more accessible. Just follow the simple steps above, and you’ll be on your way to driving home your new car today!