Then how can we make the credit report show that the credit line has been paid and actually has been closed?
Better to message the credit line provider to close their service and issue NOC (eg: Flipkart Pay later)
I am not sure. I suppose the credit bureaus need to wake up to the fact that Buy Now Pay Later services have penetrated a lot in India. And they need to improve their processes and categorisation.
Yeah upon previous conversation I checked my credit report on gpay and itās showing that in loan section I have availed loan from slice(which I did using credit in previous year and I have paid that amount long ago) but itās showing that the loan amount is still outstanding but however there itās showing that there is no delay in payment so my credit score hasnāt been impacted
Like in credit report they are contradicting themselves. These bnpl companies are not properly reporting to credit bureaus
Gonna do that now
Nice find ! Looks like they are repurposing previously printed covers which is nice.
But this shouldnāt be applicable anymore since it is just a prepaid rupay card right.
Also regarding closure, yes best option to reach to bnpl service provider like amazon paylater, flipkart paylater, mobikwik zip, freecharge paylater, ola postpaid, uni cards or underlying banks like idfc, karur vysya, capfloat, ndxp, axis for closure of these bnpl , providing noc and reporting to credit bureaus
The question about these personal / consumer loans did come up when taking home loan and had to explain that these were bnpl and immediately closed all of them
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@Dev7 credit score is not affected because you are making the payments regulatory. But the loan category of BNPL becomes a concern for the underwriter of the loan.
@Mani I was also asked the same question for my home loan.
I have closed my Amazon Postpaid & Mobikwik Zip accounts. I havenāt had any issues. After the request (digitally might I add), the accounts were closed promptly. And after a while (at least 90 days), the accounts were marked as closed in my credit reports.
Edit: 90 days instead of 30 days
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You should get a NOC from the service provider. First they will be adamant but you stick to your point and get the NOC. I got my NOC from Slice, Bharatpe.
And then once loan is closed, generally within 3 months this will start reflecting. What I have experienced is that NBFCās are slow with reporting and that is why I am saying that it will take maximum of a quarter.
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Yeah I have already contacted them for the same, thanks all for help
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I still have Paytm Postpaid (Aditya Birla is the loan provider) simply because itās easier to pay through Paytm postpaid - no UPI PIN needed. UPI lite has the same convenience, but you have to have a balance and you need to transfer the balance to the UPI lite wallet.
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Yeah but that makes upi lite a little more safe ig
Yes it does. But even though the promise is that there wonāt be any issues with the payments, from time to time, it does have issues and the payments donāt go through.
i took flipkart pay later beacuse i want to try the service how is it or do they provide some cashback with it as I remember I did only 1 transaction with flipkart pay later and they did gave me a cashback and never used it again then after a year or so I closed the account. even I took paytm postpaid used it for a while a closed it while they provide cashback on zomato transactions so it is not always that when people take that they donāt have money many just take it to have a experience of the service
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For the same reason we take credit cards. For offers or for convenience.
I havenāt taken any loan in my life. But I have 4 credit cards for the offers and Paytm Postpaid for convenience. 
Yes itās made my life complicated. 
But I manageā¦ 
Credit cards are also loan products just like BNPL or UPI Credit line (latest).
But I still believe BNPL was by far the easiest & cheapest way to enroll into the credit bureaus which will ultimately help to get unsecured loan products in the future.
In the past literally those having no credit bureau history, were easily given unsecured small credit line without proper due diligence and maybe thatās the reason RBI had to crackdown BNPL entity to stop the rising risky unsecured loan bubbles created by some BNPL entity to get faster growth in the balance sheet.
Presently services offered by BNPL entity in general are not absolutely free but alot safer than before.
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If u check on one score if u have a mix of loan and credit card it says u have good balanced portfolio this was shown when I had the Flipkart pay later but now itās all the credit card I own
How do you manage all of them?
I had got Paytm postpaid to get started with my credit score and used it once only. Should I close it because I wonāt be using it due to the high convenience fee? But I still havenāt got any credit card so is it ok?