BackHousing.com launches 'Rent Now, Pay Later' services by partnering with Niro
With this service, customers will have the option to pay their rent on credit.
PremiumIndia's leading digital real estate platform Housing.com on 1 March announced Rent Now Pay Later (RNPL) service in partnership with Bengaluru-based embedded finance start-up Niro.
With this service, customers wil have the option to pay their rent on credit. Rent can be paid on Housing.com by users with a zero-convenience fee, a interest-free credit period of up to 40 days, as well as an option to convert rent payments into easy monthly instalments (EMIs).
Considering only 4 per cent of Indians have credit cards, the RNPL service affords non-carded users a significant flexibility in their financial planning. Also, the RNPL service further provides users with the option to upgrade their credit limit to be able to draw down cash for a variety of use cases, taking advantage of instant, low-interest rate loans.
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As per details, both Housing.com and Niro accomplished a successful pre-launch phase by extending offers to nearly 100,000 users. The first rental payment involves zero convenience or service fee, and users can choose to upgrade their credit limit upto ₹3 Lakhs.
"India has become a trailblazer in the world of digital payments and we anticipate that services like Rent Now Pay Later (RNPL) will only continue to gain traction. This solution will bring genuine empowerment to millions of customers who desire to rent properties using credit but are often hindered by the lack of traditional instruments," Housing.com Group CEO Dhruv Agarwala said.
Commenting on the launch, Aditya Kumar, Co-founder & CEO, Niro said “We are excited about our collaboration with Housing.com to enable India’s first ‘Rent Now, Pay Later’ product for Housing’s customers. At Niro, we are constantly striving to create innovative credit solutions for consumer internet platforms. Through our joint efforts, we have been able to truly revolutionise the way people think about rental payments in India. Housing.com and Niro are both well-positioned to tap into the potential of this growing market and make a meaningful mark in the industry."
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