Instant Credit without a Credit Card! Season Sales & Snapmint

Snapmint offers instant loans for online purchases without needing a credit card. Learn how Snapmint works, its benefits, and what to remember when using it.

Once the COVID times settled in, we saw a massive boost in online shopping, which provided channels for every brand to sell the products directly to customers. And every mainstream brand took that opportunity. Now, we customers have many online stores where we can buy things. 

Is the coupon not working at the aggregator site? Check the official site, and save a couple of notes. 

With these trends, citizens have started exploring the options of choosing credit to make it more convenient. But mostly, that option is available through credit cards and other approved cards. What if there was an option you can get credit in a matter of seconds? That’s where Snapmint comes into the picture.

What is Snapmint?

Snapmint is a non-banking financial institute that lends money on various products such as clothes, apparel, electronics and more. They provide a zero-cost monthly installment option for the 200+ product offerings on their site.

The best part is that you don't need credit cards. You only need any debit card, UPI or net banking. The approvals and checks are done in a couple of minutes, and you are notified whether the loan is approved. Napmint, headquartered in Navi Mumbai, Maharashtra, is an Indian company licensed by the RBI. It is serving thousands of Indians today.

How can you use Snapmint?

• You can use Snapmint directly through their website to see the products listed there. You can go through their official shop and make a purchase there. The option to choose Snapmint will be present as a payment option.
• However, as most of us prefer aggregators such as Myntra and Amazon, your use of Snapmint differs. You can buy a gift card for the required amount using the EMI option. 
• Once the voucher is purchased, it will sent to your email, and you can redeem it on your respective Flipkart and Amazon accounts.
• Most of the products have minimum to no-cost EMI options, which makes Snapmint more attractive to consumers.

How does Snapmint approve?

Once you have created and made your order, your loan application will be approved based on a 2000 data-pointed scale based on multiple factors. Snapmint will also pull your CIBIL score (this will be a hard enquiry and will be reflected in your credit score). For verification purposes, keep the bank statements for the past three months, PAN and Aadhar. Once you are considered credit-worthy by the scale, your loan is approved!

It will be rejected if you do not meet the financial requirements of the lender’s financial partner. 

How does Snapmint operate?

Snapmint aims to provide customers with instalment options without needing a credit card. They utilise the opportunity to join hands with Perfios, an Indian financial data analytics firm, for the major attraction of the firm, which is the fast approval. The borrower must submit the National Automated Clearing House (NACH) form for the automatic EMI deduction. NACH forms can be submitted online, and pickup from Snapmint can also be arranged for limited cities.

What makes Snapmint attractive?

Snapmint is rising quickly as a household name due to its convenience. 

• It's quick, and you can see if the loan is approved or not in minutes
• No need for a credit card
• Flexible EMI options

Who doesn't like these?!

What to keep in mind?

While applications like Snapmint provide more flexibility and make life easier, it is essential to know your hand. Since you are purchasing through credit services, your CIBIL score will be affected. The CIBIL score depends on four main factors: repayment history, credit mix, recent inquiries and credit utilisation. You must try to make sure to receive all repayments or have too many unsecured credit loans. These will have adverse effects on your future credits. 

Though the EMIs seem small, like under Rs.500/-, you may be excited and encouraged to buy more. You should always ask yourself twice (thrice if needed) on the purchase and make sure not to purchase mindlessly. The small EMIs will accumulate to a more significant sum every month and may affect your financial plans if you are not careful.

At the same time, credits can be beneficial in reaching your dreams and improving your future chances for loans.

Learn how to keep your credit score and future credits secure and happy: https://www.credyfi.com/blog/improving-your-credit-score-for-a-happy-tomorrow

Snapmint is making online shopping more timely by providing instant credit options without the need for a credit card. With a simple approval process and flexible repayment options, Snapmint makes it easier for consumers to access credit when needed. However, it's important to use credit responsibly and understand the impact it can have on your credit score. With Snapmint, you can shop smarter and enjoy the convenience of instant credit for your online purchases.

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