botim credit – Send Now Pay Later

What is Send Now Pay Later?

SNPL allows a payment freedom where you can send money now and pay later in instalments. It’s the easiest way to cater to your loved ones need now and pay later. Available only on the BOTIM app

Who can apply for Send Now Pay Later (SNPL)?

All Botim users in the UAE who have registered with a UAE mobile number and have completed KYC verification are eligible to apply for an SNPL credit limit.

How to use Send Now Pay Later?

You can select SNPL option at checkout while transferring money. This applies only to approved users

What is my SNPL approved limit ?

The SNPL limit will be determined based on the information you provide, with a maximum of AED 5,000. Once approved, this is a revolving credit limit for remittances. You can use the approved amount in full or in part. After each use, your remaining available limit will be reduced. When you repay, the corresponding limit will be restored.

How can I increase the SNPL Approved Limit

Maintaining a good usage record and repayment history will help increase your approved limit

How many times can I use it?

When there is a balance in your credit limit and no bills are overdue, Send Now Pay Later is always available to you.

What should I do if the remittance fails?

If the remittance fails, you will not be required to repay the corresponding installment fees. If you have already made partial repayments , it will be refunded back to you

When should I repay the money?

If SNPL is used on or before the 10th of the month, the first repayment will be due on the last working day of the same month. If SNPL is used after the 10th of the month, the first repayment is due on the last working day of the following month.

What can I use to make the repayment?

You can use any of your active debit card for SNPL repayment. You can link your card to provide an auto debit instruction via the Botim Application

How to make repayments?

When using Send Now Pay Later, you will be required to activate the auto-debit service. On the billing date, we will automatically deduct the payment from your linked card. Therefore, please ensure that your card has sufficient balance to avoid overdue payments. Additionally, you can manually make repayments anytime by accessing the repayment page through the banner on remittance page.

How much should I repay?

In addition to the utilized amount (which is your transaction amount plus remittance service fee), you will also need to pay installment fees for using Send Now Pay Later. The installment fees depend on the tenor selected and the amount utilized.

Is there a Grace Period?

Yes from the due date, there is a grace period of 4 days. During the grace period the facility will be in overdue but late payment fees will not be charged. For e.g. if your due date is on 31st Jan 2023, grace period is till 4th Feb 2023. If repayment is not received within these 4 days, then late payment fees will be charged on 05th Feb 2023

How much is the late payment fees?

If we are unable to collect the repayment from linked card within the grace period, there will be a late payment fee of AED 50 per month.

Will I be charged additional fees if I make an early repayment?

If you settle all outstanding bills in advance, you will not be required to pay any installment fees for the remaining installments. You will only need to pay an early settlement fee of 1% of the principal amount for the respective installments.

How many installments can I choose for repayment?

You can have installment payments ranging from 1 month up to maximum of 6 months.

What if I get overdue?

Once you are in overdue status, you will be required to pay a late fee of AED 50 per month after the grace period. Additionally, this will have an impact on your personal credit history.

Can I change the linked card for auto-debit?

Yes, you can change the card for auto-debit through the remittance homepage banner and follow the instructions to change the card details .

Can my remittance amount be more than the SNPL approved amount ?

When using SNPL the remittance amount including the remittance fees cannot be more than the SNPL approved/available limit

If my SNPL available credit limit is AED 2,000 and I want to send AED 2,500 what should I do ?

You can use SNPL to remit AED 2,000 including remittance fees and convert that to installment ranging from 1 month up to 6 months. For the balance AED 500 you can initiate another remittance using any other payment tool of your choice.

When does my SNPL credit limit expire ?

Your SNPL credit limit will expire after 3 years. New approval will be subject to internal policy

How do I contact SNPL team?

You can directly email us at customerservice@botim.me & you can also contact us through our number 042468825