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
What is “Extend Due Date”?
The Extend Due Date feature allows eligible customers to postpone the payment due date of their upcoming SNPL bill by 7 calendar days if they need additional time to make the payment. If your bill is eligible, you will see the extension option in the SNPL section of the app.
How does “Extend Due Date” work?
When you choose to extend an eligible bill, the due date of that bill is moved by 7 calendar days. As long as you make the payment on or before the revised due date, the bill will not be treated as overdue and no late payment fee will apply.
When can I request an extension?
Eligible customers can request an extension from the 11th day of the month until the original due date of the bill (both days inclusive). Requests cannot be made outside this period.
Does extending a payment cost anything?
Yes. A one-time extension fee is charged when you request a payment extension. The fee depends on the outstanding principal amount in the bill that is being extended or AED 200 whichever is lower. Additionally, 5% VAT on the extension fee amount is applicable. The extension fee must be paid successfully before the extension can be applied.
Will extending a payment increase my interest or bill amount?
No. Extending your payment due date does not increase your interest or change the amount due on your SNPL bill. Only the applicable extension fee is charged.
Will I be charged a late payment fee after extension?
If you pay within the extended period, no late payment fee will be charged. However, if you fail to make payment by the extended due date, the bill will become overdue and late payment fees may apply in accordance with SNPL terms and conditions.
Can I extend more than one bill at the same time?
No. Only your next upcoming bill may be extended, and only one bill can be under extension at any given time.
What happens to my other payments if I extend one bill?
Only the selected bill will be extended with the revised due date. All other upcoming SNPL bills and payment schedules will remain unchanged.
Does extending my bill change the due dates of future bills?
No. The extension only applies to the selected bill. All future SNPL bills will continue to follow their original due dates
Can I extend the same payment more than once?
No. Each bill can only be extended once.
Can I choose a different due date?
No. The extension period is fixed at 7 calendar days. Alternative due dates or longer extension periods are not currently available.
Is the extension fee refundable?
No. Once the extension fee has been successfully paid and the extension has been applied, it cannot be refunded, even if you subsequently repay early or settle the bill before the revised due date.
I paid my bill after extending it. Will the extension fee be refunded?
No. The extension fee covers the processing of the extension request and remains payable once the extension has been approved and activated.
Can I extend a bill that I have already partially paid?
Yes. Partially paid bills may still be eligible for extension, provided all other customer and bill eligibility criteria are met
Can I extend a bill after it has become overdue?
No. The Extend Due Date option is only available for eligible bills before they become overdue. Extension requests must be made during the eligible extension window and before the bill crosses its due date. Once a bill becomes overdue, it can no longer be extended, and the standard overdue and collections processes will apply.
Will extending my bill affect my future SNPL eligibility?
Using the extension feature does not automatically impact your future SNPL eligibility. However, failure to repay by the revised due date may result in the bill becoming overdue, which could affect your eligibility for future extensions and other SNPL services.
Why don't I see the "Extend Due Date" option in the app?
The option is only displayed when both the customer and the bill meet the eligibility criteria. You may not see the option if:
- You have overdue bills
- The extension request window is not currently open
- You already have an active extended bill
- The bill has already been extended previously
If you believe you should be eligible, please contact Customer Support for assistance.
Why am I not eligible for a payment extension?
Eligibility is determined automatically based on several criteria designed to promote responsible use of the feature. You may not qualify if you currently have overdue SNPL bills. Eligibility is reassessed periodically and may change over time
Can Customer Support manually extend my bill?
No. Customer Support cannot manually grant extensions or override eligibility decisions. Extensions can only be requested through the app when the option is made available to eligible customers.
Can Customer Support make me eligible for an extension?
No. Eligibility is assessed automatically by the system based on predefined criteria. Customer Support cannot manually enable, approve, or override eligibility for payment extensions
How do I contact SNPL team?
You can directly email us at customerservice@botim.me & you can also contact us through our number 042468825