In a first, Colive, an Indian prop-tech platform for rental accommodation, has partnered with ZestMoney, to launch ‘Stay Now Pay Later,’ to offer users the convenience of pay later or equated monthly installments (EMI) on their stay rent.
The partnership enables Colive’s target audience, students and young professionals, to access the easy, simple pay later option of ZestMoney.
Potential and current tenants can sign up for a ZestMoney account on the app or website. Being an end-to-end digital platform, they can complete their, know your customer (KYC), formalities online and check their eligibility.
Even customers with no credit score can apply and are eligible for a credit limit that they can use seamlessly at the checkout.
Suresh Rangarajan, Founder and CEO, Colive, said, “We have been offering accommodation for our customers ranging from college students, working professionals, couples and entrepreneurs. We realized that some of the tenants who are students or are in the initial stages of their career need safe and reliable financing options.”
“We are addressing this critical need with the partnership with ZestMoney and giving access to customized Pay later options for rent and general deposit needs of our customers,” Rangarajan added.
ZestMoney offers an entire spectrum of Buy Now, Pay Later offering from 30 days to 24 months and ticket sizes ranging from Rs 50 to Rs 5 lakh.
It is an entirely digital omnichannel player that uses Artificial Intelligence and Machine Learning data models to approve new to credit customers, giving it a distinctive edge in the market.
Lizzie Chapman, CEO & Co-Founder, ZestMoney, said, “We are thrilled to partner with Colive to offer Pay Later Solutions to its customers and drive affordability in a crucial segment like housing.”
“Co-living is the go-to option for many millennials as they love the convenience and standardized offering. We have always believed that everyone has a chance to a better life and Buy Now, Pay Later is a smart financial habit. We see a huge potential for BNPL to address this need in the market.”
The pay later option’s key benefits through ZestMoney are the completely digital experience, zero paperwork, quick approvals, and no hidden charges.
All customers will be eligible to avail of the three-month no-cost option as part of the partnership.