SpiceJet's latest is Book Now, Pay Later

Low-cost carrier SpiceJet on Thursday announced the launch of its latest scheme — Book Now, Pay Later — in which passengers can book tickets on convenient equated monthly installments (EMIs).

According to an airline official, the offer allows passengers to save significantly (up to 70% interest cost reduction) on deferred/delayed payment interest costs relative to traditional credit card fees. Those holding credit cards can pay as per their preference of schedule, anything between three and 12 months, at interest rates in the range of 12-14%, much less compared to typical credit card interest rates, which are in excess of 36%.

For example, for a ticket costing Rs5,000, this scheme can result in savings of over Rs1,000 in terms of interest rates relative to credit cards for a 12-month deferred payment plan.

SpiceJet's chief marketing officer Debojo Maharshi said, "We are confident that this scheme will make air travel more economically viable than ever before for those customers who want to travel now, but pay later."

The facility is available for bookings made through the SpiceJet website. In case of airfare refunds, customers will have to bear the cost of the interest rate already billed for that particular booking.