For instant loans to meet your urgent financial needs, Zype may be a viable option to consider.
Zype is an Indian loan app that allows users to take quick loans directly from their credit line to settle their utility bills & other financial needs.
In this post, we shall be exploring all you need to know about Zype loan apps ranging from their loan terms, eligibility criteria to interest rate. And above all, we shall also find out whether the loan app is real or fake.
Let’s get started…
Requirements For Zype Loan
To qualify for Zype loan, you must meet the following criteria:
- Must be a steady salary earner.
- Applicants must have an active Aadhaar card.
- Your monthly salary must be up to ₹15,000.
- Your PAN card must be valid and active.
- You must be resident in India.
Zype Loanable Amount
The loanable amount that an applicant can take from Zype is not fixed since it is determined by the borrower’s creditworthiness.
The amount of loan that a borrower can take from Zype ranges from ₹5,000 – ₹5,00,000.
Zype Loan Term
The loan tenure of Zype loan is relatively flexible, it is designed to enable borrowers to pay off their loans with ease.
The repayment plan for Zype loan ranges from 3 – 12 months.
Zype Loan Interest Rate
The interest rate of Zype loan is not fixed since it is determined by several factors like borrower’s risk profile and the loan tenure chosen.
The Annual Percentage Rate(APR) of Zype loan is between 18% – 39%.
Additionally, apart from interest rate, Zype platform also charges processing fees for their loan. The processing fee for Zype loans ranges from 2% – 6%.
Representative Sample Calculation For Zype Loan:
Let’s assume you take Zype loan with the following parameters:
Loan amount: ₹50,000
Loan term: 12 months
Interest rate: 24%p.a
Processing fee: ₹1,250 (2.5%)
Goods & Service Tax(GST) on Processing fee: ₹225
Total interest on the loan: ₹6,736
Equated Monthly Instalment(EMI): ₹4,728
Total amount disbursed: ₹48,525
Total repayment amount(i.e loan amount + interest: ₹56,736
- Goods & Service Tax(GST) and processing fee are normally deducted upfront during the loan disbursement.
- The Zype loan interest and processing can change overtime.
Zype Loan Application Process
Applying for Zype loan is quite simple and straightforward, follow the steps below to apply:
- Download and install the Zype Loan App from the official app store.
- Create an account with your details like full name, phone number, PAN number, employment details etc.
- Complete Know Your Customer(KYC) verification process with Aadhaar number and selfie.
- Select your desired loan amount and Equated Monthly Instalment(EMI) plan.
- Wait for review and if approved, transfer the loan amount instantly to your chosen bank account from your credit line.
- Don’t forget to repay your loan in accordance with your EMI plan.
Zype Loan App Is Safe Or Not?
Zype loaning platform appears to be safe due to the instant and convenient loan services they offer to their users.
In terms of data protection, Zype platform protects and secure borrower’s data through 256-bit SSL encryption which is highly safe.
However, since financial institutions are liable to change overtime, it is best to conduct due diligence about the loaning service of Zype before opting for their service.
Zype Loan App Customer Care Number
For inquiries, questions or assistance from Zype loan, you can reach out to them directly through the app. You can do that by going to the customer care section of the app and requesting help.