When the words ‘shopping’ and ‘loan’ are seen together in a sentence, the first word that comes to mind is ‘risky.’ If parents get even a tiny hint that their kids are thinking of getting a loan for shopping, a minimum of two hours of lecture on “financial responsibility” would follow.
But the truth is that times have changed. Today, with so many brands and credit apps taking a customer-first approach, you can enjoy a host of offers and even end up saving money when you take a shopping loan.
What Is A Shopping Loan?
Shopping loan is a type of a personal loan where a lender offers unsecured loans to their borrowers so that they do not have to wait for their salary to shop.
How Does Shopping Loan Work?
A shopping loan is a convenient and quick way of funding your purchases. Here’s how it works on the Zype app.
You can download the Zype app from PlayStore/AppStore and complete a quick application by filling out your basic details like your name, email address, PAN, employment details, etc. Since you don’t require any documents to apply for a loan, you can complete your application in less than 6 minutes. After you have completed your application, you can get approved for a loan in less than 60 seconds. You will receive the loan directly into your bank account. You can use this money to make any online or offline purchases. You have to pay back this loan according to your repayment plan in 6, 9, 12 or 18 EMIs.
Benefits Of A Shopping Loan
Why a shopping loan is a smart choice for your next purchase
A shopping loan offers instant access to funds, flexible repayment, and no collateral, making it easier to shop without financial stress.
Instant Approval
Some loan apps (like Zype) offer instant shopping loans once approved, perfect for limited-time deals and urgent purchases.
No-Cost EMI
Many apps partner with brands and platforms to offer no-cost EMI, letting you shop now and pay later without extra charges.
Save on Big Sales
Don’t miss out on discounts during major sales like Flipkart’s Big Billion Days or Amazon’s Great Indian Sale, even if you’re short on cash.
No Collateral Needed
Shopping loans are unsecured, so there’s no need to pledge assets, making the process quick and hassle-free.
Flexible Repayment
Choose the number of EMIs that suit your budget, allowing affordable monthly payments for your shopping.
Ready to Shop with a Shopping Loan?
Enjoy instant funds, no-cost EMI, and flexible repayment for your next big purchase.
Apply NowAlso Read: What is Personal Loan Repayment and Types of Loan Repayment Methods?
3 Tips For You Before You Take A Shopping Loan:
Make Sure You Do Not Overspend
Just because you have taken a loan , it does not mean that you need to exhaust it. At the end of the day, it is still a loan, and you will need to repay it.
Check Loan Offers From Multiple Lenders
You should compare interest rates and processing charges on different loan apps before taking the loan. Also, it is always good to check the brand’s website for special offers from credit apps.
Also Read: Personal Loan Interest Rates & Charges
Set A Budget Beforehand
It is always smart to set a budget and not borrow more than you need. Always account for your existing EMIs and upcoming expenses, so you do not end up borrowing more than you can pay.
Why Choose Zype Installment Loan for Shopping?
Flexible Shopping Loan
Zype has a very easy and straightforward application process. You can apply for a personal loan of up to Rs. 2 lakhs in less than 6 minutes without any documentation or paperwork. This makes it a very flexible option for availing funds for shopping.
Instant Approval and Quick Disbursal
After you have completed your application, you can get approved for a loan in less than 60 seconds. And after you’re approved for a loan and complete your KYC, you will receive the funds directly into your registered bank account instantly.
Shop for Appliances and more
There’s no restriction on the end usage of the personal loan for shopping. Whether you need it to buy new appliances for your house or want to upgrade your wardrobe, your wishlist can come true in a few taps.
Flexible Repayment Options
Paying back your loan on Zype will never feel like a financial burden. With multiple tenure options, you can choose a repayment plan that fits your budget. You can repay your loan in 6, 9, 12 or 18 EMIs.
100% Secure
All the data that you submit to the Zype instant loan app is safe and is protected through secure encryption.
Conclusion
To sum it all up, with a shopping loan, you don’t have to worry about missing out on the best deals out there. Plus, you get the additional benefits of paying in convenient EMIs.
Frequently Asked Questions
Are Online Shopping Loans Safe?
Yes, Online shopping loans can be safe if offered by legitimate, registered lenders with transparent terms. Always verify the lender, check interest rates, read terms carefully, and ensure secure payment methods.
Can I Use An Online Shopping Loan For Any Online Purchase?
Yes, you can. Typically, online shopping loans are unsecured loans and have no restriction on the end usage. This means you can use the borrowed money anywhere you like, no questions asked.
How Do I Apply For An Online Shopping Loan?
Just download the Zype app from PlayStore/AppStore and enter your basic details such as your name, email address, PAN, employment details, etc. You can complete your entire application in less than 6 minutes without any document upload or paperwork.
What Happens If I Can't Repay My Online Shopping Loan On Time?
If you don’t repay your online shopping loan on time, you may have to face some negative consequences like penalties, decrease in credit score and even collection attempts from agents.
Can I Use An Online Shopping Loan To Take Advantage Of Sales And Discounts?
Yes, don’t miss out on the sale season just because you’re out of cash. You can get an online shopping loan and make the most of the sales and discounts.
How Much Time Does It Take To Get A Shopping Loan Disbursed?
On Zype, you can get a personal loan for shopping of up to Rs. 5 lakhs in less than 6 minutes.
What Documents Are Required For A Shopping Loan?
On Zype, you only need your PAN and Aadhaar number to complete your application and get a loan instantly.
What Is The Eligibility Criteria For A Shopping Loan?
Here’s Zype’s simple eligibility criteria you need to meet to get approved for a shopping loan.
- You need to be 21 years or above
- You need a valid PAN and Aadhaar card.
- You need a minimum monthly salary of Rs. 15,000.
