Why taking an Online Shopping Loan is a Win-Win?

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 5 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 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 3, 6, 9 or 12 EMIs.

Benefits Of A Shopping Loan:

You Can Avail Shopping Loan Instantly:

Some loan apps (like Zype) can give you a personal loan for shopping instantly once your credit line is approved. This is a good option when you’re shopping a limited time deal.

You Get To Enjoy No-Cost EMI:

Many loan apps have no-cost EMI options in collaboration with brands and online shopping platforms. With this, you can shop now & pay later without incurring any additional cost.

You Can Save Money On Biggest Sales Of The Year:

Be it Flipkart’s “Big Billion Days Sale” or Amazon’s “Great Indian Sale,” you do not have to lose out on discounts when you’re short on cash.

Pro-Tip: Make sure that the amount of interest you need to pay for the shopping loan does not exceed the amount that you would save from deals and discounts.

No Collateral Is Required

Since shopping loans fall under unsecured loans category, there is no collateral needed to avail the loan. This saves time and makes the process hassle-free.

Flexible Repayment Options

You get flexibility to choose the number of EMIs to pay back the loans. This way, you can pay for your shopping in an affordable monthly payment.

Also 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 a credit limit, 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. 5 lakhs in less than 5 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 in no time! 

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 3, 6, 9 or 12 EMIs. 

100% Secure

Zype is a genuine and registered loan app that follows all the lending practices of RBI. This is exactly why it’s extremely safe to take a personal loan for shopping from Zype. 


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, it’s safe. As long as you’re taking a loan from a genuine lending platform that follows all the regulatory practices of the RBI, it’s safe to take an online shopping loan. 

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 5 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 5 minutes. 

What Documents Are Required For A Shopping Loan?

On Zype, you only need your PAN and Aadhaar number to complete your application and activate your approved credit limit. 

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 18 years or above
  • You need a valid PAN and Aadhaar card. 
  • You need a minimum monthly salary of Rs. 15,000.


Download Zype App​