To help you understand our answers to frequently asked questions, we would like to introduce you to the following terms:
Zype Credit Line: A Zype Credit Line is a credit limit allocated to the applicant based on his/her profile, income, credit history with a minimum limit of INR 500/- to a maximum limit of INR 5,00,000/-.
Once Zype credit line is allocated to the applicant, they can transfer funds from their credit line to their Bank account as a personal loan. The customer can transfer funds partially, multiple times, or the entire credit limit in one instance from the allocated credit line.
Minimum Loan Amount 500/-
Minimum Loan Tenure 3 months
Maximum Loan Amount 5,00,000/-
Maximum Loan Tenure 12 months
Statement date/Billing date:
It is the date on which your monthly due statement is generated. In other words, it is the bill generation date of all transactions done during the billing cycle.
A billing cycle is an interval of time from the end of one billing period date to the next billing period date. Elaborating further, if a customer’s statement date is the 27th of a month, the billing cycle for the same will be from the 18th of the preceding month to the 17th of the current month. At the end of a billing cycle, your transactions from the billing period and previous balances are added together to determine your statement balance.
It is the amount that needs to be paid at the end of a billing cycle. It’s the total of all the purchases, fees, interests, and unpaid balances, minus any advance payments or credits since the previous statement.
A payment due date is your deadline for making an on-time payment. You’ll find your payment due date on your statement each month, along with your due amount. This is the last day to make a payment before incurring late fees or penalties.
Difference between Statement Date and Due date:
A statement date is a date specified in the “Statement of Account” on which the statement is generated and printed, whereas a payment due date which is mentioned in your statement is your deadline for making an on-time payment.
It is a type of payment made ahead of its normal schedule, i.e. a payment made by the customer before the statement date.
It is a process in which data from multiple financial accounts are collected in one place.