Product Features

This document sets out a summary of the terms governing the products available to the Customer through the Zype mobile application/Portal (“Zype”). By signing up at the Zype, the Customer hereby gives consent for availing the credit facility provided by the Financing Partners, in Customers own bank account.

Each time the Customer utilises the sanctioned credit facility for undertaking a transaction, the Financing Partner will disburse the loan into customer designated bank account and a new loan account will be created.

The specific terms of the credit facility approved by the Financing Partner will be set out in the sanction letter and loan agreement accessible on Zype.

Eligibility Criteria

The customer must be a citizen of India, hold a valid PAN card, be above 18 years of age & have a minimum monthly income of Rs 15,000/-.

Credit Facility

We provide a credit line up to Rs 5,00,000/-. The limit is decided based on your credit profile/history, income, and other factors. Once customer’s credit line is approved, they can transfer the required amount to their bank account as a personal loan & only pay interest on the utilised amount from the credit line. This borrowed amount can be repaid in 3, 6, 9 or 12 EMIs. Customer can make multiple transfers from their credit line as long as the sum of all outstanding loans does not exceed their approved credit limit.

Fees, Interest and Charges

  • Processing Fees: Processing Fee means charges levied by the financing partner to the Customer against the processing of loan, which the Customer will pay to the Lender for each transaction initiated by the customer on Zype portal. Processing fees ranges from 2% to 6% based on the customer’s risk profile.
  • Interest: Financing Partner shall charge interest on the outstanding loan amounts calculated at the Rate of Interest displayed on the Zype portal at the time of availing the loan. Rate of Interest ranges from 18% to 39% per annum based on the customer risk profile. The Rate of Interest on the Loan will be charged to loan account, unless specified otherwise, on a monthly basis and payable by the Customer (in case of closure of individual Loan account, on the date of such closure).
  • Default Penal Interest: In the event of delay by the Customer in repaying any of the EMI, the Customer will pay the financing partner, a Penal Interest at the rate of 36% per annum on the amount of sum overdue, from the due date of instalment and shall be payable as Penal interest and will continue till full and final payment of the unpaid amount.
  • Delayed Payment Charges: In addition to Default Penal Interest, Customer shall be liable to Delayed Payment Charges on the overdue amount as per below-defined slabs

Lower Range Amount

Higher Range Amount

Delayed Payment Charges per day

0

500

NIL

501

5,000

Rs 10

5,001

15,000

Rs 20

15,001

25,000

Rs 30

Greater than 25,000

Rs 40

It is clarified that the penalty charged will be capped at Rs. 2,500/- for the loan account.

  • Prepayment Charges: NIL prepayment charges