Looking for short-term sources of finances? Here’s why Zype can be the ideal choice!
There are several advantages if you need a loan from Zype. Check out the best features of Zype:
With Zype, the flexibility of borrowing doesn’t end when you receive the money in your account. You can choose among flexible repayment tenure of 6, 9 or 12 EMIs and repay your loans on your terms.
When the need for cash is urgent, it should be met quickly! Keeping this in mind Zype offers loan approval in 60 seconds!
You don’t have to provide any security like gold, jewellery, or any other assets to get a personal loan from Zype. This is because all small-term loans from Zype are unsecured loans.
On Zype, everything from application to repayment is online. But that’s not all! With no document upload or paperwork, you can apply for a short-term loan in less than 6 minutes.
With Zype, you will never be charged any additional cost. Zype’s terms of borrowing are crystal clear. You only have to pay an interest rate and processing fees on the personal loan you take.
The interest rate you’re charged decides if your loan is expensive. On Zype, you can get personal loans at a very affordable interest rate starting at 1.5% interest per month.
After you have completed your application and accepted your offer, you will receive your loan directly into your registered bank account instantly.
There are many factors that can affect the short term personal loan you take. This can vary from the loan amount and interest rate charged on your personal loan to your credit profile and monthly income.
Based on your credit profile and submitted documents, you will be approved for a particular loan amount and interest rate. This outstanding amount will be divided into EMIs which you will have to repay every month, as per your repayment tenure.
Your credit score is a 3-digit number that determines the eligibility of your personal loan. Having a high credit score of 750 and above can make you an ideal borrower among lenders, helping you get the best loan offers and terms.
When you take a personal loan, you have to pay it back with interest according to your repayment tenure. Missing your EMIs can lead to negative consequences like penalty charges, a decrease in credit score and recovery calls from the lenders.
21 years or above
Monthly income of at least ₹15,000
Salaried individual
Valid PAN & Aadhaar card
You need to submit required documents such as PAN and Aadhaar card while completing your application and get your loan limit. (Physical Copy Not Required)
You will need to take an online selfie during the application process to verify your identity.
If you want to apply for a higher loan limit, you will have to provide your bank statement for the last 4 months.
There are some charges like personal loan interest rates and processing fees associated with taking a loan. With Zype, you will get all the information of the additional charges on your loan and get complete transparency on your loan terms.
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting at 1.5% (monthly) |
| Loan Processing Charges | Processing fees from 2% to 6% on every loan |
| Penalty on Overdue EMIs | Late payment penalty charges & overdue interest will be charged to your total outstanding loan on a daily basis |
One of the good borrowing practices is to calculate your personal loan EMIs before you even start your application with a lender. Doing this can help you get the best personal loan offer and create a budget that fits your financial situation.
This is the formula to calculate your EMI:
R is the monthly interest rate
N is the no. of months of EMI payment
P is the principal amount you borrow
E = P x R x (1+R)^N / [(1+R)^N-1], where
10,000
5,00,000
1
34
1
72
Your short-term loan can have both – negative and positive impacts on your credit, depending on whether you make your repayments on time or not. If you pay all your EMIs on time, it will automatically help you build your credit score.
On Zype, you don’t have to provide any collateral to get a short-term personal loan. This is because all Zype loans are unsecured loans.
Zype is the best app for short-term loans! With easy application, instant approval, quick disbursal, and flexible repayment tenure, you can get instant access to the money you need.
Short term personal loans are loans that have a short repayment tenure. On Zype, you can repay your loan in flexible repayment tenure of 6, 9 or 12 EMIs.
On Zype, you can apply for a personal loan up to ₹5 lakhs in 6 minutes. After you have completed your application, you can get approved for a loan in 60 seconds. Accept your loan offer and receive the cash directly into your bank account instantly.
To apply for loan foreclosure, contact your lender, understand their foreclosure process, submit the required documents, and pay the outstanding loan amount along with any applicable charges.
Short term sources of finance are used for meeting any momentary expenses and are best suited for individuals who don’t want a long repayment tenure.
On Zype, you can avail a personal loan of up to ₹5 lakhs with a short-term loan repayment tenure.
Zype’s repayment tenure for a short-term loan can be 6, 9 or 12 EMIs.
The choice between prepayment and foreclosure depends on your financial capacity and the terms of your loan. Foreclosure settles the debt completely, while prepayment reduces the outstanding balance and future interest.
Copyright © 2024 Easy Platform Services Pvt Ltd. All rights reserved.