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/-.
Zype Loan:
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.
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.
Statement Amount:
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.
Due date:
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.
Advance 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.
Account Aggregation:
It is a process in which data from multiple financial accounts are collected in one place.