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 21 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).

• Overdue Interest: In the event of delay by the Customer in repaying any of the EMIs, the Customer will pay the financing partner an overdue interest amount as per the applicable interest rate on the loan. The overdue interest payable will be applicable on overdue principal and overdue interest, from the due date of instalment and will continue till the full and final payment of the unpaid amount.

• Late payment penalty: In addition to overdue interest, a  daily penalty charge for late payment of EMI will be applicable as per the below slab.

Lower Range Amount	Higher Range Amount	Delayed Payment Charges per day
0	500	NIL
501	5,000	Rs 12
5,001	15,000	Rs 24
15,001	25,000	Rs 36
Greater than 25,000		Rs 48

• Maximum cap for late payment penalty charges is ₹2500/- per loan

• Prepayment Charges: NIL prepayment charges

• Applicable GST charges on Late payment penalty charges are already included in the values mentioned.