LazyPay Personal Loan
LazyPay is a unique online facility launched by PayU India with a 'pay later' facility. The target group of LazyPay is the consumers who are regular online shoppers for any amount between 500 to 2,500. The 'Pay Later' is the luring aspect of this facility. A transaction limit is set based on the spending pattern of each individual. Now the LazyPay users can shop via LazyPay and make the payment during the payment cycle. This eliminates the procedure of providing card details or net banking authorisations. With LazyPay the transactions will be without any hurdles and there will be no instances of failed transactions and there will be no need for passwords.
The objective of PayU India while launching LazyPay facility was to offer a unique online shopping experience to the consumers and provide higher online sales for merchants. The funds are made available immediately.
The target customers of LazyPay, i.e., the digitally active consumers, normally pay for food, groceries, movie tickets, and small bills for an amount ranging between 500 to 2,500. The selection of LazyPay users is based on a trust score which is done on the basis of their online shopping activity.
More than 5000 transactions for amounts in the range of 600 to 650 have been made using LazyPay and 20% of the users have done more than 2 transactions. This achievement has been laudable since such a target has been achieved without much promotions of the product.
Apart from the 'Shop Now' and 'Pay Later' facility LazyPay also offers Personal Loans starting from 10,000 to 1 Lakh, which will be credited to your bank account instantly. This loan can be used for any purpose without any restrictions. It can be used to clear high cost loans, to plan a holiday, for the education expense of your children, to meet medical emergencies, and so on.
Another facility, i.e., No Cost EMI also is available wherein you can choose your favourite store online, make purchases, and make the payment in easy instalments for the purchase. A pre-set credit limit will be available within which the purchases have to be made.
Types of LazyPay Loans
The following are the types of LazyPay Loans:
- Personal Loan
- Shop Now Pay Later
- No Cost EMI
Features of LazyPay Loans
The following are the features of LazyPay Loans:
|Name of the Facility||Features and Benefits|
Shop Now Pay Later
No Cost EMI
Benefits of LazyPay Loans
- It can be availed from anywhere and at any time. You can get access to funds by applying for it from the comfort of your home or your workplace.
- You no longer have to pay multiple visits to the lending institutions and wait for a long time to get access to the funds that are most required.
- The turnaround time is very minimal
- You can avail a loan as small as 10,000
- The rate of interest is competitive and is based on the loan amount, tenure, and your profile
- The eligibility can be checked in minutes
- The loan disbursal happens instantly on approval and the amount will be credited directly into your bank account.
- The entire loan process is transparent
- Very little paperwork is involved
- No hidden charges
- You can choose the repayment period according to the EMI you can afford. The tenure ranges between 3 months to 24 months.
- If your salary is higher than 30,000, the credit limit can be increased
- In the case of Shop Now and Pay Later, you can make purchases at Merchant Establishments partnered with LazyPay and make the payment within 15 days from the date of purchase.
- In the case of No Cost EMI, you can choose your online store and enter the amount you want to shop for. You will receive a voucher which you can use while shopping online. It is that simple.
Terms and Conditions of LazyPay Personal Loan
As a LazyPay user, you will have to abide by the terms and conditions laid down by PayU Finance India Private Limited, the service providers for LazyPay while availing the services of LazyPay online application or LazyPay Services.
- Initially, you acknowledge having read the frequently asked questions uploaded by PayU Finance from time to time.
- By accessing the LazyPay services, you are bound by the terms and conditions stipulated by PayU Finance periodically and if you are not convinced with the terms and conditions, you shall stop using the LazyPay Services immediately. Also, PayU Finance holds the rights to amend or add any terms and conditions at periodical intervals without any prior notice to the users and just post it on the website of LazyPay.
- The access to the site is available only to persons who are able to enter into contracts that are binding them legally under the Indian Contracts Act 1872. Any person who is not competent to enter into such contract, i.e., minors and insolvents are not permitted access to LazyPay website.
- To access the LazyPay website, you have to confirm to PayU Finance that you are a taxpayer in India having Indian nationality and not a taxpayer of any other country.
- PayU Finance has to be given the authorisation to register you with PayU Finance in order to use the LazyPay services and other products offered by PayU Finance. In case you do not have a LazyPay Account, PayU Finance holds the authority to open such an account for you. You will not be allowed to use the LazyPay Services unless you have a LazyPay Account.
- LazyPay users are provided the:
- Check out option at websites of merchant partners wherein PayU Finance facilitates payment for the product and the LazyPay users can make the payment later
- Option of transfer of funds into the verified bank account
- Check out option at partner merchants wherein the LazyPay users can make the payment in easy EMIs on the terms and conditions that are stipulated at periodical intervals and are accepted by the user. The payments of such funds are permitted to be paid in instalments in accordance with the terms and conditions stipulated and accepted by the user.
- The LazyPay user availing of such services is committed to pay the price of the products up to the limit specified by PayU Finance or the amount transferred to the user's bank account or to the merchant partner's account. The amendment or rejection of the pre-set credit limit is solely at the discretion of PayU Finance Ltd.
- In order to provide the LazyPay Services, PayU Finance has the sole discretion to partner with any bank or financial institutions as decided by PayU Finance.
- PayU Finance holds the rights to reject or amend monetary limits at its sole decision for whatever reason it may be.
- On using the LazyPay Services the user agrees to pay the purchase amount to PayU Finance which is authorised to collect such payments by the third-party bank or financial institution or Partner Merchant on behalf of them, in the mode of payment as specified by PayU Finance. The user further authorises PayU Finance or the representatives of PayU Finance to collect such transaction amount and remit to the Partner Merchant who has put through the sale of the product.
- Upon choosing the LazyPay services on the Merchant Partner platform, the LazyPay user has to complete the transaction through the authorisation methods as specified by PayU Finance periodically and is not limited to entering the OTP given by PayU Finance. Completion of authentication process gives effect to the transaction between the Merchant Partner and the financial partner and the transaction is considered to be completed. Further to this, the LazyPay user authorises PayU Finance to deduct the transaction amount from the LazyPay Account. For the option of transfer of funds to LazyPay user's bank account, the KYC of LazyPay user will be verified and the bank account of the LazyPay user will be linked only on accepting the tripartite agreement between the LazyPay user, the Financial Institution and the PayU Finance Ltd and such other terms and conditions stipulated for such credit. On completion of the procedure, the amount will be credited to the LazyPay user's account. The LazyPay user authorises PayU Finance to deduct the LazyPay Account or the bank account to which the amount was credited for such transaction amount.
- The LazyPay user confirms that all the information provided by the user to PayU Finance regarding the details provided for account opening, KYC verification is correct and also undertakes to provide any other information as required by PayU Finance from time to time.
- The LazyPay user has to give consent for receiving notices, communication, and any other information from PayU Finance sent either through email or any other electronic means. The LazyPay user consents that the password and pin given by PayU Finance will be solely used by the user and will not be disclosed to any third-party and will take steps to avoid unauthorised disclosure of the same. In the case, the user notices unauthorised usage of the pin or password the same has to be brought to the notice of PayU Finance. In case of a liability created out of such unauthorised usage, PayU Finance will not be liable for the same. The LazyPay user agrees that in case a dispute regarding ownership of OTP or any other authentication form arises between two or more parties, PayU Finance will only be the arbitrator and the decision of PayU Finance in this regard will be final and binding which includes suspension or even termination of any account.
- The LazyPay user confirms that he/or she is solely responsible for the transactions with regard to payment for the purchases by entering the password and the pin provided by PayU Finance. The user also agrees that he/she shall not annul such transactions at any point in time. The user also agrees and acknowledges that PayU Finance has no obligation to verify such pin and passwords entered for any particular transaction and the transaction authenticated by him/her.
- The LazyPay user authorises PayU Finance to raise a statement for the transactions done by the user using the LazyPay services with details about the due date and the method in which the statement amount has to be paid by the LazyPay user. The statement can be delivered by PayU Finance either by email or SMS or any other mode of communication as decided by PayU Finance. Further, the LazyPay user confirms and acknowledges that PayU Finance shall not be responsible for any delay in receipt of such statement either by email/SMS or any other mode as decided by PayU Finance due to the delay or default by the service providers.
- It is also agreed that PayU Finance is not responsible for any purchases made on the Partner Merchant platform and the disputes that arise out of such purchases. The only recourse for the LazyPay user will be against the Merchant Partner. PayU Finance will not be a party to any such disputes that arise between the financial institution/merchant partner.
- The rights for not processing a transaction, if PayU Finance determines that a transaction is not authorised by the LazyPay user or feels that it is a suspicious transaction, solely lies with PayU Finance.
- The LazyPay user also agrees that PayU Finance is not responsible for any failed transaction for reasons including non-performance or any commissions or omissions by the Merchant Partner, lack of service, technical errors, and deficiency in the product. Further, the user agrees that PayU Finance shall not be liable for any loss incurred out of such transactions.
- The LazyPay user is solely responsible for notifying any change in the email address or mobile number that is registered with PayU Finance and solely responsible for any fraudulent transactions occurring due to non-compliance of this clause.
- The LazyPay user undertakes to pay the instalments agreed upon as per the due date specified by PayU Finance.
- The LazyPay user agrees to make the payment through the payment options specified by PayU Finance and shall not use any other mode of payment other than the ones specified by PayU Finance.
- The LazyPay user undertakes to pay the amount within the time specified by PayU Finance and will be solely responsible for any delay in such payments due to delay in transfer of funds from LazyPay user's account to PayU Finance account.
- If the payment is not made on the specified due date by the LazyPay user, PayU Finance will send a written reminder after 3 days from the due date. If the payment is not made within the due date specified in the written communication, a final reminder will be sent by PayU Finance stating the amount due and the steps for recovery that will be initiated by PayU Finance.
- In the event of non-payment of amount on the due date specified, the LazyPay user authorises PayU Finance to collect a penalty at 18% per day for each day till the settlement of the amount and only PayU Finance has the discretion to waive such penalty.
- The LazyPay user agrees that the liability of PayU Finance with regard to the services of LazyPay will be restricted to and will be as per the terms and conditions. PayU Finance has the rights and authority to restrict certain LazyPay users from using the services of LazyPay without assigning any reasons.
- The LazyPay user confirms that the only responsibility of PayU Finance is to make sure that the services of LazyPay are in compliance of all the laws, regulations, and rules applicable.
- If the LazyPay user does not agree to the terms and conditions stipulated on the LazyPay website, then he or she shall cease to use the services of LazyPay and cancel the Lazy Pay Account. Till the time the LazyPay user has used the services of LazyPay, he or she is deemed to have agreed to the terms and conditions stipulated.
- PayU Finance holds the rights to terminate the terms and conditions in part or as a whole or the LazyPay services provided without assigning any reason. The LazyPay user can terminate the terms and conditions only by cancelling the LazyPay account and while doing so should settle all the outstanding dues on the account.
Eligibility for LazyPay Loan
The following are the eligibility criteria for LazyPay Personal Loan:
- The applicant should be in the age group of 19 years to 58 years
- The applicant should be a Resident Indian
- The KYC verification must be completed
- The minimum salary required is 30,000
- The applicant should either be salaried or self-employed
- If salaried should have a minimum job experience of 6 months
Documents Required for LazyPay Loans
- A relevant application duly filled and signed
- Documents supporting the proof of address like Aadhaar Card, Voter's ID, Driving Licence, latest Utility Bills, etc.
- Documents supporting the photo identity proof like PAN Card, Aadhaar Card, Voter's ID, Passport, Driving Licence, etc.
- Documents supporting the income for salaried individuals will be the latest salary slips of the present employment.
- Documents supporting the income for self-employed individuals will be IT Returns for the last 2 years.
- A selfie for proof of photograph
How to Apply for LazyPay Loan?
To apply for LazyPay Personal Loan you have to follow a few simple steps that are given below:
- Install the LazyPay mobile application on smartphone supported with android and complete the application.
- Fill in a few details
- Upload the required documents
- After review and verification of the application and documents, you get instant approval on the mobile app itself.
Calculation of EMI
Even before applying for the loan it is essential to calculate the EMI, which can be done easily and instantly by using MyMoneyMantra's EMI Calculator. You just need to enter a few details and click on the Calculate button.
LazyPay Loan - Processing Charges and Other Fees
The following are the processing charges and other fees for LazyPay Personal Loan:
- Processing charges: 2% of the loan amount
- Late payment charges: 26% p.a. of the amount for each day till the dues are settled
LazyPay Loan - Customer Care Numbers
You can contact the customer care number given below for any queries regarding LazyPay Personal Loan:
Frequently Asked Questions - LazyPay Loan
How to make the repayment of LazyPay Personal Loan instalment?
You have to follow the steps mentioned below to make payment for LazyPay instalments:
- Access the homepage of LazyPay website. Enter your registered mobile number and email ID.
- OTP will be sent to the registered mobile number. Enter the OTP.
- Click on "Pay Now"
- Go to the login tab on the home page of LazyPay website
- Enter your registered email ID and mobile number
- OTP received should be confirmed
- Then click on the 'Pay Now' option and continue
- A "Pay Now" tab will be sent to your registered email ID and mobile number
- Choose the 'Pay Now' tab and proceed for payment
What are the eligibility criteria to avail the LazyPay Personal Loan?
The following are the eligibility criteria to avail the LazyPay Personal Loan:
- The applicant should be in the age group of 19 years to 58 years
- The applicant should have a minimum monthly income of 30,000
- The applicant should be a Resident Indian and a taxpayer in India alone and not a taxpayer of any other country.
- The KYC details have to be verified and confirmed
- Should either be a salaried individual or self-employed individual/professional
- If salaried should have a work experience of a minimum of 6 months
Are there any charges for delay in payment of instalment?
Yes. A penalty at 26% p.a. will be charged for each day till the dues are cleared.
Is auto-debit option treated as a valid repayment method by PayU Finance Ltd?
Yes, the auto-debit option is permitted. If you choose the auto-debit option for payment, ensure to have sufficient balance in your bank account on the due date. If the auto-debit bounces, a penalty at 300 per instance will be collected.
What should the LazyPay user do in case of disagreement of the terms and conditions stipulated by PayU Finance Ltd?
In the case the LazyPay user does not agree to the terms and conditions stipulated at any point in time, he or she should close the LazyPay account by paying all the outstanding on the account.
What is the quantum of loan provided by LazyPay?
The minimum quantum of loan provided by LazyPay is 10,000 and the maximum quantum is 1 Lakh.
What are the steps of recovery taken by PayU Finance in the case the payment is not forthcoming on the due date?
If the payment is not forthcoming on the due date PayU Finance will send a written notice 3 days after the due date. If the borrower does not make payment even on the date mentioned in the written notice, a final reminder mentioning the outstanding amount and the steps that PayU Finance proposes to initiate for the recovery of the dues.
What should be done if the bank account/card has been debited for the amount, but the status of the transaction is 'failed'?
In such cases, you should contact the bank for the refund. Generally, it takes 7 to 10 working days for the refund from the bank if the transaction is done through Debit Card, Credit Card, or net banking. If the transaction is done through UPI, then the refund will happen within 15 working days.
What to do in case an incorrect cashback offer is received?
You should go through the terms and conditions and check if you had eligibility for such offer. Else, write to LazyPay regarding the issue and you will get assistance from them to sort out the issue.
Where can the refund status be checked?
The transaction history will show your refund status. Follow the steps mentioned below to view history:
- If you have a mobile app. the transactions are seen on the LazyPay tab. Click on 'tap all' and you will be able to see all the earlier transactions.
- On the LazyPay website, the transactions are seen below the outstanding amount and due amount.
How can the orders once place be cancelled?
LazyPay does not facilitate any cancellation. For cancellations, the merchant has to be contacted.