LazyPay Personal Loan Details

Loan amountRs. 10,000 to Rs. 1,00,000
Rate of interest15% to 32% p.a.
Tenure3 to 24 months
Processing fee2% of the loan amount 
Age22 to 55 years
CollateralNot required
Lowest EMIRs. 4,849 per lakh 

Note: Check the lists of best personal Loan Apps available in India.

Types of LazyPay Personal Loans

Following are the different types of LazyPay loans with their features:

Personal Loan

  • Purpose: The loan can be used for any purpose without any restrictions. It can be used for consolidation of debts, wedding expenses, travel, education expenses, medical emergencies, repairs & renovations to your home, and so on.
  • Quantum: The loan amount varies from Rs. 10,000 to Rs. 1 Lakh. Multiple withdrawals can be made in multiples of Rs. 1,000. The minimum withdrawal should be Rs. 10,000.
  • Interest: The rate of interest varies from 15% to 32% p.a., depending on the loan quantum, profile of the customer, tenure of the loan, and other factors. The interest will be charged only on the amount withdrawn.
  • Repayment: The repayment period ranges from 3 months to 24 months. Tenure and EMI option can be chosen separately for each withdrawal.
  • Security: This is an unsecured loan and so no security is stipulated.
  • Processing charges: 2% of the loan amount.

Shop Now Pay Later

  • Purpose: To shop online with 250+, merchant partners.
  • Quantum: A credit limit ranging from Rs. 10,000 to Rs. 1 Lakh will be fixed.
  • Interest: Nil.
  • Repayment: You can Pay Later in full in up to 15 days from your order. You can stack all your purchases and pay all at once with no added interest.
  • Security: No security is required
  • Processing charges: 2% of the loan amount.

No Cost EMI

  • Purpose: For online shopping with merchant partners.
  • Quantum: A credit limit ranging from Rs. 10,000 to Rs. 1 Lakh will be fixed.
  • Interest: If the purchase is made and the amount settled in 3 EMIs there will be no interest. However, there is an option to choose the tenure up to 12 months. For tenure ranging from 4 months to 12 months, there will be a nominal Personal Loan rate of interest charged on the particular transaction.
  • Repayment: The repayment can be made in 3 to 12 EMIs.
  • Security: No security required
  • Processing charge: 2% of the transaction amount.

Additional info: You can also apply for Buy Now Pay Later Apps with Lazypay.

Features of LazyPay Personal Loan

  • Purpose: The loan can be used for any purpose without any restrictions. It can be used for consolidation of debts, wedding expenses, travel, education expenses, medical emergencies, repairs & renovations to your home, and so on.
  • Quantum:
    • The minimum quantum of loan is Rs. 10,000 and the maximum quantum of the loan is Rs. 1 Lakh.
    • Multiple withdrawals can be made in multiples of Rs. 1,000.
    • The minimum withdrawal should be Rs. 10,000.
    • Tenure and EMI option can be chosen separately for each withdrawal.
  • Interest:
    • The rate of interest charged is between 15% p.a. to 32% p.a.
    • The interest charged depends on the loan quantum, profile of the customer, tenure of the loan, and other factors.
    • The interest charged varies from customer to customer.
    • The interest will be charged only on the amount withdrawn.
  • Repayment: The repayment period is flexible and ranges from 3 months to 24 months.
  • Security: This is an unsecured loan and so no security is stipulated.
  • Processing charges: 2% of the loan amount.

Why Apply for LazyPay Personal Loan?

  • 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 Rs. 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 Rs. 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.

LazyPay Personal Loan EMI Calculation

Even before applying for the loan it is essential to calculate the EMI, which can be done easily and instantly by using MyMoneyMantra's Personal Loan EMI Calculator. You just need to enter a few details, like loan amount, rate of interest and tenure, and hit the enter button.

Apart from calculating the EMI amount, the Calculator also displays the complete amortization schedule for loan repayment.

Here’s an example:

Personal loan amount required: Rs. 1 Lakh

Applicable rate of interest: 15% p.a.

Tenure: 2 years

EMI to be paid each month till the tenure ends: Rs. 4,849

Total interest to be paid: Rs. 16,368

Total amount to be paid to the lender: Rs. 1,16,368

Amortization schedule of the above example:

YearOpening BalanceAmount Paid by customer(EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance
1Rs. 1,00,000Rs. 9,697Rs. 2,455Rs. 7,242Rs. 92,758
2Rs. 92,758Rs. 58,184Rs. 10,740Rs. 47,444Rs. 45,313
3Rs. 45,313Rs. 48,487Rs. 3,173Rs. 45,313Rs. 0

Comparison of LazyPay Personal Loan with Other Lenders

Name of LenderRate of Interest (per annum)Processing FeeMaximum Loan Limit
LazyPay15% - 32%2%Rs. 1 Lakh
Credy12% - 18%3% + GSTRs. 1 Lakh
AnyTimeLoan 18.25% - 54.75% Up to 2% Rs. 10 Lakhs
EarlySalary24% - 30%Rs. 199 onwardsRs. 5 Lakhs
CASHe27% - 33%Up to 3%Rs. 4 Lakhs
PaySense16% - 36%Up to 2.5% + GSTRs. 5 Lakhs

Documents Required for LazyPay Personal Loan

  • PAN Card
  • Aadhar Card as identity proof
  • Aadhar card/ Voter’s ID card/ Passport/ Driving License/ Utility Bill as address proof.
  • Bank details, such as Account number, IFSC code, and Branch detail, for repayment setup. 
  • Pen and paper for signature upload
  • Selfie

LazyPay Personal Loan Eligibility Criteria

The following are the personal loan eligibility criteria for LazyPay:

  • The applicant should be a salaried individual.
  • The applicant should be in the age group of 22 years to 55 years.
  • The applicant should be a Resident Indian.
  • The applicant must be residing in either tier 1 or tier 2 city.

LazyPay Personal Loan Charges

The following are the personal loan 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.

How to Apply for LazyPay Personal Loan on MyMoneyMantra?

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.

LazyPay Personal Loan Payment

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".

Or

  • 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

Or

  • A "Pay Now" tab will be sent to your registered email ID and mobile number
  • Choose the 'Pay Now' tab and proceed for payment

LazyPay Personal Loan Customer Care

  • Level-1: If you have a grievance, you can click 'Contact Us' on LazyPay’s website to submit your complaint along with the Reference number. You can also email your grievance at wecare@lazypay.in
  • Level-2: If you do not receive a response within the specified time at Level 1 or if you are not satisfied with the response received, you can escalate the complaint to the next level at: 
    • Grievance Redressal Officer – PayU
      Akash Wagh
      PayU Finance India Private Limited,
      Empresa Building, Office No. 102, First Floor, Second Road, Khar West, Mumbai – 400052.
      Email: grievanceredressalofficer@lazypay.in
  • Level-3: If there is no response for Level 2 within the defined timeframe or if the response provided is not satisfactory, you can escalate the matter to:
    • Customer Care Head – PayU
      PayU Finance India Private Limited,
      Empresa Building, Office No. 102, First Floor, Second Road, Khar West, Mumbai – 400052.
      Email: carehead@lazypay.in

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Lazypay Personal Loans FAQs

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 15 years to 55 years
  • The applicant should have a minimum monthly income of Rs. 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 with 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 the 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 Rs. 10,000 and the maximum quantum is Rs. 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 placed be cancelled?

LazyPay does not facilitate any cancellation. For cancellations, the merchant has to be contacted.