|Loan amount||Rs. 10,000 to Rs. 1,00,000|
|Rate of interest||15% to 32% p.a.|
|Tenure||3 to 24 months|
|Processing fee||2% of the loan amount|
|Age||22 to 55 years|
|Lowest EMI||Rs. 4,849 per lakh|
Note: Check the lists of best personal Loan Apps available in India.
Following are the different types of LazyPay loans with their features:
Shop Now Pay Later
No Cost EMI
Additional info: You can also apply for Buy Now Pay Later Apps with Lazypay.
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:
|Year||Opening Balance||Amount Paid by customer(EMI*12)||Interest paid during the year||Principal paid during the year||Closing Balance|
|1||Rs. 1,00,000||Rs. 9,697||Rs. 2,455||Rs. 7,242||Rs. 92,758|
|2||Rs. 92,758||Rs. 58,184||Rs. 10,740||Rs. 47,444||Rs. 45,313|
|3||Rs. 45,313||Rs. 48,487||Rs. 3,173||Rs. 45,313||Rs. 0|
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|LazyPay||15% - 32%||2%||Rs. 1 Lakh|
|Credy||12% - 18%||3% + GST||Rs. 1 Lakh|
|AnyTimeLoan||18.25% - 54.75%||Up to 2%||Rs. 10 Lakhs|
|EarlySalary||24% - 30%||Rs. 199 onwards||Rs. 5 Lakhs|
|CASHe||27% - 33%||Up to 3%||Rs. 4 Lakhs|
|PaySense||16% - 36%||Up to 2.5% + GST||Rs. 5 Lakhs|
The following are the personal loan eligibility criteria for LazyPay:
The following are the personal loan processing charges and other fees for LazyPay Personal Loan:
To apply for LazyPay Personal Loan you have to follow a few simple steps that are given below:
You have to follow the steps mentioned below to make payment for LazyPay instalments:
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The following are the eligibility criteria to avail the LazyPay Personal Loan:
Yes. A penalty at 26% p.a. will be charged for each day till the dues are cleared.
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.
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.
The minimum quantum of loan provided by LazyPay is Rs. 10,000 and the maximum quantum is Rs. 1 Lakh.
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.
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.
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.
The transaction history will show your refund status. Follow the steps mentioned below to view history:
LazyPay does not facilitate any cancellation. For cancellations, the merchant has to be contacted.