Lazypay
Personal Loan

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

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 The interest will be charged only on the amount withdrawn.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.

• 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.

• 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.

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:

• 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

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.

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.

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.

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

• 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