Lazy Pay is a division of PayU, a well-known supplier of financial services in developing nations. The business offers customers simple financing solutions with cutting-edge technologies. The user is given the option to buy now and pay later, which they can use when making purchases while doing their shopping online.
Lazy Pay Personal Loan Types:
The numerous Lazy Pay loan kinds and their attributes are as follows:
- Purpose: There are no limitations on how the loan may be used. It can be used for a variety of things, including as debt consolidation, house repairs and renovations, wedding expenses, travel, and educational costs.
- Quantum: The loan amount ranges from 10,000 to 1 lakh rupees. Multiple withdrawals in multiples of Rs. 1,000 are permitted. The withdrawal amount must be at least Rs. 10,000.
- Interest: Depending on the loan amount, the customer’s profile, the loan’s length, and other circumstances, the interest rate ranges from 15% to 32% p.a. Only the amount that is withdrawn will be subject to interest.
- Processing fees: 2% of the loan’s total value.
Purchase Now, Pay Later
- Shopping online with more than 250 merchant partners is the goal.
- Quantum: There will be a fixed credit limit of between Rs. 10,000 and Rs. 1 lakh.
- No interest.
- Repayment: You have a maximum of 15 days from the date of your order to pay in full. You can combine all of your purchases into one payment and avoid paying additional interest.
- There is no need for security.
- Processing fees: 2% of the loan’s total value.
No Fee EMI
For online purchasing with partner retailers.
- Quantum: There will be a fixed loan limit of between Rs. 10,000 and Rs. 1 lakh.
- Interest: If the purchase is done and the balance is paid in three EMIs, interest won’t apply. There is, however, the opportunity to select a duration of up to 12 months. There will be a minimal Personal Loan rate of interest applied to the specific transaction for terms of 4 to 12 months.
- Repayment: There are 3 to 12 EMIs available for the repayment.
- Security is not necessary.
- Processing fee: 2% of the total transaction.
Features of a Lazy Pay Personal Loan:
- Purpose: There are no restrictions on how the loan may be used. It can be used for a variety of things, including as debt consolidation, house repairs and renovations, wedding expenses, travel, and educational costs.
- Loan amounts range from Rs 10,000 to Rs 1 lakh, with Rs 10,000 serving as the minimum and Rs 1 lakh serving as the highest.
- Multiple withdrawals in multiples of Rs. 1,000 are permitted.
The withdrawal amount must be at least Rs. 10,000.
Each withdrawal has its own option for tenure and EMI.
- Interest: The annual interest rate ranges from 15% to 32%.
The amount of the loan, the customer’s profile, the length of the loan, and other variables all affect the interest that is charged.
Customers are all charged different amounts of interest.
Only the amount that is withdrawn will be subject to interest.
- Repayment: The repayment duration can be anywhere between three and twenty-four months.
Processing fees: 2% of the loan’s principal
Why Apply for a Personal Loan with Lazy Pay:
- You can apply for funding from the convenience of your home or place of employment.
- You don’t need to make numerous trips to the lending institutions or wait a long time to acquire the money that you most need.
- There is relatively little turnaround time.
- You are eligible for loans starting at Rs. 10,000.
- The competitive interest rate is determined by the loan amount, repayment period, and your profile.
- It takes only a few minutes to check eligibility.
- Following loan approval, the funds are immediately disbursed and credited to your bank account.
- The entire loan application process is clear.
- There is very little paper work required.
- No unforeseen fees.
- In accordance with the EMI you can afford, you can select the payback time. The duration varies from three to twenty-four months.
- The credit limit may be extended if your salary is greater than Rs. 30,000.
- Shop Now and Pay Later allows you to make purchases at merchant establishments affiliated with Lazy Pay and pay for them within 15 days of the purchase date.
- When using No Cost EMI, you can select your preferred online retailer and input the desired purchase amount. You’ll get a voucher that you can use for online shopping. It is that easy.
Lazy Pay Personal Loan Documents Needed
- PAN Card
- Identity proof using an Aadhaar Card
- As proof of address, use your Aadhaar card, voter ID card, passport, driver’s licence, or utility bill.
- Account number, IFSC code, and branch information from the bank are required for payback arrangement.
- Pen and paper for uploading a signature
Lazy Pay Personal Loan Requirements:
The following qualifications apply to Lazy Pay’s personal loans:
The applicant must be a paid employee.
The applicant must fall between the ages of 22 and 55.
The candidate must reside in a city that belongs to either tier 1 or tier 2.
Charges for Lazy Pay Personal Loans
The processing fees and other costs for a Lazy Pay personal loan are as follows:
Processing fees: 2% of the loan’s total value.
Late payment penalties: 26% per year of the amount for each day the balance is not paid.