LazyPay Instant Personal Loan: Interest Rates, Eligibility, How to Apply

One can get instant personal loans up to Rs 1 lakh online with minimum documentation through LazyPay app. The amount borrowed attracts an interest rate of 15% and the amount borrowed can be repaid in a tenure of 3 to 24 months.

Complete Details of LazyPay Personal Loan

Loan amount 10,000 to 1,00,000
Rate of interest 15% to 32% p.a.
Tenure 3 to 24 months
Processing fee 2% of loan amount
Age 22 to 55 years
Guarantor Don’t need
Minimum EMI Rs 4,849 per lakh

Types of LazyPay Personal Loan

The different types of LazyPay loans and their features are mentioned below:-

Personal loan

Purpose: The loan can be used for any purpose without any restrictions. It can be used for wedding expenses, travel, education expenses, medical emergencies, home repairs and renovations, etc.

Loan Amount: The loan amount can be between 10,000 to 1 lakh. Withdrawals can be made in multiples of 1,000. Minimum withdrawal should be Rs 10,000

Interest: The interest rate varies from 15% to 32% p.a., depending on the loan amount, customer profile, loan tenure and other factors. Interest will be charged only on the amount withdrawn.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 selected separately for each withdrawal.

Guarantor: This is an unsecured loan and hence no guarantor is required.

Processing Fee : 2% of the loan amount

Shop Now Pay Later

Purpose: To shop online with 250+ merchant partners.

Amount: The credit limit will be from Rs 10,000 to Rs 1 lakh.

Interest: Nil.

Repayment: You can later pay in full up to 15 days from your order. You can make all purchases and pay in one go without any additional interest.

Guarantor: No Security Required

Processing Fee: Up to 2% of the loan amount.

No cost EMI

Purpose : For online shopping with merchant partners.

Amount: The credit limit is from Rs.10,000 to Rs.1 lakh.

Interest : If the purchase is made and the amount is settled in 3 EMIs then there will be no interest. However, there is an option to choose a tenure of up to 12 months. For tenures ranging from 4 months to 12 months, there will be a nominal personal loan rate of interest on the particular transaction.

Repayment: Can be done in 3 to 12 EMIs.

Guarantor: No Security Required

Processing Fee: Up to 2% of the transaction amount.

Features of LazyPay Personal Loan

Purpose: The loan can be used for any purpose without any restrictions. It can be used for wedding expenses, travel, education expenses, medical emergencies, repair and renovation of your home, etc.

How much can be taken:

  • The minimum loan amount can be Rs.10,000 and the maximum amount can be up to Rs.1 lakh.
  • Multiple withdrawals can be made in multiples of Rs 1,000.
  • Minimum withdrawal should be Rs 10,000.
  • Tenure and EMI option can be selected separately for each withdrawal.

Rate of interest :

  • The rate of interest is between 15% to 32% p.a.
  • The interest charged depends on the quantum of the loan, profile of the customer, tenure of the loan and other factors.
  • The interest charged varies among customers.
  • Interest will be charged only on the amount withdrawn.

Repayment : The repayment tenure is flexible and can range from 3 months to 24 months.

Guarantor: This is an unsecured loan and hence no guarantor is prescribed.

Processing Fee : Up to 2% of the loan amount.

Why apply for LazyPay Personal Loan?

  • LazyPay can be availed from anywhere and anytime. You can get money by applying for it from the comfort of your home or your workplace.
  • You no longer have to make frequent trips to the lending institutions or wait for long to get access to the most needed funds.
  • The turnaround time is very short.
  • You can also get a small loan of Rs 10,000.
  • The interest rate is competitive and is based on the loan amount, tenure and your profile.
  • Eligibility can be checked in minutes.
  • Loan disbursement is instant upon approval and the amount will be directly credited to your bank account.
  • The entire loan process is transparent.
  • Very little paperwork is involved.
  • No indirect charges are levied.
  • You can choose the repayment tenure as per the EMI that you can afford. The tenure ranges between 3 months to 24 months.
  • The credit limit can be increased if your salary is more than Rs.30,000.
  • In case of Shop Now and Pay Later, you can make purchases at merchant establishments partnered with LazyPay and pay within 15 days from the date of purchase.
  • In case of No Cost EMI, you can select your online store and enter the amount for which you wish to make the purchase. You will receive a voucher that you can use while shopping online.

How to Calculate LazyPay Personal Loan EMI?

It is necessary to calculate the EMI even before applying for the loan, the EMI calculator created by us will help you calculate the EMI, you just need to enter few details like loan amount, interest rate and tenure.

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

Let’s take it as an example here:-

Personal Loan Amount Required: Rs 1 lakh

Applicable interest rate : 15% p.a.

Tenure: 2 years

EMI to be paid every month till the end of the tenure: 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:

The year opening balance Amount paid by the customer (EMI * 12) interest paid during the year Principal payment during the year credit balance
1 Rs. 1,00,000.00 Rs 9,697.00 Rs. 2,455.00 Rs 7,242.00 Rs.92,758.00
2 Rs.92,758.00 Rs 58,184.00 Rs 10,740.00 Rs 47,444.00 Rs 45,313.00
3 Rs 45,313.00 Rs 48,487.00 Rs. 3,173.00 Rs 45,313.00 Zero

LazyPay Personal Loan Comparison with other Lenders

Name of lender Interest Rate (per annum) Processing fee Maximum loan limit
LazyPay 15% to 32% up to 2.00% 1 lakh rupees
Credy 12% to 18% 3% + GST 1 lakh rupees
AnyTimeLoan 18.25% to 54.75% up to 2 10 lakh rupees
Earlysalary 24% to 30% Rs.199 or more 5 lakh rupees
CASHe 27% to 33% up to 3 4 lakh rupees
PaySense 16% to 36% Up to 2.5% + GST 5 lakh rupees

Documents Required for LazyPay Personal Loan

  • Pan card
  • Aadhar card as identity proof
  • Aadhar Card / Voter ID / Passport / Driving License / Utility Bill as proof of address.
  • Bank details, such as account number, IFSC code, and branch details, for repayment setup.
  • Signature
  • Selfie

LazyPay Personal Loan Eligibility Criteria

Following are the personal loan eligibility criteria for LazyPay:

  • Applicant must be a salaried person.
  • Applicant’s age should be between 22 years to 55 years.
  • Applicant must be a resident Indian.
  • Applicant must reside in Tier 1 or Tier 2 city.

Personal Loan Fee with LazyPay

Following are the processing fee and other charges for LazyPay personal loan:

Processing Fee: Up to 2% of the loan amount.
Late Payment Fee : 26% p.a. every day till the dues are settled.

How to pay off LazyPay Personal Loan

To pay LazyPay installments you need to follow the below mentioned steps:

  • Access the homepage of the LazyPay website. Enter your registered mobile number and email id.
  • OTP will be sent to the registered mobile number. Enter OTP.
  • Click on “Pay Now”.

either

  • Go to the login tab on the home page of LazyPay website
  • Enter your registered email id and mobile number
  • OTP received must be confirmed
  • Then click on ‘Pay Now’ option and continue

either

  • “Pay Now” tab will be sent to your registered email id and mobile number
  • Select ‘Pay Now’ tab and proceed for payment

LazyPay Personal Loan Customer Care

Level-1: If you have any complaint, you can click on ‘Contact Us’ on LazyPay’s website to register your complaint with reference number. You can also email your complaint to wecare@lazypay.in .

LazyPay Personal Loan FAQs and Answers ( FAQs )

Question: What are the eligibility criteria to avail LazyPay personal loan?

Answer: Following are the eligibility criteria to avail LazyPay personal loan:

  • Applicant age should be between 15 years to 55 years
  • Applicant should have minimum monthly income of Rs.30,000
  • Applicant must be Indian resident only.
  • KYC details must be verified and confirmed.
  • Must be a salaried person with at least 6 months work experience.

Question: Is there any charge for delay in payment of installment?

Answer: Yes, penalty at the rate of 26% p.a. will be charged for each day till the arrears are paid.

Question: Is auto-debit option considered as a valid repayment method by PayU Finance Ltd?

Answer: Yes, auto-debit option is allowed. If you choose the auto-debit option for payment, ensure that you should have sufficient balance in your bank account on the due date. In case the auto-debit bounces, a penalty of Rs.300 per bounce will be charged.

Question: What is the loan amount provided by LazyPay?

Answer: The minimum loan amount provided by LazyPay is Rs.10,000 and maximum is Rs.1 lakh.

Question: What to do if I get wrong cashback offer?

Answer: You should go through the terms and conditions and check whether you have eligibility for such offer. Otherwise, write to LazyPay regarding the problem and you will get help from them to solve the problem.

Complete details of Lazypay personal loan have been told in this post. What is the interest rate of Lazypay personal loan? What are the documents required for Lazypay personal loan? What is the eligibility for Lazypay personal loan? How to apply for Lazypay personal loan? What is the customer number of Lazypay personal loan? Everything is explained in detail.

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