ZipLoan is a non-banking financial corporation that offers loans for businesses, and small and medium enterprises (SME). The loans can be availed in a quick and easy manner. ZipLoan is based in Delhi NCR, Indore, Lucknow, and Jaipur.
Features of ZipLoan
ZipLoan offers multiple features on its loan facility. Some of the features of the business loan are:
- The minimum amount you can avail is Rs.1 lakh.
- The maximum amount you can avail is Rs.5 lakh.
- The tenure offered is 12 months to 24 months.
- The loan can be availed with minimal documentation.
- There is no need to present collateral for this loan.
- You can get the loan approved and disbursed to your account within three days.
- There is no need to pay any pre-payment charges for repaying your loan early.
- The application process is an online process where you can apply from anywhere.
- The interest rate starts from 1% to 1.5% per month on a flat rate basis.
Eligibility criteria for ZipLoan
ZipLoan has specified certain criteria for the applicants. You need to meet the eligibility criteria to get your loan application approved. The criteria are:
- The minimum turnover of your business must be Rs.10 lakh in the last 12 months.
- The income tax returns for the previous financial year must be more than Rs.2.5 lakh.
- You should own a house or a business premise in your name.
- Your place of business must be separate from your place of residence.
- You should be conducting your business operations for a minimum of 2 years.
Eligibility criteria for a top-up loan
You can top-up your current loan as per your financial need when you meet specific criteria. The eligibility criteria are:
- If your existing loan tenure is 12 months, then you are eligible for a top-up loan if you successfully pay the first 6 monthly instalments by the due date without any bounced payments.
- If your existing loan tenure is between 18 months to 24 months, you are eligible for a top-up loan if you successfully pay the first 9 monthly instalments by the due date without any bounced payments.
How does ZipLoan work?
- Once you apply for the loan, you can check the status of your application via the website or the mobile app using your mobile number registered with ZipLoan.
- Once your loan is approved and disbursed, you can check the details of your loan and your monthly instalments each month through the mobile app and the website.
- You can pay your monthly instalments through the Immediate Payment Service (IMPS) or the National Electronic Funds Transfer (NEFT). You can also sign an Automated Clearing House (ACH) form so that the instalments are deducted straight from your bank account. Or else, you can submit post-dated cheques for monthly repayment before the loan is disbursed.
Documents required for ZipLoan Application
There is a list of documents required by ZipLoan to process and approve your application. The mandatory documents are:
- Copy of the PAN card
- Latest bank statements (12 months)
- Latest income tax returns (2 to 3 years)
- Proof of address (business premise)
- Proof of address (place of residence)
How to apply for a ZipLoan?
It is easy to apply for a ZipLoan. There are two method of application. Read on to learn more about these two methods.
- You can apply for a loan on the ZipLoan website.
- Complete the application form and upload all the mandatory documents to start the application process.
- Wait until your documents and the application form are verified.
- Sign an e-loan agreement without the hassle of visiting a ZipLoan branch.
- Get your loan disbursed directly to your account within three working days.
- You can also download the ZipLoan app on your mobile through the Google Play Store.
- You can apply for the loan and submit the documents via the mobile app.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.