Each time you use the Lazypay online loan App, you get attractive online offers that include cashbacks, Lazypay coupons and other offers like Medlife that offers medicines at a discount, Zomato that delivers your favorite food and Bookmyshow that books tickets for you for movies, plays, entertainment shows and much more. These online offers are generally time-bound and are offered throughout the year, especially during festivals, public holidays and other religious celebrations.
Apart from offers, these Apps also provide short term loans at reasonable interest rates. Getting an online loan is unbelievably easy and free from hassles. Unlike bank loans, online loans are approved within minutes. Paperwork is minimal and you can choose your payback tenure and loan amount (within the approved credit limit).
Are Online Loans Available for all?
It is available for adults within the age group mentioned in the App. It is targeted to working individuals who are resident Indian nationals. They should have a minimum salary or earnings (in case of self-employed) and reside in an area where the lending company has representation.
What Documents are Required?
Online loans require minimum paperwork and include personal ID and proof of address issued by a government agency. Some of these documents include:
Aadhar card, PAN card, passport, ration card, electricity bill, driving license, registered rental agreement, bank statement and other documents as mentioned in the App that you have selected. Self-employed lenders will also have to upload their bank statement.
What Kinds of Loans are Available?
Online loan Apps provide a wide range of loans for various purposes, which includes the following
- Scholarship Loans: loans are available for students who wish to go abroad for specialized studies or professional courses in India.
- Medical emergencies: most medical emergencies strike without warning. You need finances urgently. While bank loans take ages, online loans are available within minutes. These loans are for anything related to medical expenses like surgeries, hospitalization cost, tests etc.
- Weddings: Weddings are one of the most expensive events. Indian Weddings are lavish and require additional finances.
- Vehicles: buy two-wheelers with a loan from online loan Apps.
- Commercial Loans: self-employed entrepreneurs can take a loan for purchasing new machinery, buying raw materials or for working capital.
Is the Process of Getting a Loan Simple?
Firstly, you will have to browse through a few online apps that are offering loans. Select one of them and install it. Next, you register yourself by entering a few basic personal details about yourself – like your name, date of birth, telephone number, address, salary etc.
The App will set a credit limit and you are free to accept the full amount or take the loan in parts. It will also set the EMIs, interest rate and tenure. The interest is based on a reduced balance basis.
You will be required to upload the documents as well as a clear selfie of your face. The App will also require bank details like the name of the bank, branch, account number and IFSC code. The App will evaluate the information that you provided and approve the loan within minutes. The money will be credited to your designated account.
Are the Lenders personal and Bank Details Secure?
All the customer's data are secured by a robust firewall that prevents any unauthorized entry. Also, these Apps do not share the customer's data with any third-party entity.
Download the LazyPay app, get your credit limit and enjoy making those purchases like you never have !!!
