Loan Product

Processing Fees: Processing Fee means charges levied by the financing partner to the Customer against the processing of loan, which the Customer will pay to the Lender for each transaction initiated by the customer on Zype portal. Processing fees ranges from 2% to 6% based on the customer’s risk profile.

Interest: Financing Partner shall charge interest on the outstanding loan amounts calculated at the Rate of Interest displayed on the Zype portal at the time of availing the loan. Rate of Interest ranges from 18% to 36% per annum based on the customer risk profile. The Rate of Interest on the Loan will be charged to loan account, unless specified otherwise, on a monthly basis and payable by the Customer (in case of closure of individual Loan account, on the date of such closure).

Default Penal Interest: In the event of delay by the Customer in repaying any of the EMI, the Customer will pay the financing partner, a Penal Interest at the rate of 36% per annum on the amount of sum overdue, from the due date of instalment and shall be payable as Penal interest and will continue till full and final payment of the unpaid amount.

Delayed Payment Charges: In addition to Default Penal Interest, Customer shall be liable to Delayed Payment Charges on the overdue amount as per below-defined slabs: