ZipLoan is a new non-banking financial company (NBFC) in India that provides small businesses and Micro, Small, and Medium Enterprises (MSMEs) with business loans to match their needs and requirements. ZipLoan provides business loans with interest rates starting at 16% and has aided several businesses in the textile, industrial, pharmaceutical, and electronics industries, among others.
ZipLoan Business Loan Highlights 2021
In the given table, you can check business loan interest rate, collateral fee, loan amount, repayment tenure, and other details of the ZipLoan Application:
|Interest Rate||16% onwards|
|Loan Amount||Min. of Rs. 1 lakh & Max. of Rs. 7.5 lakh|
|Processing Fee||1-2% of the loan amount|
|Repayment Tenure||12-36 months|
|Collateral||Not mandatory for business with a turnover of Rs. 10 lakh|
|Prepayment Charges||Nil, after the first 6 months|
|Annual Turnover||More than Rs. 10 lakh|
Features of ZipLoan Business Loan
Following are the features of ZipLoan Business Loan that you will get for availing the loan:
- Quick Loan Disbursement: The process of disbursing a company loan is quick and straightforward. The loan is usually disbursed within three working days.
- Online Application: ZipLoan is a company loan that may be applied for online or through a mobile app. On ZipLoan’s official website, you may fill out the application and submit it, as well as upload all of the required papers.
- No penalty for partial or full prepayment of the business loan: There is no penalty for partial or full prepayment of the business loan. Typically, firms that begin to make a considerable profit desire to pre-pay the loan in order to lower the interest burden. ZipLoan does not impose any penalties for paying back a loan early.
- ZipScore: Because ZipLoan recognizes that enterprises may want to finance quickly, it does not solely consider the CIBIL score. The borrower’s creditworthiness is determined using a distinct holistic credit assessment process known as “ZipScore.”
- Low processing price: Getting a business loan comes with substantial processing fees, however, ZipLoan charges only 3% of the loan amount as a processing fee for business loans.
- No Collateral: ZipLoan offers zero-collateral loans to enterprises with a revenue of more than Rs. 10 lakh.
Eligibility Criteria of ZipLoan Business Loan 2021
You can apply for ZipLoan Business Loan if you are eligible for the mentioned points listed below:
- The applicant must have a minimum annual turnover of ten lakh rupees.
- ITRs with a total value of more than Rs. 1.5 lakh were filed in the previous year.
- Either the company space or the residence should be self-owned. The business should have been in operation for at least two years.
Essential documents required for ZipLoan Application for Business Loan
Here are some essential documents required for ZipLoan Business Loan are as follows:
- Address Proof
- Aadhar Card
- PAN Card
- Bank Statement from the previous 12 months
- ITR from the previous year
Types of Business Loan Offered by ZipLoan Application
- SME Loan
- Business Loan
- Working Capital Loan
- MSME Loan
- Machinery Loan
- MSME Loan
- Business Loans under the CGTMSE plan
- Business Loans for Women Entrepreneurs
- Emergency Credit Line Guarantee Scheme (ECLGS)
How to Download the ZipLoan Application
To get the ZipLoan App, follow the steps below:
- Use the ZipLoan App to apply for a loan
Enter your PAN and activate your account using the OTP sent to your registered mobile number.
- Make an application for a rapid business loan
In only 60 seconds, you may check your eligibility, upload papers for a loan application, and get a loan in just three days.
- Take a look at some of the features offered
Use services like Udhaar Tracker, MSME News Updates, and others to efficiently manage your business.
Essential Steps to Apply for ZipLoan Business Loan App
Some essential steps to apply for ZipLoan Business Loan Application are as follows:
- Step 1: Submit an Online Application: The borrower must submit an online application for a business loan through ZipLoan’s official website or mobile app. Within a few hours of submitting your loan application, it will begin to be processed.
- Step 2: Upload required documents in PDF format online: The borrower must upload relevant documents in PDF format online. Its high-tech credit analysis team will examine the documents. The lender also offers a door-to-door service, where a ZipLoan representative will come to your home and collect the paperwork.
- Step 3: Apply for a Small Business Loan: After the borrower’s eligibility is verified and the paperwork is verified, the business loan will be processed and disbursed within three working days.
You can check the entire details of ZipLoan Business Loan 2021 and offer the interest rates, eligibility criteria, and flexible repayment tenure of the loan. It can be easy to avail of the loan through its application and simple to apply for the loan through any device. On the other hand, you can also apply for the loan through the Afinoz app or visit the website Afinoz.com.