ZipLoan is an emerging NBFC in the Indian financial market that provides business loans to small businesses and Micro, Small, and Medium Enterprises (MSMEs) to meet their business needs and requirements. ZipLoan offers business loan at an interest rate that starts from 1% – 1.5% per month that has helped a lot of companies involved in clothing, manufacturing, pharmaceutical, electronics sector, etc.
ZipLoan Business Loan Interest Rate
|ZipLoan Business Loan – 2021|
|Interest Rate||1% – 1.5% per month (Flat rate)|
|Loan Amount||Min. Rs. 1 lakh & Max. Rs. 7.5 lakh|
|Processing Fee||1-2% of the loan amount|
|Repayment Tenure||12-36 months|
|Collateral||Not required for business with turnover of Rs. 10 lakh|
|Prepayment Charges||Nil, after first 6 months|
|Loan Sanctioning Tenure||Within 3 business days after form submission|
|Annual Turnover||More than Rs. 10 lakh|
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
- Applicant should have a minimum of 10 lakh of annual turnover
- Last ITR of more than Rs. 1.5 lakh
- Either business space or home should be self-owned
- Business existence of at least 2 years
Steps to Apply for ZipLoan Business Loan
Step 1: Make an Online Application: Borrower has to apply for the business loan online at ZipLoan’s official website or mobile application. The processing of your loan application starts within a few hours of your application submission.
Step 2: Provide necessary documents: The borrower is required to submit necessary documents by uploading it online in a PDF format. Documents will be analyzed through our hi-tech credit analysis team. A door-to-door service is also provided by the lender; a representative from ZipLoan would collect the documents from your place.
Step 3: Avail Small Business Loan: After the eligibility of the borrower is checked and the documents are verified, business loan will be processed and disbursed within 3 working days.
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Features of ZipLoan Business Loan
- Quick Loan Disbursement: The business loan disbursement process is quick and simple to understand. Usually, the loan is disbursed within 3 working days
- Apply Online: ZipLoan business loan can be applied online via official website and mobile app. The application can be filled and submitted on ZipLoan’s official website and all the necessary documents can be uploaded online
- Nil Prepayment penalty: Upon partial or full pre-payment of the business loan, no prepayment/part-payment penalty is charged. Usually, businesses that start generating sufficient profit want to pre-pay the loan amount to reduce the burden of interest. There is no penalty charged by ZipLoan for early payment
- ZipScore: ZipLoan understands that businesses at times need capital urgently; therefore it does not look at the CIBIL score only. A separate holistic credit rating process called ‘ZipScore’ helps in determining the creditworthiness of the borrower
- Low processing fee: Acquiring a business loan is topped up with hefty processing fees but at ZipLoan the processing fee charged for business loans is only 3% of the loan amount
- No Collateral: ZipLoan provides collateral-free loans to businesses with a turnover of more than Rs. 10 lakh
Also Read: Loan for Business Without Security in India
Type of Business Loans offered by Ziploan
- Business Loan
- SME Loan
- MSME Loan
- Machinery Loan
- Working Capital Loan
- Instant Business Loan Online
- Business Loan for Women Entrepreneurs
- Emergency Credit Line Guarantee Scheme (ECLGS)
- Business Loans under CGTMSE scheme
Documents Required for Loan Application
Frequently Asked Questions (FAQs)
Q1. Where is ZipLoan located?
ZipLoan can be located in India at Delhi/NCR, Mumbai, Indore, Bhopal, Jaipur, Lucknow, Navi Mumbai, Barabanki, Dehradun, Haridwar, Rishikesh, Roorkee and Saharanpur.
Q2. Loans can be availed for what purposes?
Loans can be availed for business purposes only. One can avail the benefit of loan from ZipLoan for the following purposes:
- Business Expansion
- Cash-Flow Deficit
- Working Capital Needs
- Inventory Management Needs
- Purchase of Equipment
Q3. What is the rate of interest charged by ZipLoan?
The accurate interest rate is decided after the credit analysis. Generally, the flat rate charged ranges from 1-1.5% per month (flat).
Q4. What is the maximum loan amount that can be availed?
The maximum loan amount that can be availed is Rs. 7.5 lakh.
Q5. What is the loan amount offered by Ziploan under PSB loans in 59 minutes?
The loan amount offered by Ziploan under PSB Loans in 59 minutes is minimum Rs. 1 lakh and maximum up to Rs. 1 crore.
Q6. Can I take a Top-up loan above my existing business loan?
Yes, you can take a Top up loan over the existing business loan.
Q7. How much time does it take to pass and disburse loan?
After the evaluation of the documents, it takes a minimum of 3 working days to process and disburse business loans.
Q8. How can I repay the loan taken from ZipLoan?
The loan repayment can be done in three simple ways:
- EMI payment through NEFT/IMPS.
- Through a Post-Dated Cheque (PDC) submitted before disbursement.
EMI payment from your bank directly on the basis of your duly signed Automatic Clearing House (ACH) form.