LazyPay offers you an instant personal loan starting from Rs. 10,000 and upto Rs. 1 lakh. At LazyPay, you get convenient repayment options and can repay the loan within flexible tenure ranging from 3 to 24 months. The app based lender allows an individual to apply for a personal loan from the comfort of their home or office. All you need to do is to meet the eligibility criteria and submit necessary documents.
LazyPay Personal Loan – Eligibility Criteria
- You should be at least 18 years old
- You should be an Indian citizen
- Your KYC process should be completed
- You should either be a salaried individual or a self- employed professional.
- Your minimum monthly income should be Rs. 30,000
- If you are a salaried individual, you must be with the current employer for the last six months or more
Factors Affecting LazyPay Personal Loan Eligibility
- Income: The more you earn, the better your repayment capability is. So, high income boosts your eligibility
- Credit history: Your credit history is highly important for calculating your credit score, which majorly affects the loan amount, interest rate and tenure. Any discrepancy in your credit history can lead to an outright rejection of your loan application.
- Employment history: Holding a job in a reputed company for a longer duration signifies financial stability and better repayable capacity. The reputation of the organization you are working in also affects your eligibility
How to Improve Your LazyPay Personal Loan Eligibility Criteria?
- Ensure your credit score is above 750: Having a poor reimbursement track reflects in one’s credit score rating. Most moneylenders including LazyPay expect a credit score rating of 750 as one of the factors for eligibility as it demonstrates if the candidate can reimburse the personal loan
- Income of the individual: LazyPay considers the monthly income of the person, to analyse whether he will likely reimburse the credit. The higher the income, the better are the chances of the person’s application being confirmed
- Expected documents: To guarantee that the personal loan verification procedure is smooth, the candidate ought to present all the significant documents to prove identity, age, address and salary
FAQs
Q. Is it possible to extend the repayment date of LazyPay Personal Loan?
Ans. No, the payment date is fixed during the loan approval and should be adhered at all costs. If you have some technical issues, you can reach out to the customer support team.
Q. What is the interest rate of LazyPay Personal Loan?
Ans. The interest rate of LazyPay varies from 15 to 32% p.a.
Q. What can I show as address proof?
Ans. You can submit your Voter ID, Passport, driving license, electricity bill, bank’s passbook or landline/mobile bill.
Q. Are the interest rates negotiable?
Ans. The interest rates are negotiable as per the credit score and the amount of loan and tenure of EMI’s you are opting for, but LazyPay’s decision will be the final decision.