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A Complete Guide on ZipLoan Instant Personal Loan Interest Rate Calculator 2020

If you are a self-employed professional individual, then arranging finances for your small business can be an arduous task. Many traditional lenders and even the new, offer collateral-free loans to salaried individuals in the form of personal loans. Except for a few lenders, there are not many options if you want to grow your business from an unsecured loan. However, in this blog, we will share some hacks to apply for the ZipLoan business loan. Since the ZipLoan offers unsecured loans for the self-employed of small business owners, and within three days you can expect funds in your account, you can also call it ZipLoan instant personal loan.

If you have an existing business loan with other lenders, you can also transfer it to the ZipLoan by calculating and comparing the interest rate with the interest rate calculator 2020. Before you know about the usage of interest rate calculator 2020, please know more about the Zip loan.

First of all, don’t get confused between ZipLoan business loan and ZipLoan instant personal loan. Since the bank offers working capital loans or unsecured loans to the self-employed and small business owners, people misinterpret ZipLoan business loans with ZIpLoan instant personal loans.

Types of Loans Offered by The ZipLoan

Before you apply for any loan, make sure to touch its every aspect. Since ZipLoan provides two kinds of business loans, you can know about them in the further segment.

Collateral Free Equipment Loan

Under this form of credit, a business owner can get a business loan up to Rs 5 lakh for a repayment tenure of up to 24 months. However, you should aware of the interest rate as well, because it offers interest rates ranging from 23% to 29% and processing will also be applicable of up to 3% of the loan amount. The best part of this category is that you don’t need to pay any prepayment charges to buy small machinery loans.

Working Capital Loans

Under the working loans category from Zip loan, you can apply for a business loan up to Rs 5 lakh for a repayment tenure of up to 24 months. Generally, the interest rate of this category ranges between 23% and 29%. At the time of applying for a working capital personal loan from ZipLoan, you will have to pay 3% of the principal loan amount. However, prepayment is allowed but only after paying the three EMIs without any charges.

How to Use Interest Rate Calculator 2020 To Lower Down the Interest Rate of Your Current Loan

If you have taken a business loan or a persona loan, you can pay it in full or apply for a new loan to get a lower interest rate. But the process is a bit complex as it sounds and you need assistance from a revolutionary tool called interest rate calculator 2020. Here are some steps to use this calculator:

  • First of all, you need to understand the function of each column; this tool has EMI, Loan amount, and Loan tenure.
  • In the first column, you need to enter the current loan amount. Suppose, you have a loan of Rs 5 lakh from bank A, then in this segment, you will enter Rs 5 lakh.
  • In the next column, you will be required to enter the amount of EMI you are paying each month. Assume, you are paying Rs 10,000 each month; then in the EMI column, you will enter Rs 10,000.
  • Now, in the final column, you will have to enter the number of years you have taken a loan for. For instance, you have received credit for the five years; then in this place, you will enter five years as tenure.
  • Now, after entering every detail, when you hit the calculate button, you can see the interest rate for the loan.

As you find that you are paying a higher interest rate on loan, you can apply for a ZIploan instant loan to lower down the burden.

The application for the Ziploan instant loan is pretty straightforward. Either by visiting the website or downloading the Ziploan mobile app on your smartphone, you can apply for a business loan.

Apart from quick loan processing, Ziploan offers a simple eligibility criterion. Just take a look at their simple eligibility criteria:

ZipLoan Instant Business Loan Eligibility Criteria

  • The business should have a turnover of Rs 10 lakh.
  • The ITR of the business for the previous financial year should be at least Rs 2.5 lakh.
  • The minimum age of the business should be two years.
  • All the business loan applications are evaluated through Zipscore.

Final Thoughts

After reading this blog, you have known the fact that Zip loan offers an unsecured business loan to the self-employed individual. So, instead of searching Ziploan instant personal loan, you must broaden your search and include Ziploan business loan. The application method is straightforward, and you won’t feel any difficulty while meeting the eligibility criteria as well.

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