Description

What is Ziploan?

ZipLoan is a non-banking financial corporation (NBFC) set up in 2015 to ensure easy availability of business loans to small and medium business owners in India. ZipLoan business loans are offered on the basis of ZipScore, an unconventional credit rating process. Business loans can be availed in a fast and hassle-free manner with ZipLoan’s technology-enabled platforms. 

Why Choose ZipLoan Business Loans?

  • ZipLoan uses state-of-the-art technology which ensures faster loan disbursal within hours of application submission 
  • No need to submit the balance sheet of your business to apply for a business loan
  •  Complete transparency, no hidden charges
  • Short-term business loan for a flexible repayment period ranging from 12 months to 24 months
  • No prepayment penalty for repaying a loan ahead of the defined tenure
  • Competitive interest rates ranging from 1% to 1.5% per month on a flat rate basis

Features of ZipLoan

  • Multiple business loans: Get small business loans up to Rs. 5 lakh for multiple businesses. 
  • Minimal documentation: You can apply for a business loan online in India by duly filling a small business loan application form. You need to submit a few PDF documents online. 
  • Instant disbursement: With ZipLoan, business loan disbursement process is very easy and fast. It disburses the business finance loan straight into your bank account in a few working days.
  • No prepayment charge: You can make a prepayment or part-prepayment of small business financing without incurring any charges. 
  • Unconventional approach to credit assessment: Considering the needs of small and medium enterprises, ZipLoan has developed its own holistic credit rating system called ‘ZipScore’ to offer the best business loans in India
  • Flexibility in repayment: The loan has a flexible repayment period from 12 months to 24 months. 
  • Unsecured loan: No collateral is required to get a business loan.
  • Attractive interest rates: It offers a business loan at attractive interest rates ranging 1.5% - 2% per month on a flat basis. 
Read More: Start-up India Scheme

Types of business loan

Business loans offered for various business needs including working capital, purchase of machinery loans, capital, day-to-day operation, capital for small business, and Flexi business loans for SMEs and MSMEs. Here are the categories under which ZipLoan offers a small business loan.

1#. Collateral free equipment loan

With an equipment loan, make sure that your business keeps going with speed. Small manufacturers can get an equipment loan for the purchase of machinery without security.  

Features of equipment loan:

  • Loan amount: Under this category, borrowers can get a business loan up to Rs. 5 lakh, depending on their repayment capacity. 
  • Repayment tenure: Machinery loan can be repaid over a flexible repayment period from 12 to 24 months in easy installments.
  • Interest rate: ZipLoan machinery loans are available at an attractive interest rate ranging from 23% to 29% p.a.  
  • Processing charges: Equipment loan processing fee is 3% of the loan amount. 
  • Prepayment charges: There is no prepayment or part prepayment charge on small machinery loans.  

2#. Working capital loans

Sometimes, your business may not have sufficient funds to meet increased financial requirements for daily expenses due to some reason. A working capital loan is designed for small businesses who need an additional source of finance.  

Features of equipment loan:

  • Loan amount: Under this category, businesses can get a working capital loan up to Rs. 5 lakh, depending on their repayment capacity. 
  • Repayment tenure: The loan can be repaid in easy monthly installments over a repayment period ranging from 12 to 24 months.
  • Interest rate: Working Capital small business loans are available at an attractive interest rate ranging from 23% to 29% p.a.  
  • Processing charges: Working Capital loan has a processing fee of 3% of the principal loan amount.
  • Prepayment charge: After 3 EMI, working capital loans can be repaid partially or fully ahead of the loan tenure without any prepayment charges. 

ZipLoan Business loan Eligibility Criteria

You need to fulfil the eligibility criteria to get your business loan application approved. Here are the eligibility criteria set by ZipLoan.

  • The minimum annual turnover of your business should be Rs. 10 lakh.
  • The minimum ITR (income tax returns) for the previous financial years should be 2.5 lakh. 
  • The business premise should be in your name. 
  • You should be engaged in business operations for a minimum of 2 years.
  • ZipLoan evaluates the business loan application through its credit rating system called ZipScore. 

How to calculate ZipLoan EMI?

It is important to know how much EMI you would need to pay for a business loan. You can use a business loan EMI calculator on Afinoz.com to calculate monthly installment you would be paying every month, making sure it fits into your monthly budget. A business loan EMI calculator helps you calculate your monthly outgo and plan your finance with ease.

 

Documents required for ZipLoan business loan

You need to have the following documents to apply for a ZiplLoan business loan:

  • Copy of the PAN card
  • Last 12-month bank statement
  • Last 2-3 years’ ITR
  • Address proof:  Aadhaar card/ voter’s ID card/ driving license/ utility bills 
  • Business address proof

Top-up Loan

ZipLoan offers a Top-up loan facility to the existing loan borrowers. They can get a certain amount of credit over and above their current outstanding loan. The top-up loans are available at a lower interest rate and processing fee compared to the existing loan. 

Eligibility criteria for a top-up loan

  • Borrowers who have got a business loan from ZipLoan for 12 months are eligible to apply for a top-up loan after successfully repaying 6 EMIs without any bounced payments. 
  • Borrowers who have got a business loan from ZipLoan for 18 months to 24 months are eligible to apply for a top-up loan after successfully repaying 9 EMIs without any bounced payments.

Here is how a business loan from ZipLoan compares

 Banks    

Interest Rate

Processing Fees

Amount 

Terms

ZipLoan

From 1-1.5% per month (flat)

3% of the loan amount

Up to Rs. 5 lakh

12 to 24 months

ICICI Bank

  • For secured facilities: up to repo rate + 6.0 % (Non PSL)
  • For unsecured facilities: up to repo rate + 7.10%

Up to 2% of loan amount + GST

Depends on the future cash flow of the venture

Up to 72 months

HDFC Bank

From 12.75% to 21.70 %p.a.

Up to 2.5% of the loan amount subject to min 2359

and maximum of Rs. 88500

Up to Rs. 40 lakh

(Rs. 50 lakh in select locations)

12 to 48 months

Axis Bank

Starting from 14.25% p.a.

Up to 2% of the loan amount + GST as applicable

Up to Rs. 50 lakh

Up to 60 months

Fullerton 

From 17% to 21% p.a.

Up to 6.5% of the loan amount

Up to Rs. 50 lakh

12 to 60 months

Tata Capital

Starting from 19%

Up to 2.75% of the loan amount + GST

From 5 lakh to 75 lakh

12 to 36 months

How to Apply for a business loan from ZipLoan at Afinoz?

Applying for a business loan on Afinoz is simple and fast. You can apply for a business loan by clicking ‘Apply Now’ button on the business loan page. Fill the short and simple business loan application form to check your eligibility for a business loan. You will receive exclusive offers from multiple lenders, including ZipLoan based on your eligibility. As per the requirements and offers, you can apply for a business loan from ZipLoan bank.

ZipLoan- Customer Care

Ziploan customer support team strives to assist you. In case of any query or complain you can call them on Ziploan customer care number 011 - 4084 - 4613 and you can also connect via mail :- 

  •  enquiry@ziploan.in (New Customer)
  •  customer.care@ziploan.in ( Existing Customer)

 

FAQs

Q1What can I get a business loan from ZipLoan for?
You can use the business loan for various financial needs of your business including: 1. Business expansion 2. Working capital 3. Inventory management 4. Gaps in cash flow 5. Purchase of new business equipment
Q2What is ZipLoan?
ZipLoan is an NBFC that offers instant business loans to small and medium businesses through its technology-driven platforms. It has a presence in Delhi NCR, Barabanki, Bhopal, Dehradun, Haridwar, Indore, Jaipur, Lucknow, Mumbai, Navi Mumbai, Rishikesh, Roorkee and Saharanpur.
Q3What makes ZipLoan a cut above the rest?
You can enjoy the following benefits with a business loan from ZipLoan. 1. Online application process in real time 2. Instant loan disbursal straight into your bank account in a few days 3. Unsecured business loan for several business needs 4. No prepayment or part prepayment charge
Q4Who is business loans from ZipLoan best for?
ZipLoan offers a business loan for small businesses who don’t have access to business loans from conventional lenders.
Q5 What is the loan application process?
You can apply for a business loan on Afinoz’s website or through Afinoz app. You will need to submit a short and simple loan application form with a few supporting documents.
Q6 How soon can I expect the disbursement of my business loan?
Once you submit the required documents, the loan amount will be transferred to your bank account within 3 working days after successful verification of the documents.
Q7How old business do I need to have to get a business loan from ZipLoan?
If you have a business running for more than 2 years, you are eligible to avail a business loan from ZipLoan.
Q8What is the maximum business loan I can borrow?
With ZipLoan, you can get a business loan from Rs. 1 lakh up to Rs. 5 lakh.
Q9 I want to pay back my loan before the defined tenure. Will I have to pay charges to prepay the loan?
ZipLoan levies no prepayment penalty. You can make a prepayment or part prepayment on a business loan without worrying about any charges.
Q10What is the process of repaying ZipLoan business loans?
You can repay the business loan in monthly instalments in 3 ways: 1. You can submit PDCs (Post Dated Cheques) before disbursement of the loan. 2. You can put standing instructions to debit your bank account with any bank on an agreed date. 3. You can also pay EMIs through IMPS/ NEFT.
Q11 Will the business loan be disbursed based on my CIBIL score?
ZipLoan offers a business loan based on CIBIL score, but while evaluating the eligibility for a business loan, ZipLoan considers ZipScore, a holistic credit rating process.