Two major players in the Financial Market

India is a developing nation along with the changes in the practices, norms, mindsets, and habits. For example, taking a loan is no longer a taboo. Nowadays young Indians have been taking loans for various reasons – like abroad studies, meeting vacation expenses, starting a business ,home renovation, buying a new car, and even for their wedding! To meet this increasein demand for a cash loan, many organizations have started offering funds to fuel the dreams of today’s ambitious population with loan apps. You can find many lenders offering different types of loans for various purposes. In this article we will talk about two different loan apps that are mostly preferable by the loan seekers and that areZiploan vs Credy personal loan.

Let’s discuss them in detail.

Ø Credy Personal Loan

Credy is a technologically advanced online financing company that offers an instant personal loan that facilities to salaried individuals. You can use the loan amount as per your needs, including loans for education, funds for refinancing your credit card bills, advance on your salary, and emergency loans.

Features of Credy Personal Loan

• A borrower can use this loan for any personal reason from paying for your wedding to purchasing a vehicle.

• One can easily apply for this loan to refinance your credit card bill and make repayments at a lower rate of interest.

• Credy offers customized solutions to fit into the diverse needs of the borrowers based on their financial capabilities and course structure.

• Quick disbursement of the loan amount after the loan approval.

Eligibility for Credy Personal Loan

· A borrower needs to be a salaried employee

· An applicant should have the minimum monthly income of Rs.15,000

· A valid Aadhar number is required.

Documents required for Credy Loan

You have to show the one or more of the following documents to the field executive at the time of document verification:

Ø Identity Proof like Aadhaar card or PAN card

Ø ResidentialProof-like voter ID card, passport, bank statements, or utility bills, etc.

Ø Latest 6 months’ salary slips

Ø Rent agreement

Ø If you have any precious loan then documents related to closure of that loans

Ziploan

ZipLoan provides business loans to small businesses and Micro, Small, and Medium Enterprises (MSMEs) to meet their business requirements. ZipLoan offers business loan at an attractive rate of interestthat has helped a lot of companies involved in the clothing, manufacturing, pharmaceutical, electronics sector, etc.

Features of Ziploan

• The loan disbursement process is simple, easy, and quick.

• The loan application for ZipLoanis submitted online via the official website and mobile app.

• If one opts for partial or full pre-payment of the business loan, no prepayment/part-payment penalty is charged.

• ZipLoan does not look at the CIBIL score only while approving the loan.

• A low processing fee is charged with the ZipLoan

• ZipLoanoffers collateral-free or unsecured loan

Eligibility Criteria for Ziploan

· An applicant with businesses having a turnover Rs. 10 lakhscan apply for ZiploanLastest ITR of more than Rs. 1.5 lakh

· Either business space or home should be self-owned

· The business should be existingfor atleast 2 years

Documents Required for Ziploan

Ø Proof of Residence

Ø Identity Proof

Ø Aadhar Card

Ø PAN Card

Ø Latest 1-year bank statement

Ø Last 1 year’s ITR

Lastly, always remember to thoroughly read and understand the lender’s terms and conditions before applying for a loan.