LazyPay: Information, Eligibility Criteria, Interest Rates, Review & More
LazyPay is a loan app that claims to offer instant personal loans to salaried professionals and self-employed individuals. The LazyPay app is run by PayU Finance and offers borrowers access to credit and pay later options. The credit options from LazyPay range from ₹10,000 to ₹5,00,000. Hence, to know more about LazyPay, consider reading through to the end of the article.
In this article, we will mainly give you an overview and a review of LazyPay. Furthermore, we will also give you details about the loan options that you will get once you use LazyPay. Later on, you will also learn about the loan eligibility of LazyPay and various other factors. Therefore, to get fully informed, read the upcoming sections of the article.
What Is LazyPay?
LazyPay is an app that offers two types of services – namely, pay later options, where you can shop now and pay late, and also personal loan options. With pay-later services, LazyPay offers you to settle your amounts every fifteen days. The auto-repayment feature with LazyPay’s pay later deducts the amount every fifteen days.
On the other hand, LazyPay also offers instant personal loans. You can borrow personal loans up to 5 lakhs INR, depending on your credit score and various factors, including age, salary, job, etc. The loan app claims to give you Flexible EMI options, fast application of loans, and quick approvals of those loans.
Is LazyPay Safe?
With various loan options and pay later related information on their official website, LazyPay seems legit to us. However, due to a variety of complaints from loan borrowers and other customers, LazyPay does not have a good review on the Internet.
Even there are many complaints against LazyPay in the Indian Consumer Forum. The Ministry of Electronics and Information Technology of India has blocked LazyPay on various platforms. They are charged with the misuse of the data of the consumer, which is considered important for national security and integrity.
According to TechCrunch.com, “The LazyPay website has been blocked by several internet service providers in the country. A message on the Prosus-owned website says the action was taken in compliance with the IT Ministry’s order.”
LazyPay Payment – What Does It Offer?
| Loan Aspects | What LazyPay offers you? |
| Loan Amount | ₹ 10,000 – ₹ 5,00,000 |
| Loan Tenure | 90 days to 720 days |
| Rate of interest on loans | 0.05% per day |
| Loan Processing fee | 2% of the loan amount |
| Loan review time | Depending upon the amount of the loan (may take from 5 minutes to 7 days) |
| Late payment of the loan | – Application of Penalties every day based on the overdue loan- Updating the credit score as default with credit rating agencies (CIBIL, CRIF High Mark, etc.) |
| Loan Repayment | Loan repayment is made automatically from the provided bank details as per the approved schedule. |
Once you open the app, you will get a variety of loan options to choose from from different LazyPay Merchants available to offer you loans through the app. However, different merchants have different viewing mechanisms, and depending on the merchant you choose, you can get your loan accordingly.
LazyPay Loan App – Eligibility
The following is the major eligibility-related information that you will need to know before you avail of loans from LazyPay:
| Loan Requirements | Eligibility |
| Age of the borrower | 22 to 55 years old |
| LazyPay credit score | Depends on the type of loan applied for. |
| Type of Employment | Salaried professionals and self-employed individuals. |
| Minimum monthly income | Any monthly income is eligible to take loans |
| Work Experience | Work experience requirements change with the amount of the loan demanded. |
| Required Documents | 1. Salaried Employees- Need to fill out KYC- Verification of KYC- Need to submit bank details- Bank account number & IFSC- Net banking required for auto-repayment 2. Self-Employed Individuals- PAN card required- Address proof (Voter ID or Passport)- Aadhar Card- Bank account number & IFSC- Net banking required for auto-repayment |
How To Delete LazyPay Account?
After LazyPay Bill Payment in LazyPay pays later, you will have the option to delete your LazyPay card permanently. According to LazyPay, “A permanent block deletes your card details and cannot be reversed. Keep in mind that this step will deactivate your virtual card number as well. If you suspect your card or card details have been stolen or compromised in any way, we urge you to permanently block your card as soon as possible.”
Go to your LazyPay account, and find the “Manage Card” section. Scroll down, and you will see an option that lets you permanently delete it.
LazyPay Customer Care
If you are finding problems with any of the LazyPay services, be it pay later or instant personal loan, you can call LazyPay Customer Care no at +91 8069081111 from 9 am to 9 pm any day. You can also go to this page to get help with various issues: https://lazypay.in/needhelp.
LazyPay Reviews
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Summing Up
Hope this article was helpful for you to get a better idea of the services offered by LazyPay, and various details related to eligibility for loans and pay later options in the platform. Regarding safety, hope you have enough information from the reviews of the customers, and also the safety issues pointed out by the Government of India. We would recommend you be careful and get the information fully before you borrow loans from LazyPay. Do you know of any people facing problems with LazyPay? Share with us some information about that in the comments section.
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That means the business cannot consider that item as a capital expenditure. How Do Capital Expenditures Work? According to the Corporate Finance Institute, “Capital expenditures normally have a substantial effect on the short-term and long-term financial standing of an organization. Therefore, making wise capex decisions are of critical importance to the financial health of a company. Many companies usually try to maintain the levels of their historical capital expenditures to show investors that they are continuing to invest in the growth of the business.” A capital expenditure tells you how a company invests in new and existing fixed assets. The target of the company is to maintain and grow your business. In other words, capital expenditure is the type of expense that a company capitalizes or shows on its balance sheet. They show it as an investment rather than showing it on the income statement of the expenditure. The company spreads the cost of the expenditure over the asset’s useful life. Only then will the company be able to capitalize on an asset. How To Calculate Capital Expenditure? According to Netsuite.com, “CapEx purchases made in the current year are normally presented on the company’s cash flow statement. The accumulated amount of CapEX and the associated accumulated depreciation is normally displayed on the company’s balance sheet, and subtracting the accumulated depreciation from the accumulated CapEx purchases results in the net amount of CapEx or Fixed Assets at any point in time.” Here is the formula which you can use to calculate capital expenditure: Capital Expenditure = Change in Property, Plant, and Equipment + Current Depreciation If you want to calculate capital expenditure, you will need to consider locating the property of the current and prior period’s property, plant, and equipment values. You will then need to include it in the balance sheet of the company. 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