Zest Money: Do you need some quick cash to cover an unexpected expense? Or maybe you’re looking to finance a new purchase? If so, you may be considering using a BNPL (buy now, pay later) service like Zest Money.
Zest Money is a popular BNPL service in India that allows users to split the cost of their purchases into easy monthly installments. The service is available online and through a mobile app, and it offers a variety of repayment options to fit your budget.
In this blog post, we’ll take a closer look at Zest Money and how it works. We’ll also discuss the pros and cons of using the service, so you can decide if it’s right for you.
What is Zest Money?
Zest Money is a buy now, pay later (BNPL) service that allows users to split the cost of their purchases into easy monthly installments. The service is available online and through a mobile app, and it offers a variety of repayment options to fit your budget.
To use Zest Money, you simply need to create an account and provide some basic information, such as your name, email address, and bank account details. Once you’re approved, you can start using Zest Money to pay for purchases at a variety of online and offline merchants.
Zest Money offers a variety of repayment options, including 3, 6, and 12-month terms. You can also choose to extend your repayment period for an additional fee. Interest rates vary depending on the repayment term you choose, but they are generally higher than those offered by credit cards.
Zest is a secure and reliable service. The company is backed by Sequoia Capital and other top investors, and it has a strong track record of customer satisfaction.
Zest Money features | Zest Money benefits
Zest is a buy now, pay later (BNPL) service that offers a variety of benefits to users. These benefits include:
- Easy to use: Zest Money is very easy to use. You can simply browse the Zest Money website or app, find the product you want to buy, and choose to pay for it with BNPL.
- Variety of repayment options: Zest Money offers a variety of repayment options to fit your budget. You can choose to pay off your balance in 3, 6, or 12 months. And if you need more time, you can even extend your repayment period for an additional fee.
- Secure and reliable: Zest Money is a secure and reliable service. The company is backed by Sequoia Capital and other top investors, and it has a strong track record of customer satisfaction.
- No credit check required: Zest Money does not require a credit check to approve you for a loan. This means that even if you have bad credit, you may still be able to use Zest Money to finance your purchases.
- No down payment required: Zest Money does not require a down payment to approve you for a loan. This means that you can start using Zest Money to finance your purchases right away, even if you don’t have a lot of money saved up.
In addition to these benefits, Zest also offers a number of other features, such as:
- Instant approval: Zest offers instant approval for most loans. This means that you can find out if you’re approved for a loan in just a few minutes.
- Flexible repayment terms: Zest offers flexible repayment terms, so you can choose a repayment period that fits your budget.
- Secure checkout: Zest uses secure checkout technology to protect your personal and financial information.
- Customer support: Zest offers 24/7 customer support, so you can get help with any questions or problems you may have.
Overall, Zest is a convenient and flexible way to finance your purchases. If you’re looking for a way to buy something now and pay for it later, Zest may be a good option for you. However, it’s important to be aware of the high interest rates and late payment fees before you use the service.
Zest Money Eligibility
- You must be an Indian resident.
- You must be between the ages of 18 and 65.
- You must have a valid PAN card and Aadhaar card.
- You must have a bank account with a minimum balance of Rs. 1000.
- Your monthly income must be at least Rs. 15,000.
If you meet all of these criteria, you can apply for Zest online or through the Zest Money app. The application process is quick and easy, and you should be able to get approved within minutes.
Here are some additional things to keep in mind about Zest eligibility:
- Your credit score will not be checked when you apply for Zest Money.
- The amount of credit you are approved for will depend on your income and other factors.
- You will be charged interest on your Zest Money balance, and the interest rate will vary depending on the repayment term you choose.
- You will also be charged late payment fees if you do not make your payments on time.
It is important to carefully consider these factors before you apply for Zest. If you are not sure if Zest is right for you, you should speak to a financial advisor.
Zest Money personal Loan | how to activate zest money?
Here are the steps on how to get a personal loan on Zest:
- Sign up for a Zest Money account. You can do this on the Zest Money website or through the Zest Money app.
- Provide your personal information. This includes your name, email address, mobile number, PAN card number, and Aadhaar card number.
- Upload your KYC documents. This includes a copy of your PAN card and Aadhaar card.
- Set up your repayment method. You can choose to repay your loan through your bank account or through your credit card.
- Choose your repayment term. You can choose to repay your loan in 3, 6, or 12 months.
- Apply for a loan. Once you have completed all of the steps above, you can apply for a loan.
- Get approved for a loan. If you are approved for a loan, you will be able to see the terms of your loan and make your first payment.
Here are some additional things to keep in mind when getting a personal loan on Zest:
- The interest rate on your loan will vary depending on your repayment term.
- You will also be charged late payment fees if you do not make your payments on time.
- It is important to carefully consider your financial situation before you apply for a personal loan.
Zest Money Charges
- Interest rates: The interest rates on Zest EMIs start at 14% and go up to 36%. The interest rate you are charged will depend on your credit score, the amount of money you borrow, and the repayment term you choose.
- Late payment fees: If you do not make your EMI payments on time, you will be charged a late payment fee. The late payment fee is 2% of the outstanding balance.
- Processing fees: There is a processing fee of 3% of the amount you borrow when you take out a Zest Money EMI.
- Convenience fees: There is a convenience fee of 2% of the amount you borrow when you use Zest Money EMIs to pay for purchases at select merchants.
It is important to note that these are just the standard charges for Zest EMIs. There may be additional charges depending on the specific merchant or product you are buying.
Zest Money EMIs Calculator
If you take out a loan of 25,000 rupees with an interest rate of 10.5% and a loan tenure of 0.5 years, you will have to make 6 monthly payments of 4,295 rupees each. The total interest payable on the loan is 771 rupees. So, the total amount of money you will have to repay is 25,771 rupees.
For different amount, interest and loan tenure calculate here, check your total repayment.
Where can I use zest money?
You can use Zest to pay for purchases at a variety of merchants, including:
- Online merchants: Zest is accepted by a wide range of online merchants, including Flipkart, Amazon, Myntra, and more.
- Offline merchants: Zest is also accepted by a number of offline merchants, including Big Bazaar, Croma, and Max Fashion.
- Zest Money partners: Zest also has a number of partners that offer Zest Money EMIs as a payment option. These partners include MakeMyTrip, RedBus, and BookMyShow.
To find out if a merchant accepts Zest, you can visit the Zest website or app and search for the merchant. You can also check the merchant’s website or app to see if they offer Zest EMIs as a payment option.
How to log in Zest Money?
- Go to the Zest website or open the Zest Money app.
- Click on the “Login” button.
- Enter your mobile number or email address and password.
- Click on the “Login” button.
If you have forgotten your password, you can reset it by clicking on the “Forgot Password?” link. You will be asked to enter your mobile number or email address and then you will be sent a link to reset your password.
Once you have logged in to your Zest Money account, you will be able to view your credit limit, your repayment history, and your upcoming payments. You will also be able to make payments, check your eligibility for a loan, and contact customer support.
Is Zest Money safe?
Zest is a safe and secure service. The company is backed by Sequoia Capital and other top investors, and it has a strong track record of customer satisfaction.
Read Also: Paytm Postpaid review 2024: how to activate, benefits, charges
FAQs
Q. What is Zest Money?
Zest Money is a buy now, pay later (BNPL) service that allows users to split the cost of their purchases into easy monthly installments.
Q. Who can use Zest Money?
Zest is available to Indian residents who meet the following eligibility criteria:
Age: 18-65 years
Income: Minimum monthly income of Rs. 15,000
PAN card and Aadhaar card
Bank account with a minimum balance of Rs. 1000
Q. How does Zest Money work?
To use Zest, you simply need to create an account and provide some basic information, such as your name, email address, and bank account details. Once you’re approved, you can start using Zest to pay for purchases at a variety of merchants.
When you make a purchase with Zest, you will be charged an upfront processing fee. You will then be able to repay your balance in 3, 6, or 12 monthly installments. The interest rate on your Zest loan will depend on your credit score, the amount of money you borrow, and the repayment term you choose.
Q. What are the benefits of using Zest Money?
1. Easy to use
2. Flexible repayment terms
3. No credit check required
4. No down payment required
Q. What are the drawbacks of using Zest Money?
1. High interest rates
2. Late payment fees
3. Can be easy to overspend
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