In this article, we’ll learn about the ZingLoan App. If you need money urgently and are looking for a loan app, the ZingLoan app is a fairly new app on the market. It claims to offer loans ranging from ₹6,000 to ₹2,00,000, with a tenure of up to 240 days. However, it’s important to thoroughly vet the app before taking a loan, as many fraudulent loan apps are circulating these days. If you’re considering a loan from the ZingLoan app, this article may be helpful; it provides complete information to help you decide whether to take one.
About the ZingLoan App
ZingLoan is a digital lending app operated by Vaishali Securities Limited, an RBI-registered non-banking financial company (NBFC). The app claims to offer loans ranging from ₹6,000 to ₹200,000, with a repayment period of 240 days. These loans are disbursed through its RBI-registered NBFC partner, Vaishali Securities Limited.
However, when applying for loans through other Vaishali Securities Limited products, such as LoveFund, JackpotFund, HopeFund, and FlexiBee, we found that the initial loan amount was only ₹4,000 to ₹5,000, with a repayment period of 15 days.
Eligibility and Criteria
- Loan applicant must be an Indian citizen
- Applicant must be 18 years of age
- Must have an Aadhaar card
- Must have a PAN card
- Must have an active bank account
ZingLoan details
| Loan Amount | ₹6,000 to ₹200,000 |
| Repayment Period | 61 days to 240 days |
| APR Range | 24.00% to 36.00% per annum |
| Daily Interest Rate | 0.06575% to 0.09863% per day |
| NBFC Name | Vaishali Securities Limited |
ZingLoan App – Scam Signs
Before downloading the ZingLoan app, it’s important to be aware of some important warnings and red flags.
Hidden Fees
If you take a loan from the ZingLoan app, you may initially receive an approval for a loan of ₹4,000 to ₹5,000—similar to other Vaishali Securities Limited products like JackpotFund and HopeFund—with a 15-day timeframe. However, only ₹2,800 to ₹3,000 is actually credited to your bank account, while the repayment amount is between ₹4,000 and ₹4,500. This means you end up paying ₹1,500 to ₹1,700 more in just 15 days. You should pay attention to this.
Exorbitant Interest Rates
According to the ZingLoan app, the annual interest rate ranges from 24% to 36%. However, charging such high interest for a 15-day period violates RBI regulations.
False Claims
The ZingLoan app promises loans ranging from ₹6,000 to ₹200,000 with a time period of 91 to 240 days. However, in reality, loans of only ₹4,000 to ₹5,000 are being offered with a time period of only 15 days; this violates RBI policy.
Extortion Tactics
Some users have complained about extortion tactics—including unauthorized access to their contact lists—after taking loans from other Vaishali Securities Limited products (such as LoveFund, JackpotFund, and HopeFund). Such tactics are often seen in fraudulent loan apps.
RBI Verification
The ZingLoan app claims to have partnered with an NBFC (Non-Banking Financial Company) called Vaishali Securities Limited. Users are advised to check the registration status of this NBFC on the official RBI website. Since other products of Vaishali Securities Limited—such as JackpotFund, HopeFund, and HopeRupee—have already been removed from the Google Play Store, the ZingLoan app is likely to be removed within 10 to 15 days.
Things to know before downloading the ZingLoan app
The ZingLoan app is a new product from Vaishali Securities Limited. Previously, several of their other apps—such as Hope Fund, Jackpot Fund, and Fund Flow—were removed from the Play Store. The Hope Fund Loan app was a scam that stole users’ contacts and photos; it was not listed as an RBI-approved entity. Posing as an NBFC, it charged people processing fees, and 90% of those who downloaded the Hope Fund Loan app fell victim to this scam. According to cybercrime reports, over 100 complaints were filed. You can now imagine the nature of ZingLoan, as it is also a product of Vaishali Securities Limited.
Things to keep in mind when applying for a ZingLoan
- When applying for a loan, be wary of apps that ask for excessive permissions—such as access to your contacts or photo gallery—as this information could be misused.
- Before applying for a loan, make sure the loan app is registered with the Reserve Bank of India (RBI).
- Before accepting any loan offer, carefully read all terms and conditions, interest rates, fees, and other important details.
- Always avoid loan apps that ask for payment before processing your application.
- Choose loan apps that provide transparent information and clear contact details for customer support.
ZingLoan App: Real or Fake
According to the ZingLoan app, it offers loans ranging from ₹6,000 to ₹200,000 with a repayment period of 240 days. However, both claims are completely false. In reality, the loan amount offered is only ₹4,000 to ₹5,000, and the repayment period is only 15 days. Furthermore, the extra charges of ₹1,500 to ₹1,700 for a 15-day loan prove that the app’s purpose is to trap people with processing fees and interest.
Note: This article is for informational purposes only. If you decide to take a loan from ZingLoan, please proceed with caution and care.