PhonePe Personal Loan Apply: If you need to take a loan, then you can get a personal loan ranging from Rs 10000 to Rs 1 lakh through PhonePe sitting at home, the interest rate on which depends on which app you apply for the loan. We are doing this because the terms and conditions of all apps may be different. PhonePe Personal Loan To avail the loan, you can use an app that Phonepe partners with to offer personal loans, such as MoneyView., Bajaj finserv, Navi, Payme India etc.
As you know that Phone Pay provides the facility of digital transactions but at the same time it also provides loans in collaboration with third party apps. The thing to understand is that direct loan cannot be taken from the PhonePe app, but PhonePe Personal Loan can be applied through the apps through which PhonePe gives loans. In this article you will learn that How to take PhonePe Personal Loan? What documents will be required for this? And what eligibility criteria must be fulfilled?
How does PhonePe give personal loan?
PhonePe Personal Loan Many users have many doubts regarding this. Please note that you cannot apply for direct loan through this app. PhonePe provides loans through other applications, so if you want to take PhonePe Personal Loan, then for this you will have to download the apps of those partner companies with whom PhonePe provides loans to the users. For example, Flipkart, Kredit Bee, MoneyView, Bajaj finserv, Navi, Payme India etc. are such applications through which personal loan is given on phone.
PhonePe Personal Loan Interest Rate
PhonePe Personal Loan The interest rate is not fixed because PhonePe itself does not offer personal loans but provides loans through other applications. The interest rate on Phone Pe personal loan depends on which application you are applying for Phone Pe loan.
For example, if you apply for a personal loan on phone through Money View App, then according to its terms and conditions, you may have to pay interest ranging from 16% to 39%. Along with this, the processing fees and other charges of different applications may also be different. Now talking about the repayment period, generally the repayment period in all loan applications ranges from 3 months to a maximum of 5 years.
PhonePe Personal Loan Eligibility Criteria
To apply for a PhonePe Personal Loan, applicants must ensure that they fall within the eligibility criteria given below –
- PhonePe Personal Loan Make sure that you are an Indian citizen.
- Check that you have all the KYC documents available.
- Make sure that you have a mandatory source of income, i.e. this loan is only for employed or non-employed individuals.
- Make sure that your monthly income is at least Rs 25,000 so that you can easily avail a personal loan.
- Check your CIBIL score and ensure that your CIBIL score is 650 or above.
PhonePe Loan Required Document
To avail a personal loan from PhonePe, ensure to supply these documents –
- Aadhar card
- PAN card
- salary slip
- Bank statement
- Mobile number linked to Aadhaar number
- bank account
- A selfie etc.
How to take personal loan on phone? (PhonePe Personal Loan Apply Online)
- First of all from Google Play Store PhonePe Download the Business App.
- After the app is downloaded, open it.
- After opening it, register with your mobile number.
- After registration, link your bank account with UPI ID.
- Once the account is linked, then tab on the “See All” option given in the “Recharge & Bills” option given in the dashboard of the app.
- After tabbing here, select the option of “Financial Services & Taxes”.
- After selecting this option, click on the option of “Loan Repayment”.
- Then you will get a list of names of some third party companies.
- Here you select the app from which you want to apply for loan.
- Then download that application.
- After downloading, open it and register with the same number with which you have registered on PhonePe.
- After registration in the app, you will reach a new page, enter all the required details correctly.
- After giving the information, select the type of personal loan.
- After selection, enter banking details and scan and upload important documents.
- After the entire process is done, your documents will be reviewed and if everything is found correct, your loan will be transferred to the bank account.