These days, mobile apps have made financial services easier. PhonePe, a popular digital payment app, is not only known for payments and money transfers but now also offers the facility to take loans.
If you’re wondering whether it’s easy to get a loan through PhonePe, this post will answer that question. We’ll also learn how to get a loan via PhonePe, the types of loans available, interest rates, and the required documents.
Instant Loan from PhonePe
PhonePe offers loans through its app, but it doesn’t provide the loans itself.
PhonePe has partnered with leading financial institutions and banks that offer loans through the app. PhonePe simply acts as a platform where you can apply for a loan, and the financial institutions process your application.
Types of Loans Available on PhonePe
1. Personal Loan
- Loan Amount: ₹10,000 to ₹2,00,000
- Interest Rate: 11% to 24% per annum
- Purpose: Personal expenses, travel, medical emergencies, etc.
2. Business Loan
- Loan Amount: ₹50,000 to ₹5,00,000
- Interest Rate: 12% to 22% per annum
- Purpose: Business expansion, working capital, etc.
3. Gold Loan
- Loan Amount: ₹20,000 to ₹10,00,000
- Interest Rate: 9% to 15% per annum
- Purpose: Short-term financial needs
4. Education Loan
- Loan Amount: ₹50,000 to ₹10,00,000
- Interest Rate: 10% to 16% per annum
- Purpose: Higher education expenses
Read: Loan Against Mutual Funds?
Documents Required for Loan Application
To get a loan from PhonePe, you will need the following documents:
- Identity Proof:
Aadhaar Card, PAN Card, or Passport - Address Proof:
Aadhaar Card, Voter ID, or Driving License - Income Proof:
Salary slips, bank statement, or ITR - Passport-size photograph
PhonePe Loan Process
To apply for a loan through PhonePe, follow these simple steps:
- Open PhonePe App: First, open the PhonePe app on your phone and ensure your account is linked to your phone number.
- Go to Loan Section: On the home screen, go to the ‘My Money’ section and click on ‘Loans’.
- Choose Loan and Lender: You’ll see different loan options like personal loan. Select your desired type and choose the lender (financial institution).
- Select Loan Amount: Choose the required loan amount based on your needs.
- Fill in Details: Submit the necessary personal details and documents. Make sure the information is accurate.
- Approval and Disbursal: Your application will be reviewed by the financial institution, and once approved, the loan amount will be credited to your bank account.
Read: What is a Gold Loan?
Loan from PhonePe a Good Option?
PhonePe has simplified financial services and now provides an easy way to get loans.
If you need money urgently and want to apply easily through a few steps, PhonePe can be a good option. With the right documents and information, you can get a loan within minutes.
However, note that some loans on PhonePe may come with higher interest rates. So, before taking a loan, carefully check the interest rates and terms and choose the best option according to your needs.
FAQs
No, loan eligibility depends on your credit score, income, and other factors.
Yes, PhonePe is a reputed platform and works with leading financial institutions to provide loans.
Yes, processing fees vary depending on the loan amount and type.
Yes, you can prepay the loan early, but there may be prepayment charges. Always read the loan terms beforehand.
Once your loan is approved, the amount is credited to your account immediately.
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