PhonePe is a mobile application, which is used by everyone today for digital transactions. You must also be using it, but do you know that PhonePe also gives loans in collaboration with third parties. If you need a personal loan, then one thing must be coming to your mind that how to get a loan from PhonePe, in this article we have talked about it.
You can fulfill your need by taking a Personal Loan from Phone Pe, because taking a personal loan from PhonePe is very easy. You can get a loan of up to Rs 5 lakh approved within 10 minutes sitting at home. But to apply for a phonepe personal loan, you must have information related to the loan. If you do not know about it, then no problem, further we will give you complete information about how to apply for a PhonePe personal loan online and how will you get a personal loan from Phonepe?
How To Get Personal Loan On PhonePe?
If you want to take a loan from Phonepe, then first let us tell you that you cannot take a loan directly from PhonePe. PhonePe approves loans with the help of third party application. PhonePe gives loans through some partnership companies, so for PhonePe Personal Loan, you have to download the app of the partnership companies and apply for the loan. Through these apps, you can apply for a loan with Aadhar card.
Flipkart, Kredit Bee, MoneyView, Bajaj finserv, Navi, Payme India are some of the applications that provide PhonePe Personal Loan. To take a loan from PhonePe, you have to first register in PhonePe Business App and after that download the app of any partnership company from Google Play Store and apply for a loan. Then you will get a maximum loan of Rs 5 lakh from this platform.
Phonepe Personal Loan Interest Rate
The interest rate of PhonePe Personal Loan depends on the terms and conditions of the third party application. You will have to pay the interest rate according to the terms and conditions of the application through which you apply for PhonePe Personal Loan. Suppose you apply for a loan from Money View, then you may have to pay interest up to 15.96%.
In addition, you will have to pay processing fees which can range from 2% to 8%. On Money View, you can take a loan from 3 months to a maximum of 5 years and similarly the terms and conditions of other applications may be different.
Eligibility To Take PhonePe Personal Loan
To take a loan from PhonePe, you have to follow some terms and conditions which are as follows –
- Only Indian citizens can apply for PhonePe Personal Loan.
- To take a personal loan from PhonePe, you must be at least 21 years of age or above.
- You should have all the KYC documents.
- You must have EKYC i.e. your Aadhaar number should be linked to the mobile number.
- You must have an active bank account and Aadhaar number should be linked to the bank account.
- PhonePe should be active in your mobile and your bank account should be linked to PhonePe.
- Salaried persons and self-employed people can apply for Phone Pe loan.
- Your monthly income should be at least Rs 25,000 and you should have an income certificate.
- For personal loan, it is necessary to have a good CIBIL score.
- Your financial transaction record should be good and you should not be a defaulter.
Essential documents for PhonePe Personal Loan
To take a personal loan from PhonePe, you must have the necessary documents such as.
- Aadhaar card
- PAN card
- Bank account
- Bank statement
- Salary slip
- Aadhaar linked mobile number
- A selfie etc.
Benefits of PhonePe Personal Loan
- You do not need to go to any bank to get a loan under PhonePe.
- In this, you can get instant loan in just a few steps sitting at home.
- The interest rate on PhonePe Personal Loan is applied according to the person’s CIBIL score and the partner company.
- The beneficiary does not have to depend on any of his relatives or friends for immediate money.
- A good credit score can provide a loan at a low interest rate.
- In this, you are also provided discounts from time to time through some offers.
How To Apply Online For PhonePe Personal Loan?
If you do not know how to get a personal loan from PhonePe and you want to apply online for PhonePe Personal Loan, then you can get a loan in a few minutes by following the process given below –
- First of all you have to download PhonePe App from Google Play Store.
- After this, you have to register in the app with your mobile number.
- After this, you have to link your bank account with UPI ID.
- In your dashboard, there will be an option of “See All” near the option of Recharge & Bills, you have to click on this option.
- After this, you will see the names of some Third Party Companies under “Recharge & Pay Bills”, such as – Bajaj Finance LTD, Buddy Loan, Home Credit, kreditbee, Moneyview, Avail Finance, Navi etc., you have to select the company from which you want to take a loan.
- After this, you will have to open it and register with the same number with which you registered on PhonePe.
- Now a new page will open in front of you where you will have to give some personal information.
- All the offers of personal loan will come in front of you, you can choose any plan according to your wish under Select Your Loan Plan.
- After this, you will have to upload the necessary documents by entering the details of banking etc.
- After doing this, as soon as the loan is approved, your loan amount will be transferred to your bank account within a few minutes.
Conclusion
The purpose of this personal loan being provided by PhonePe is to help such people who need some money in a very short time. Different interest is charged by these companies for this loan. This amount of interest rate depends on different third party mobiles and the CIBIL score of the loan recipient. If you have any question regarding this post, then you can tell us by commenting in the comment box given below. Your feedback and suggestions are welcome as always. Thank you.
