Phone Pe Personal Loan:- In today’s time, people use money for many things. Most believe in online loan transactions. There are crores of people in the country who do online transactions through PhonePe app. Phone Pe App is India’s largest online payment platform. Let us tell you that 48 percent of the total UPI transactions in India are done through PhonePe app. But do you know that we can use PhonePe not only for transactions but also for loans.
Yes, if you need loan for personal work then you can take an urgent loan up to ₹ 500000 from PhonePe App. Are. Today we will tell you how you can take advantage of this facility.
You can take personal loan worth lakhs of rupees from PhonePe app
Let us tell you that PhonePe is providing personal loan facility up to ₹ 500000 to its customers. Anyone who uses PhonePe Business app on their phone can avail this facility. PhonePe on this app offers personal loans through its two lending partners Aditya Birla Finance Limited and Transaction Club. Only those people who are registered as merchants can take loan from this app, that is, the general public cannot take loan from this app.
The general public uses the UPI app on their phones for online transactions. No loan facility of any kind is provided on this app. Many sponsored links related to personal loans appear on the home page of this app. By clicking on these links, you can take a loan as per your requirement from any lender.
Who can apply
Recently news has come that PhonePe is also planning to launch consumer loan on its platform by the end of January 2024. According to this report, the company will work as a distributor for personal loans. It is being told that to start this facility, the PhonePe App company can start the project with five lenders, banks and NBFCs. After this, the general public will also be able to apply for loan through phone.
If you take a loan through PhonePe, then its biggest feature is that in this scheme, the EMI of the loan is deducted from the settlement amount of your daily income. Also, you have to pay very less interest on this loan. In this, the person is given the facility to choose flexible EMI. It is mandatory to fulfill certain eligibility conditions for PhonePe Personal Loan.
Process to take PhonePe Personal Loan
Only a person who is a citizen of India can take a loan from PhonePe . Only a merchant registered on the business app on the phone can apply for the loan. The age of the applicant must be between 23 to 60 years. It is necessary for the person taking the loan to have a good CIBIL score. To take a loan from this app, you are required to submit KYC related documents.
Aadhar card, PAN card will have to be given for address proof and identity proof. Apart from this, driving license, electricity bill or telephone bill can also be used for address proof. If you take a loan of lakhs from this app, you will have to pay 13% to 20% annual interest.
Can I get a loan through phone payment?
However, there is no direct option on PhonePe from where you can take loan. However, you can take loan through any third party and through this application. Apart from this, you can also take gold loan from this application.
What are the criteria for PhonePe loan?
Eligibility Criteria to apply for loan in PhonePe:
Aadhar Card which is linked to your mobile number
PAN CardNo previous loan outstandingYou should have a bank account
CIBIL score should be more than 700
What is the per day limit for PhonePe loan repayment?
PhonePe transaction limit per day is Rs. 1 lakh.
Will I be charged any fees?
The loan partner may deduct a one-time processing fee from the total loan amount at the time of loan disbursement. This fee will depend on which loan partner you have chosen. You can also see the one-time processing fee on the loan details screen.
When will my loan application be processed?
Our loan partners will process your loan application only when,
• Your KYC verification and credit check is successfully completed
• You have successfully completed a You have set up the MADE
• You have reviewed the KFS and accepted the loan agreement