Phone pe personal loan 2024: PhonePe app is the largest online payment platform in India. 46 percent of the total UPI transactions in India happen through the PhonePe app. Sometimes in life we face a situation when we need money urgently. So, if you have any problem at home also, you can take a personal loan of Rs 5 lakh from PhonePe app. It is important to mention that the PhonePe app also offers personal loan facility for its customers. In this article we will know further who can benefit from this facility.
Let us get detailed information about the eligibility, required documents, interest rate, loan tenure and how to apply online for this Phone Pe personal loan 2024.
Phone Pe personal loan 2024
Respected readers, currently all customers using PhonePe Business App have access to personal loans up to Rs 5 lakh. This facility is for those customers who use PhonePe Business App. Through this application, PhonePe offers personal loans and has two lending partners: Aditya Birla Finance Limited and LenDen Club. It is worth noting that only merchants with business plans can register on PhonePe Business App and only registered merchants can get loans through it.
Whereas you and I use the PhonePe UPI application, currently no personal loan is provided by PhonePe. Many sponsored links related to personal loan are shown on the homepage of this application, by clicking on which you can take the loan as per your requirement.
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Phone Pe loan program
PhonePe is planning to launch consumer loans on its platform by January 2024, according to a report published in The Economic Times Hindi. According to this report, the company will work as a distributor for personal loans and is currently in the final stages to launch this facility, which includes five lenders, banks, and NBFCs. After this, all PhonePe users will be able to easily avail personal loans from their app.
Features of the Phone pe personal loan 2024
The best feature of PhonePe Personal Loan scheme is its EMI payment method. In this scheme, the loan EMI is deducted from the settlement amount of your daily income through PhonePe Business app. Following are the other benefits of this loan scheme.
- Security free loan facility.
- Loan repayment facility.
- Minimum interest rate.
- Loan approval based only on KYC documents without proving income.
- Facility to choose flexible EMIs.
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Eligibility criteria of the Phone pe personal loan 2024
To avail Phone Pe Personal loan 2024,applicant must fulfil the following eligibility criteria:
| The applicant must have Indian citizenship. |
| Must be a registered merchant on the PhonePe Business app. |
| The age of the applicant should be between 23 to 60 years. |
| Your CIBIL score should be high for loan. |
KYC for the loan:For loan through this application, you have to submit only KYC related documents. Aadhar card, PAN card is sufficient for address proof and identity proof. Apart from this, driving license, electricity or telephone bill can also be used as proof of address.
Interest rate on Phone pe personal loan 2024
As we have already told you that the mobile application of Phonepe Credit Services Pvt Ltd is only a facility provider in this loan scheme. This loan is availed through PhonePe’s lending partner. Lending Partner offers loans to every customer at attractive and low interest rates based on their credit profile, CIBIL score, loan quantity, loan tenure and eligibility. When taking a Phone Pe instant personal loan, you may typically have to pay an annual interest rate of 13% to 20%.
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How to apply for Phone pe personal loan 2024
Friends, if you have any problem at home too, you can get an instant personal loan of Rs 5 lakh through PhonePe Business App. Read the steps given below carefully to avail a personal loan through this mobile application. By following these you can very easily apply for your personal loan online successfully. Let us know these steps one by one with pictures.
Step-1: First of all, open Phonepe Business App in your Android mobile. If this app is not available in your phone, first download this app from Google Play Store. Next, login with your Merchant Account registered on the app.
Step-2: Now, on the homepage of the app you will see the popup message of Personal Loan, as shown in the image below. You just have to click on the “Get Loan” option on the popup screen.
Step-3: Now the loan offer page will appear on your screen, in which you have to select the loan offer as per your requirements.
Step-4: On the KYC page, fill your personal details and accept the PhonePe terms and conditions and click on “Complete KYC” button.
Step-5: Next, PhonePe lending partner will check your loan application based on your eligibility. Then, you have to click on the “Continue” button after checking your details once again in the loan review.
Step-6: Now, you have to activate the auto-debit facility of the loan EMI. Next, a page will appear on your screen to review the “Loan Agreement” and “Key Fact Statement”. On this page, carefully read and accept the terms of the loan agreement and click “Continue”.
Thus, the process of your application for Phone Pe Quick Personal Loan is complete. As soon as your loan is approved by the lending partner, the loan amount will be transferred to your bank account within maximum 48 hours.