Phonepe Loan 2024: Hello friends, if you want to get a quick loan through the phone, then this article is very important for you. As we know in today’s digital age, every task is done very easily, but the process of getting a loan still requires going through some procedures. We are telling you about a loan process in which you can get the loan directly through the phone and the money will come directly into the bank account linked to your phone.
If you take a loan from any other bank or institution, then there you have to complete some kind of paper process, and many times the loan is not available even after this process. So, let us know how you can get a loan over the phone.
Phonepe Loan 2024
The PhonePe application is the largest online payment platform in India, accounting for 46 percent of total UPI transactions in India. Sometimes in life, we need money urgently and at that very moment, you can get a personal loan of Rs 5 lakh from the PhonePe application. This application has also provided a personal loan facility to its customers.
In this article, we will go ahead and know who can benefit from this feature. We will get detailed information about the eligibility, required documents, interest rate, loan tenure, and how to apply online for this personal loan scheme in this PhonePe application.
Phonepe Loan 2024 Eligibility criteria
Here are the eligibility criteria for the phone pe personal loan
- To avail PhonePe personal loan the applicant must fulfil the following eligibility standards:
- The applicant must have Indian citizenship.
- Must be a registered merchant on the PhonePe Business app.
- Applicant age should be between 23 to 60 years olds.
- Your CIBIL score must be high for the loan. up to more than 750
The interest rate of the Phonepe Loan 2024
The lender partner offers loans to customers at low and attractive interest rates based on their credit profile, CIBIL score, loan quantity, loan tenure and eligibility. When availing a PhonePe quick personal loan, you may typically have to pay an annual interest rate of 13% to 20%.
Phonepe loan features
The biggest feature of the PhonePe Personal Loan scheme is its EMI payment method. In this scheme, the EMI of the loan is deducted from the closing amount of your daily income through the PhonePe Business application. Following are the other benefits of this loan scheme.
- Security-free loan facility.
- Loan recovery facility.
- Minimum interest rate.
- Facility to verify income without loan approval based only on KYC documents.
- Facility to choose flexible EMIs.
How to apply for the Phonepe loan 2024
If you want to get loan through phone, then the most important thing is that you should have Aadhar card and PAN card, along with this your mobile number should be linked to Aadhar card and your civil score should be more than 700. If you want, then only you can get loan through online phone.
KYC for Loan: For loan through this application, you need 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 address proof.
Follow these steps to apply for phone pe loan
If you have any issues at home, you can get an instant personal loan through PhonePe Business App for an amount up to Rs 5 lakh. Read the steps given below carefully to avail personal loan through this mobile application. By following these steps, you can successfully apply for your personal loan online. Learn 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, download it from Google Play Store first. Then, login with your business account registered on the app.
Step 2: Now, on the homepage of the application you will see the popup message of personal loan, as shown in the image below. All you need to do is 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 in your personal details and accept the PhonePe instructions and terms and click on the “Complete KYC” button.
Step 5: Next, the PhonePe loan lender will conduct the interview based on your eligibility. Then, after your details are checked once again you will need to click on the “Continue” button in the loan review.
Step 6: Now, you have to activate the automatic debit feature of the loan EMI. Next, a page will appear on your screen to review the “Loan Agreement” and “Key Facts.” On this page, carefully read and accept the terms of the loan agreement and click “Continue”.
Thus, the process of applying for an instant personal loan on your phone is complete. As soon as your loan is approved by the lender, the loan amount will be transferred to your bank account within a maximum of 48 hours.