Phonepe loan information Phone Pe; Who doesn’t need money these days? In an emergency, when you don’t have any money in hand, you don’t have to go to banks for a loan and get tired of submitting documents.
Do you have the PhonePe app on your smartphone? Then half of your tension has been reduced! Yes, now PhonePe is no longer just a payment app, it has become an instant loan friend for those in need. Let’s learn step-by-step how to get a loan of up to ₹5 lakh.
Who gets this loan? (Eligibility)
Not everyone gets a loan, but if you have these simple qualifications, the loan is yours:
- Age: You should be between 21 and 55 years old.
- Income: Minimum income of ₹15,000 per month (salary or self-employment).
- CIBIL Score: If your CIBIL score is good (700+), you will get a loan at a lower interest rate.
- Documents: PAN card, Aadhaar card and an active bank account are enough.
How much loan can you get? How much interest?
- Amount: Depending on your eligibility, you can get a loan from a minimum of ₹50,000 to a maximum of ₹5,00,000 (5 lakhs).
- Tenure: The loan can be repaid in a period of 6 months to 5 years (60 months).
- Interest: Starting at 12% per annum, it is determined based on your credit score.
How to get a loan on PhonePe? (Step-by-Step Guide)
No need to hold the bank manager’s leg, just take out your mobile and follow these steps:
- Open PhonePe: First update the latest PhonePe app from Google Play Store.
- Go to Loan section: On the homepage or under ‘Recharge & Pay Bills’, you will see the option ‘Loan’ or ‘Budget’, click on it.
- Select Amount: Select how much money you need (for example 1 lakh).
- Fill in the details: Enter your name, date of birth, occupation and PAN/Aadhaar number.
- KYC and Bank details: Complete your selfie or video KYC and select the bank account where the money should be deposited.
That’s it! If your documents are correct, the money will be deposited into your bank account within the next few hours (sometimes minutes).