Get PhonePe Loan: PhonePe is a payment application app in India launched by Flipkart in 2015. PhonePe is the most popular and successful online payment application in India. It has also surpassed the Google Pay application launched by Google for the same purpose.
Get a PhonePe Loan
PhonePe is one of the most reliable and fastest mediums to trade your money. It had launched to make India cashless, and many people are using the application. It has made the lives of millions easier.
Now we don’t carry money, and our life is entirely hassle-free. You can send money to anyone by using the application. In this post, we will discuss how to get a phonePe loan.
PhonePe Loan Features
Phonepe app also offers loans, which makes it a league apart from others. The loan process is straightforward, and you need very few documents too. Although the loan amount is not huge, it is just the beginning, and we should appreciate their brilliant idea.
They also offer a loan at 0% interest for the first 45 days. That’s a rare thing in this business. No one provides a loan at 0% interest. Now, phonepe is much more than just an app to make payments. It is increasing with time.
Advantages of PhonePe Loan
The minimum documents required for obtaining personal loans must send your address, name, and recent bank statement to the lender. You can request a loan through a digital process web-based platform without ever stepping into a bank.
There is no paperwork or applications to fill out to make it even easier. If you get a poor rating on your credit report, you may be eligible for a lower amount.
Eligibility Criteria to Get PhonePe Loan
There are specific eligibility criteria that you must know before applying for a loan on phonepe. You should have a good record with loans, and your age should also be eligible. Phonepe is still very new in this business, and they are trying hard to make it more successful. As a payment app, phonepe is one of the best.
- Aadhaar Card (This must link to your mobile number.)
- PAN card
- CIBIL score (700+) is a must
Some Eligibility Criteria:
- It would help if you had a CIBIL score above 700.
- If your CIBIL score is less than 700, your chances of getting a loan are slim.
- You must have an account with the bank and be 18. However, they do not mention anything related to age.
- Your phone number must link to your Aadhaar card and bank account. Only then can you reap the benefits.
- Interest rate
- No interest for 45 days.
Only a few documents are required to get a PhonePay loan. It is a straightforward and hassle-free process. Also, the Loan is completely interest-free for the first 45 days. Some of the documents required are:
- Aadhaar card with the same mobile number linked to your bank account.
- Your PAN Card for successful KYC in the Flipkart application.
- CIBIL score above 700.
What is the interest rate of a PhonePe Loan?
You must know the interest rates if you plan for any loan. Make sure not to fall into the trap while taking a loan. Always ensure you take a loan with complete, valid documents only from a good source.
Interest rates or charge fees for your loan return from PhonePe are exciting. Getting a loan from PhonePe gives you 45 day interest-free Loan. It is exciting; where can you get an interest-free loan today?
PhonePe offers interest-free loans for the first 45 days to users who borrow from the company. Now, if you repay the entire loan amount within the interest-free period, you will not be charged any extra charges by PhonePe.
But, if you borrow for a more extended period, the interest rate will be applied to your Loan. PhonePe interest rate ranges from 0 to 46%. Now, this interest rate of the Loan is calculated annually from PhonePe.
Additionally, we highly recommend consistently paying your Loan on time to have a strong CIBIL score. A good CIBIL score will help you get good loans with low interest.
Now, the interest rate depends on the Loan you take. It also applies to your loan amount daily, monthly or yearly. Additionally, the interest rate may vary depending on supply, demand, maturity, collateral amount, etc.
Application Process to Get PhonePe Loan Online
The application process is entirely online, as you call the process on the PhonePe application. No offline branch is available for PhonePe. They are growing exponentially, and with the addition of this loan feature, they will be more successful.
The application process is completely hassle-free and convenient. You can do a little paperwork to get it passed. You need to install two applications and provide the same mobile number for both applications.
Let’s see the steps by which you can quickly get a phonepe loan:
- First, you must download the PhonePe application from the play store or any other app store.
- Then you have to register with the same number.
- It had linked to your bank account and your Aadhaar card.
- Now you need to install the Flipkart app from the play store or any other app store.
- Now you must register on Flipkart with the same number you registered on phonepe earlier.
- Then you must submit all the details about yourself and do a little KYC in the Flipkart application.
- If your KYC is successful, any credit from 1000 to 10,000 will credit to your Flipkart account.
- It should be named Flipkart Pay”. If you are good with it, the amount will increase.
- Now it’s your turn, and you can quickly pay from pay later credit through PhonePe.
Frequently asked questions
It is a very safe way to take small loans for your daily work. Also, there is no interest for the first 45 days.
Yes, this is the most accessible Loan available and does not require income proof. It is the main reason they offer only a tiny amount of loans.
Phonepe offers loans through its parent company Flipkart. It would help if you connected with both apps to get a Loan.
Phonepe Loan can access within the Phonepe app itself. For example, you can pay credit card bills, mobile bills, recharge, Flipkart shopping, electricity bill payment, Loan EMI etc., available on the app. The loan amount cannot transfer into their bank accounts.