The leading mobile platform for third-party transactions in India, Phonepe, does not provide personal loans straight as of 2024. Rather, it provides loans to its customers in concert with banks. The following information may be helpful if you are a current Phonepe client in need of an emergency loan. Depending on your banking records and rapport with the partner banks, you can be qualified for a personal loan of up to ₹5,00,000.
However, you must have loan-related information to apply for a PhonePe personal loan. It doesn’t matter if you are unaware of it; we will provide you with all the information you need to apply online for a PhonePe personal loan and learn how to get one from PhonePe. We will also discuss the Phonepe Personal Loan Eligibility, Interest Rate, Documents, and other details with you in addition to this. Continue reading this article through to the end for additional details.
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PhonePe Personal Loan 2024 – Eligibility Criteria
To be eligible for a personal loan with Phonepe, you are required to fulfil the following requirements:
- To be eligible for citizenship, the candidate must be a citizen of India.
- Usage of Phonepe: To develop a history with the app, you need to have been using Phonepe for several months.
- Age: Applicants need to be over 21 years old.
- CIBIL Score: A good CIBIL score (ideally above 750) is necessary for quick acceptance. When you have a higher score, your chances of being granted favorable loan conditions are increased.
- A reliable source of income is essential for you to have, regardless of whether you are self-employed or earn a regular wage. A stable income stream might significantly boost your chances of loan acceptance.
PhonePe Personal Loan 2024 – Interest Rate
The interest rates for personal loans through PhonePe vary between 2% to 30%, based on criteria like your CIBIL score and banking history. Additionally, the processing fees and GST will be taken from the approved main loan amount, so it’s vital to consider these expenses when applying for a loan.
PhonePe Personal Loan 2024 – Documents Required
While Phonepe does not require physical documents, you must upload the following documents using the Phonepe app during the application process:
- Aadhar Card: Required for identification verification.
- PAN card: Required for financial identification.
- Bank Account Details: Required for fund distribution.
- Salary Slip/Bank Statement: To confirm your income, provide either a recent wage slip or a bank statement from the previous six months.
- Employment Details: Information regarding your current employment position.
For efficient processing, make sure your PAN card and mobile number are connected to your bank account and Aadhar card.
PhonePe Personal Loan 2024 – How To Apply?
Phonepe makes it easy to apply for a personal loan. Take these steps:
- Open the Phonepe app. Launch the Phonepe app on your smartphone with a reliable internet connection.
- Access the Loan Section: On the dashboard, go to the loan payback area.
- Select a partner bank: Choose from the list of partner banks in the app.
- Provide KYC details: Submit your KYC papers and confirm your mobile number by entering the OTP issued to your registered phone.
- Enter loan details: Enter the needed loan amount and choose your chosen EMI choices.
- Submit an Application: Click the submit button to email your application for approval. The partner bank will assess your application and approve it depending on your eligibility.
You have the option to apply via the Flipkart app in addition to directly through Phonepe. With Flipkart, Phonepe and the online retailer, you may get loans up to ₹50,000 for purchases made online. This can be a handy way for you to get a loan for shopping if you have an account on Phonepe.
Frequently Asked Questions – PhonePe Personal Loan 2024
Ans: No, PhonePe does not directly offer personal loans. It offers personal loans to qualified customers in collaboration with banks.
Ans: For your chances of getting a loan approved and with favourable conditions, you need to have a CIBIL score of at least 750.
Ans: A loan of up to ₹5,00,000 may be available to you, based on your eligibility and banking background.