PhonePe is widely used for digital transactions, but did you know that PhonePe also offers personal loans? You can apply for a personal loan easily from the comfort of your home, without the hassle of visiting any offices or dealing with extensive paperwork. PhonePe now collaborates with third-party applications like MoneyView, Bajaj Finserv, Navi, and Payme India to provide loans to users.
What is PhonePe Personal Loan?
PhonePe offers personal loans through its platform, but it’s important to note that PhonePe itself does not directly provide loans. Instead, it partners with third-party companies like MoneyView, Bajaj Finserv, and others to facilitate loan applications. So, while you apply for the loan through PhonePe, the loan is provided by these partner companies.
You can borrow amounts ranging from ₹10,000 to ₹5,00,000 through this service, and the interest rates depend on the terms and conditions set by the lending company.
Interest Rates for PhonePe Personal Loan
Since PhonePe works with third-party lenders, the interest rate on your personal loan will depend on the partner company. These companies typically charge interest rates between 16% to 39%, depending on factors such as your credit score. If your credit score is good, you may get a lower interest rate. Along with the interest rate, each lender may charge a processing fee, which also varies. Loan tenure generally ranges from 3 months to 5 years.
Eligibility for PhonePe Personal Loan
To apply for a PhonePe Personal Loan, you need to meet certain eligibility criteria:
| Eligibility Criteria | Details |
|---|---|
| Nationality | Indian citizen |
| Age | 21 to 58 years |
| Credit Score | Minimum 700 |
| Employment Type | Salaried or self-employed |
| Minimum Monthly Income | ₹25,000 or more |
Required Documents
When applying for a PhonePe Personal Loan, you’ll need to submit the following documents:
- Aadhar Card
- Bank Statement
- Aadhar-linked mobile number
- PAN Card
- Salary Slip (for salaried individuals)
- Bank Account Details
- A recent selfie
How to Apply for PhonePe Personal Loan Online
Follow these steps to apply for a PhonePe personal loan:
- Download PhonePe: First, download the PhonePe app from the Google Play Store.
- Register: Open the app and register using your mobile number linked to your bank account.
- Link Bank Account: Link your bank account with your PhonePe UPI ID.
- Navigate to Financial Services:
- On the PhonePe dashboard, go to “Recharge & Bills” and click on “See All”.
- Select “Financial Services & Taxes”.
- Then click on “Loan Repayment”.
- Select the Lending Partner: You’ll see a list of third-party companies. Choose the one you want to apply for the loan from.
- Download the Partner App: After selecting the lender, download their app and register with the same mobile number used on PhonePe.
- Fill in the Details: Enter the requested information on the new page.
- Choose Loan Type & Submit Documents: Select the loan type and provide your bank details. Upload scanned copies of the required documents.
- Complete the Application: Submit your loan application. After the verification of your documents, the loan amount will be transferred to your bank account.
