Hello friends, I welcome you all to today’s article. Friends, today we will give you information about how to take a personal loan from PhonePe. Friends, nowadays mobile apps have made financial services easy. PhonePe which is a popular digital payment app is not only known for payment and money transfer but now it also provides you the facility to take a loan.
If you are thinking that taking a loan from PhonePe is easy, then in today’s article we will tell you its complete information in detail so that you can easily take a personal loan from PhonePe and avail its benefits. But for this you will have to read this article carefully till the end.
What is PhonePe Personal Loan?
PhonePe is a popular digital payment app that now also offers its users the facility of availing small personal loans. Under this service, you can easily get a personal loan of Rs 500 to Rs 5 lakh through the PhonePe app. This loan can be used to meet your emergency needs, for small expenses or for personal expenses.
Eligibility for PhonePe Personal Loan
- The age of the applicant taking personal loan through PhonePe should be between 21 years to 60 years.
- For PhonePe personal loan, a good credit score should be 750 or more.
- The history of your activity and lending over the phone is also important. You need a stable job or business.
- The person who meets the requirement gets priority.
How to take personal loan from PhonePe?
If you want to apply online for personal loan through PhonePe, then for this you will have to follow all the processes mentioned below step by step, which will be of this process –
- To take a personal loan from PhonePe, first of all you will have to go to the play store of your smartphone and from there you will have to download and install the PhonePe app.
- After installation, you will have to open this app and login using your mobile number, email Aadi or social media account.
- You will have to go to the “Financial Services” or “Loan” section in the PhonePe app. Here you will find many loan-related options like personal loan, instant loan etc.
- You will have the option to avail a loan of Rs 500 to Rs 5 lakh. You can choose the loan amount as per your need.
- PhonePe evaluates your eligibility using AI and data analytics. It also checks your credit score, transaction history and other documents. You need to fill in some basic information for the eligibility test.
- You will have to read the loan terms and interest rate and also receive information about the EMI. If you are satisfied with this, you can accept the terms.
- Minimum documents are required for PhonePe loan. After uploading the documents, you will have to submit your loan application and after that you will get a notification of loan approval from the PhonePe app.
- Once the loan is approved, the loan amount will be transferred to your PhonePe wallet or your bank account. This process is generally completed within 24-48 hours.
In this way, by following all the steps mentioned above, you can easily apply online for PhonePe personal loan while sitting at home.
conclusion –
Friends, in today’s article I have given you information about how to take a personal loan from PhonePe. I have told you about its complete online application process in detail so that you can easily take a personal loan from PhonePe by applying online while sitting at home and can also avail its benefits. Friends, if you all liked today’s article then do share it.