On PhonePe, loans up to Rs. 50,000 are available without any form of verification. Obtaining a loan from PhonePe is easy and quick. It is a rapid loan that is entirely online. This post goes into great depth on how to secure a PhonePe loan quickly.
PhonePe Instant Loan
Loan amount: Up To 50,000
Loan tenure: Up To 12 months
Interest rate: 0%- 46% p.a.
Age: 18 – 60 years
CIBIL Score: 700+ Required
Income Require: NIL
Eligible For: Salaried / Self Employed / Student
What are the Benefits of Using PhonePe Instant Loan?
1) Instant Loan: Depending on your creditworthiness, you may borrow as little as Rs 1,000 and as much as Rs 50,000 with a PhonePe Instant Loan. You don’t need to worry about a co-signer or collateral because neither are necessary.
2) No Paper Work: Since this type of loan may be requested for online and requires no additional papers, convenience is one of its main advantages.
3) Quick Approval: For those who cannot afford it, a low-interest personal loan is available. This company offers loans that can be obtained in as little as 24 hours. By bypassing the hassle of dealing with banks and other traditional loan sources, it saves time and money.
4) Lower Interest Rate: A small fee is applied to each loan made through PhonePe, a recent microlending site. They have a yearly interest rate that ranges from 0% to 46%, which is significantly less than the average interest rate offered by other lending firms.
5) Minimum Documents: Simply give the company your name, address, and most recent bank statement to apply for a personal loan.
6) Digital Process: You can apply for a loan online without ever having to step foot inside a bank by using the online platform. There is no paperwork to complete or applications to send, which makes things even simpler. A reduced loan amount can be available to you if your credit score is low.
PhonePe Instant Loan Charges
Interest rate: 0% to 46% per annum
Free Interest Period: For 45 days
Processing Charges: Applicable
Overdue Charges: Applicable
Types of Documents Required
PhonePe Loan Eligibility
Ensure you meet the minimal requirements for a PhonePe Instant Loan:
- You should be an Indian resident.
- The minimum age required is 18 years.
- Active bank account required.
- You need Good Cibil score required (700+)
How to Apply for PhonePe Instant Loan
Step 1: App named Phonepe is available for free download from the Google Play store.
Step 2: You must first register for this service using the same account number in order to utilise it.
Step 3: You must now apply for a loan via PhonePe’s Loan division.
Step 4: You will then need to supply all of your personal information and finish some KYC processes.
Step 5: When you request for a loan, the lender runs a credit check and immediately disburses the funds.