Prices of the goods in India are constantly rising which is making trouble for the people. For most people, money is the biggest problem of their lives as they are not so financially strong, especially in a country like India. Many middle-class people feel the difficulty at the time of the end of the month because of the shortage of money. There is a solution for that by which you can borrow money or we can say get the loan by the use of the mobile phone. You can also get an interest-free loan by this method. So How to get a Loan from PhonePe?
Today we will be talking about the PhonePe app. PhonePe is a famous app that is basically used for digital payments and also this app can also be used for getting an online personal loan. Yes, you heard right. You can get a personal loan through PhonePe. Flipkart owns PhonePe and the company recently launched a low-interest loan. It’s very easy to use and you can get an instant loan through PhonePe just with the help of the internet and mobile phone.
PhonePe is a famous Indian digital payments and financial services company that was found in December 2015. Their headquarters is situated in Bengaluru, India. PhonePe is licensed by the Reserved Bank of India and has partnerships with more than 150 Banks. The PhonePe is owned by Flipkart. In India, PhonePe has more than 10 million users and the Company has a net revenue of rupees 427 crores.
In the year 2020, the company had started the loan services and the company is also providing the service of zero-interest loans. PhonePe is providing one of the best online instant loan services in India. The rate of interest is very low as compare to the other online loan providing services.
Things to know about the PhonePe Loan
There is a list of things that one must know before taking a loan.
1) Amount of loan one can get from PhonePe
The PhonePe can provide a personal loan starting from 5 thousand to 50 thousand which is a pretty decent amount. One can easily full fill their personal need with this amount of money.
2) Time given for the repayment of the PhonePe Loan
The Phonepe provides a good amount of time to repay the instant personal loan i.e. from a minimum of 4 months to a maximum of 12 months. And the best thing about the PhonePe Loan if you repay the loan within 45 days the company will not charge any interest on the loan. This makes the PhonePe loan special and makes PhonePe outstand from the other online instant loan providing websites and apps.
3) Rate of interest
The rate of interest you get from PhonePe Loan is from 9% to 16% and like I had said before if you will repay the loan before 45 Days you don’t have to pay a single rupee in interest. They are really giving a very attractive rate of interest. For example, if you are taking a loan of 50 thousand rupees for 12 months at the rate of interest of 10.5% then you have to pay them back rupees 52,889 which means you have to give them rupees 2,889 as interest. Some of the online instant personal loan providing websites and apps charge about 34% interest which is more than double of PhonePe.
4) Documents Required
There is a requirement of two types of the document i.e. id proof and Address proof.
- Id Proof – Adhaar Card/ PAN card/ Voter Card/ Passport
- Address Proof – Adhaar Card/ PAN card/ Voter Card/ Passport
You can select any of them for the verification of your id and address.
5) Eligibility for applying for the Loan
These are some mandatory requirements to get this loan.
- The person Must be a citizen of India if applying for a loan.
- The person taking a loan must have a minimum age of 18 and maximum age of 59 years.
- The person must have an income source if applying for a loan.
|Loan Amount||5,000 to 50,000 rupees|
|Time Period||4 months to 12 months|
|Rate of Interest||9% to 16% per annum|
|Documents Required||Id Proof – Adhaar Card/ PAN card/ Voter Card/ PassportAddress Proof – Adhaar Card/ PAN card/ Voter Card/ Passport|
|Eligibility||1. Citizen of India2. Age – 18 to 59 years3. Must have an income source.|
How to get a Loan from PhonePe?
Procedure for getting a loan from PhonePe
For getting the loan you have to follow all the steps. No need to worry if don’t use PhonePe or new to PhonePe. I’ll explain everything steps by step.
- First, you have to download the PhonePe app from the Playstore or App Store.
- Then you have to register into the app using your mobile number
- After that, you have to connect your bank account from your PhonePe account.
- After that download the Flipkart app from the play store or App Store.
- Register on Flipkart with the same mobile number that you had used in PhonePe.
- Then you have to activate Flipkart pay later.
- After that, You have to upload your documents.
- Then the Flipkart will provide you a limit.
- Then go to the PhonePe app and open my money.
- And select Flipkart pay later option.
Why Choose PhonePe personal loan?
- PhonePe gives zero-interest loans for 45 days
- The rate of interest is better than the other online instant loan providing apps or websites.
- PhonePe provides a loan of a pretty good amount.
- They provide loans for long periods as compared to other online loan apps and websites.
- You can repay the loan with the help of easy EMI.
- PhonePe loan is PAN India available.
- They provide loans instantly to the bank account.
- PhonePe loans are really convenient. You can get a loan just by using your mobile phone.
Frequently Asked Questions
Does PhonePe give business loans?
No, the PhonePe does not give business loans but you can use the loan money for the business. You are free to do anything with loan money.
Does PhonePe give business loans?
Yes, it provides personal loans but you can spend your money anywhere you want.
Does PhonePe give EMI Loans?
Yes, PhonePe gives a kind of EMI loan. It also gives you the option to repay the loan with easy EMI.
How Repayment of the PhonePe Loan is done?
Just Open the PhonePe application then simply go to the loan repayment option and you can then repay the loan.
PhonePe is India’s trusted digital payment app. PhonePe is an amazing platform to get a personal loan at a good rate of interest. The no-interest scheme of PhonePe loans is really attracting a lot of people. The app is simple to use and provides instant loans. This app is really helpful when one needs money in an emergency.
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