PhonePe provides personal loans through its affiliated lending partners instead of offering them directly. Below are the essential details based on the current information available:
Loan Amount: The amount you can borrow varies between ₹10,000 and ₹15 lakh, depending on the lender and your qualifications.
Interest Rates: These differ among partners, with rates starting as low as 11.99% per annum. The rates are influenced by the specific app’s terms (for instance, MoneyView’s rates can reach up to 15.96%).
Tenure: You can choose flexible terms ranging from 3 to 60 months, allowing you to pick EMIs that best meet your requirements.
Eligibility
- Must be an Indian citizen aged between 21 and 60 years.
- A minimum CIBIL score of 700 is necessary (which can vary depending on the lender).
- No existing loans should be on your record.
- Your phone number should be linked to your Aadhaar and bank account.
- For business loans, you need to be a registered merchant on the PhonePe Business app.
Features:
- Entirely digital and paperless application process.
- Collateral is not required.
- Funds are transferred instantly to your bank account after approval.
- Pre-approved offers can speed up the application process.
- In some cases, there are no charges for early repayment.
- You can manage your loans, access statements, and obtain no-dues certificates via the PhonePe app.
How to Apply:
1. Download the PhonePe app from either the Google Play Store or the Apple Store.
2. Click on the “Loan” or “Get Loan” section on the app’s main screen.
3. Assess your eligibility and select loan offers from different partners (like MoneyView, Bajaj Finserv, Navi, KreditBee, Flipkart).
4. Choose your loan amount and tenure; details such as interest rates, processing fees, and EMIs will be updated automatically.
5. Complete the KYC process (either automatically with your PAN or through manual input) and provide your personal information.
6. Upload necessary documents (Aadhaar, PAN, bank information).
7. Review the terms, set up a repayment mandate, and e-sign once approved.
8.Funds will be promptly deposited into your bank account.
Documents Required: Aadhaar, PAN, and bank account information. Documentation requirements are minimal.
Lending Partners: These include LenDenClub, Aditya Birla Finance, PayU Finance, Muthoot FinCorp, MoneyView, Bajaj Finserv, Navi, KreditBee, among others.
Repayment: EMIs will be automatically deducted from your bank account or settled daily (for business loans). Delayed payments may lead to penalties.
