PhonePe Personal Loan Application 2024: Avail Up to ₹50,000 in Just 5 Minutes

PhonePe Personal Loan Application Online 2024: PhonePe is a mobile application that everyone uses today for digital transactions. You may be familiar with it, but did you know that PhonePe also collaborates with third parties to provide loans? If you’re in need of a personal loan, you can fulfill your requirement by availing a Personal Loan from PhonePe, as obtaining a personal loan from PhonePe is remarkably easy. You can get approval for loans of up to ₹5 lakh within 10 minutes from the comfort of your home.

However, to apply for a personal loan on PhonePe, it’s essential to have relevant information about loans. If you’re unsure about it, fret not; we will guide you through the process of applying for a PhonePe Personal Loan online and how you can avail a personal loan from PhonePe. Additionally, we will provide you with comprehensive information regarding PhonePe Personal Loan Eligibility, Interest Rate, and Required Documents. Stay tuned till the end of this article for more details.

How to Obtain a Personal Loan on PhonePe?

If you’re interested in taking a loan through PhonePe, it’s important to note that you cannot directly avail a loan through PhonePe itself. PhonePe approves loans through third-party applications. PhonePe collaborates with certain partner companies to offer loans, hence, to apply for a PhonePe Personal Loan, you’ll need to download the apps of these partner companies and apply for the loan through them, using your Aadhar card for the application.

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Flipkart, Kredit Bee, MoneyView, Bajaj finserv, Navi, Payme India are some of the applications that provide PhonePe Personal Loans. To avail a loan through PhonePe, you’ll first need to register in the PhonePe Business App and then download the app of a partner company from the Google Play Store to apply for the loan. Through this platform, you can obtain a loan of up to ₹5 lakh.

PhonePe Personal Loan Overview 2024

Interest Rate on PhonePe Personal Loan

The interest rate on PhonePe personal loans depends on the terms and conditions of third-party applications. The interest rate you’ll incur will be according to the terms and conditions of the application through which you apply for a PhonePe Personal Loan. For instance, if you apply for a loan through Money View, you might have to pay interest rates of up to 15.96%. Additionally, you’ll be required to pay a processing fee, which can range from 2% to 8%. On Money View, you can avail a loan for a period of 3 months to a maximum of 5 years, and similarly, the terms and conditions of other applications may vary.

Eligibility for PhonePe Personal Loan

To avail a personal loan from PhonePe, you need to adhere to certain terms and conditions, as outlined below:

• Only Indian citizens are eligible to apply for a PhonePe Personal Loan.
• Applicants must be at least 21 years old or older.
• All KYC documents must be available.
• It’s mandatory to have EKYC, meaning your Aadhar number must be linked to your mobile number.
• You must have an active bank account, linked to your Aadhar number.
• Your mobile phone must have an active PhonePe account, linked to your bank account.
• Salaried individuals and self-employed individuals can apply for a PhonePe loan.
• Your monthly income must be at least ₹25,000, and you must possess income proof.
• A good credit score is necessary for a personal loan.
• Your financial transaction record should be satisfactory, and you should not be a defaulter.

Essential Documents for PhonePe Personal Loan

To apply for a personal loan through PhonePe, you must have the necessary documents, such as:

• Aadhar Card
• PAN Card
• Bank Account Details
• Bank Statements
• Salary Slip
• Aadhar-linked Mobile Number
• Selfie, etc.

How to Apply for PhonePe Personal Loan Online?

If you’re unsure about how to obtain a personal loan from PhonePe and wish to apply for a PhonePe Personal Loan online, you can acquire the loan in just a few minutes by following the process below:

1. Firstly, you need to download the PhonePe app from the Google Play Store.
2. Then, register in the app using your mobile number.
3. Next, you’ll need to link your bank account with your UPI ID.
4. On the dashboard, near the option of “Recharge & Bills,” there will be an option for “See All.” Click on this option.
5. After that, under “Recharge & Pay Bills,” you’ll find names of various Third Party Companies such as Bajaj Finance LTD, Buddy Loan, Home Credit, kreditbee, Moneyview, Avail Finance, Navi, etc. Select the company from which you want to take the loan.
6. For example, if you want a loan from Moneyview, download this app from the Google Play Store.
7. Then, open it and register with the same number you used to register on PhonePe.
8. Now, a new page will open where you’ll need to provide some personal information.
9. All the offers for personal loans will appear in front of you, and you can choose a plan according to your preference under “Select Your Loan Plan.”
10. After that, you’ll need to enter banking details and upload necessary documents.
11. Once you complete these steps, your loan will be approved, and the loan amount will be transferred to your bank account within minutes.

• Axis Bank Personal Loan Application Online
• Citibank Personal Loan Application
• Google Pay Personal Loan Application
• HDFC Personal Loan Application

FAQs – Frequently Asked Questions

Question 1: How can I get a personal loan from PhonePe?
Answer: You cannot directly obtain a personal loan from PhonePe. To avail a loan, you need to register on the PhonePe Business App and download partner platforms like Bajaj Finance LTD, Home Credit, kredit bee, Moneyview. It is through these platforms that you can apply for a loan.

Question 2: What is the maximum loan amount available on PhonePe?
Answer: On PhonePe, you can avail a loan ranging from ₹10,000 to ₹5,00,000.

Question 3: What is the interest rate for PhonePe personal loans?
Answer: The interest rate for PhonePe personal loans depends on the third-party application collaborating with PhonePe to offer loans. Interest rates can range from 8% to 16% depending on the platform.