Loans of up to Rs. 50,000 are available on PhonePe without any kind of verification. A loan from PhonePe is simple and quick to get. It is a completely online and quick loan. How to get a fast PhonePe loan is covered in detail in this article.
PhonePe Instant Loan Quick Recap
| Loan amount | Up To 50,000 |
| Loan tenure | Up To 12 months |
| Interest rate | 0%- 46% p.a. |
| Age | 18 – 60 years |
| CIBIL | 700+ Required |
| Income Require | NIL |
| Eligible For | Salaried / Self Employed / Student |
Also Read: Faircent Pocket Loan
Benefits of PhonePe Instant Loan
Instant Loan: With a PhonePe Instant Loan, you may borrow as little as Rs 1,000 and as much as Rs 50,000, depending on your creditworthiness. There’s no requirement for a co-signer or collateral, so you don’t have to stress about it.
No Paper Work: Convenience is one of the primary benefits of this form of loan since it can be applied online and does not need any additional documentation.
Quick Approval: It’s a low-interest personal loan for folks who can’t afford it. It is possible to get a loan from this firm in as little as 24 hours. It saves time and money by avoiding the trouble of dealing with banks and other conventional loan sources.
Lower Interest Rate: There is a small fee associated with each loan made via PhonePe, a brand-new platform for microlending. They charge an annual interest rate ranging from 0% to 46%, which is much lower than the average charged by other lending services.
Minimum Documents: To apply for a personal loan, just provide the firm with your name, address, and most recent bank statement.
Digital Process: By using the internet platform, you may apply for a loan without ever having to set foot in a bank. To make things even easier, there is no paperwork to fill out or applications to submit. If you have a low credit score, you may be able to get a lower loan amount.
PhonePe Instant Loan Charges
| Interest rate | 0% to 46% per annum |
| Free Interest Period | For 45 days |
| Processing Charges | Applicable |
| Overdue Charges | Applicable |
Also Read: CashInyou Loan Apply
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.
- An active bank account is required.
- Good Cibil score required (700+)
Documents Required
- Aadhaar Card
- Pan Card
- Bank Account
Also Read: Lendbox Instant Loan
How to Apply for PhonePe Instant Loan
- Phonepe is free software that can be downloaded from the Google Play store.
- In order to use this service, you must first sign up for it with the same account number.
- Now, you must go to PhonePe’s lending department and apply for a loan.
- After that, you’ll have to provide all of your personal information and complete certain KYC procedures.
- When you apply for a loan, the lender checks your cibil score and gives you the money right away.
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