PhonePe Personal Loan: PhonePe is an online digital payment platform that provides services such as UPI-based transactions, bill payments, and online shopping. However, as per the current information, PhonePe does not offer personal loans directly. Instead, PhonePe provides loan services through its platform by tying up with third-party financial institutions (such as banks or NBFCs). The complete details of these loans are as follows.
PhonePe Personal Loan Amount
The loan amount offered by PhonePe can generally range from ₹10,000 to ₹2,00,000, depending on the lending institution and your eligibility. And the interest rate depends on the lending institution (such as NBFC) and your credit history. Typically, the interest rate can range from 10% to 24% per annum or more. To know the exact interest rate, it is necessary to check the loan section on the PhonePe app. The loan repayment period can be from 3 months to 36 months, depending on the loan amount and the terms of the NBFC.
Eligibility criteria for Phone Pe Personal Loan
- Age should be between 21 and 60 years.
- Must have a regular source of income (salaried person or self-employed).
- Must have a good credit score (usually 700 or above) so that the chances of getting a loan are high.
Documents required for Phone Pe Personal Loan
- Aadhaar Card
- PAN Card
- Bank account details
- Passport size photo
- Income proof (such as salary slip or bank statement)
- Address proof (if required)
Application process for Phone Pe Personal Loan
- Open the PhonePe app and go to the Loan Section in the app.
- Select a loan and check the loan details offered by the third-party lender (NBFC).
- Complete KYC and upload Aadhaar, PAN and other documents.
- Loan approval is based on your eligibility and credit history for loan approval.
- Loan Disbursement After approval, the loan amount is credited to your bank account, usually in 24-48 hours.
Note: Read the complete terms and conditions before taking a loan. Deal only with trusted NBFCs to avoid fraud on the PhonePe platform. If you do not see the loan offer, contact PhonePe customer care.
