Complete guide on eligibility, interest rate, documents and application process for Google Pay ₹2 lakh loan

Google Pay (GPay) now expands its utility to also offer loan facilities, in which loans up to ₹2 lakh can be availed. This loan provided by Google Pay comes under the Personal Loan category and can prove helpful for your immediate financial needs. It is important to have a thorough knowledge of the loan eligibility criteria, interest rate, required documents and online application process, so that the application is easy and the loan is sanctioned quickly.

Eligibility for Loans

The following eligibility requirements are required to apply for a loan of up to ₹2 lakh through Google Pay:

• Age:
  
  • The age of the person applying for the loan should be between 21 to 57 years.
    
• Minimum Income:
  
  • Monthly minimum income for salaried persons should be ₹15,000.
    
  • For self-employed or businessman, annual income should be ₹2 lakh or more.
    
• Credit Score:
  
  • A good credit score (CIBIL 700 or above) is a must for the loan.
    
• Bank Account:
  
  • In order to deposit the loan amount, the applicant must have a functioning bank account with an Indian bank.
    
• Other conditions:
  
  • Applicant must have an active Google Pay account.
    
  • Your KYC on Google Pay should be updated before applying for a loan.

Necessary documents

Following documents are required while applying for Google Pay ₹2 lakh loan:

1. Identity Proof:
   
   • Aadhaar Card, PAN Card, Passport, or Voter Identity Card
     
2. Residence Proof:
   
   • Electricity Bill, Water Bill, Ration Card, or Aadhaar Card
     
3. Proof of Income:
   
   • For Salaried: Last 3 Months Salary Slip and Form 16
     
   • For Self Employed: Last 2 years ITR and Bank Statement
     
4. Bank Statement:
   
   • Last 6 months bank statement
     
5. Photograph:
   
   • Recent passport size photographs (2 copies)
     
6. Loan Application Form:
   
   • Filled and signed form in Google Pay app
     

Interest rate and loan terms

The loan interest rates and terms offered by Google Pay are as follows:

• Loan Amount: ₹10,000 to ₹2,00,000
  
• Interest Rate: 12% to 24% (Depending on loan amount and eligibility)
  
• Loan Tenure: 3 months to 36 months (up to 3 years)
  
• Processing Fee: 1% to 3% of the loan amount will be charged.
  
• Advance Payment Option:
  
  • Loans can be pre-paid, but pre-payments will incur a charge of up to 2%.
    
• Leleji EMI Option:
  
  • Easy EMI payment option available depending on loan amount and loan tenure.

Procedure for applying for a loan

1. Open the Google Pay app:
   
   • Open the Google Pay app on your mobile.
     
2. Select Loan Section:
   
   • Click on the ‘Loan’ option under the ‘Business & Bills’ section.
     
3. Apply for a loan:
   
   • Click on ‘Apply for Loan’ and select the loan amount (₹10,000 to ₹2,00,000).
     
4. Upload documents:
   
   • Upload required documents (Aadhaar Card, PAN Card, Bank Statement).
     
5. Submit the form:
   
   • Fill the required information and submit the form.
     
6. Loan sanction and amount deposited:
   
   • After document verification, the loan will be approved and the loan amount will be directly deposited into the bank account.
     

Google Pay Loan Features and Benefits

• Quick Approval:
  
  • Loan application through Google Pay can be done in just 5-10 minutes.
    
• Digital Documentation:
  
  • All document processing for loans can be done digitally on Google Pay.
    
• Loan Fund Transfer:
  
  • As soon as the loan is approved, the amount will be deposited directly into the bank account.
    
• Flexible Payment Option:
  
  • It is possible to easily repay the loan through EMI.
    
• Transparency:
  
  • Fully transparent process with no hidden charges.

Important notices

• Your Google Pay account must be KYC-updated before applying for a loan.
  
• The loan amount and interest rate will depend on the eligibility and credit score of the applicants.
  
• If any document is false or the information is misleading then the loan may be cancelled.
  
• Penalty interest may be applied if the loan amount is delayed.

Conclusion

Google Pay offers a quick and easy arrangement for personal loans up to ₹2 lakh. It is important to understand all the required documents and eligibility criteria before applying for a loan. A loan through Google Pay can prove helpful in meeting your immediate financial needs.