In today’s digital age, digital wallets and payment apps like Google Pay have made money transactions very easy. Google Pay is not only popular for fast and secure transactions, but now you can also take loans through it. If you need money quickly, the loan option on Google Pay can be a convenient solution. In this article we will tell you how you can take a personal loan up to ₹ 35,000 from Google Pay.
Features of Google Pay Loan
- Instant Loan:
It takes just 2 minutes to get a loan from Google Pay. - Loan Limit:
Loans ranging from ₹5,000 to ₹35,000 are available. - Fast Processing:
The loan amount is instantly transferred to your bank account. - No guarantor:
This loan does not require any guarantor or property. - Smart Repayment Options:
Facility to repay the loan through EMI is available. - Fully digital process:
The process from application to loan approval is completely digital.
Eligibility for Google Pay Loan
- Age Limit:
Must be between 21 years to 58 years. - Credit Score:
Your credit score must be 650 or higher. - income source:
It is essential to have a steady income source, such as a job, business, or freelance income. - Google Pay Users:
You must be an active and regular user on Google Pay.
Documents required to take loan from Google Pay
- Aadhar card
- PAN card
- Income proof (salary slip or bank statement)
- Credit score details (if required)
How to take loan from Google Pay
- Open Google Pay app:
First of all open Google Pay app in your mobile phone. - Go to Loan section:
On the home screen of Google Pay, find the option “Loans” or “Personal Loan” and click on it. - Select Loan Amount:
Select the loan amount as per your requirement (from ₹10,000 to ₹50,000). - Fill in personal information:
Here you have to fill your name, address, PAN number, and other personal information. - Upload Document:
Upload the required documents like Aadhar Card, PAN Card and Bank Statement. - Submit Loan Application:
After submitting all the information and documents, click on “Submit”. - Loan Approval:
The loan is approved after reviewing the application. - Amount Transfer:
After approval, the loan amount will be immediately transferred to your linked bank account.
Interest rate and EMI on Google Pay Loan
The interest rate on Google Pay loan is decided by the partner banks or financial institutions. The interest rate can usually range from 11% to 24%.
Example:
- Loan amount: ₹50,000
- Interest Rate: 15% per annum
- Loan tenure: 12 months
- Monthly EMI: ₹4,521
- Total Payment: ₹54,252
- Total interest: ₹4,252
Benefits of loan from Google Pay
- Fast Process:
The loan amount comes to your account within a few minutes. - Simplicity:
The process is completely digital and involves less documentation. - Transparency:
There are no hidden charges. - Flexible Terms:
You can choose the EMI tenure as per your convenience.
Conclusion
Taking a loan from Google Pay is an ideal option for those who need money immediately. The process is fast, simple and completely online. If your credit score is good and you use Google Pay regularly, you can easily get a loan.
