Google Pay (GPay) is no longer just a payment app, but you can also get instant loans through it. Google Pay has tied up with many non-banking financial companies (NBFCs) and banks to provide personal loans. Loans up to ₹85,000 are easily availed through Google Pay and the interest rate is also competitive.
Eligibility criteria for loans
To get a loan up to ₹85,000 through Google Pay, the following eligibility criteria must be met:
- Age:
- Applicants should be between 21 to 57 years of age.
- Applicants should be between 21 to 57 years of age.
- Monthly Income:
- A minimum monthly income of ₹15,000 is required for a salaried person.
- For Self Employed ITR of last 2 years should be filed.
- A minimum monthly income of ₹15,000 is required for a salaried person.
- CIBIL Score:
- Generally should have CIBIL score above 650, but some NBFCs give loans even without CIBIL score.
- Generally should have CIBIL score above 650, but some NBFCs give loans even without CIBIL score.
- PAN Card and Aadhaar Card:
- Mobile number must be linked with PAN card and Aadhaar card.
- Mobile number must be linked with PAN card and Aadhaar card.
- Bank Account:
- Must have a functioning bank account in which the loan amount can be deposited.
Necessary documents
The following documents are required before applying for a loan through Google Pay:
- Identity Proof:
- Aadhaar Card, PAN Card, Passport, or Driving License
- Aadhaar Card, PAN Card, Passport, or Driving License
- Address Proof:
- Ration card, electricity bill, water bill, or Aadhaar card
- Ration card, electricity bill, water bill, or Aadhaar card
- Proof of monthly income:
- For Salaried: Last 3 Months Salary Slip
- For Self Employed: Last 2 years ITR and Bank Statement
- For Salaried: Last 3 Months Salary Slip
- Bank Account Statement:
- Last 6 months bank statement in PDF format
- Last 6 months bank statement in PDF format
- PAN Card:
- PAN card is required for tax and loan verification.
- PAN card is required for tax and loan verification.
- Mobile Number:
- Aadhaar linked mobile number.
Features of Loans through Google Pay
- Loan Amount: ₹10,000 to ₹85,000
- Interest Rate: 12% to 24% (per annum)
- Loan Tenure: 3 to 24 months
- Processing Fee: 2% to 4% of loan amount
- Pre-closure: There is no penalty for pre-closing the loan.
- Instant Approval: Loan approval within minutes and direct deposit into bank account.
Process of applying for a loan
Online Application Process for Loans through Google Pay:
- Open the Google Pay app:
- Now Open the Google Pay app on your smartphone ok.
- Now Open the Google Pay app on your smartphone ok.
- Set up a profile:
- Verify your GPay account with PAN card and Aadhaar card.
- Verify your GPay account with PAN card and Aadhaar card.
- Select Loan Option:
- Click on the “Loan Offers” section and check the available loan options.
- Click on the “Loan Offers” section and check the available loan options.
- Select Loan Amount:
- Choose a loan amount from ₹10,000 to ₹85,000 as per your requirement.
- Choose a loan amount from ₹10,000 to ₹85,000 as per your requirement.
- Upload document:
- Upload PAN Card, Aadhaar Card, and Bank Statement in PDF format.
- Upload PAN Card, Aadhaar Card, and Bank Statement in PDF format.
- Choose EMI Plan:
- Choose from flexible options in EMI plans ranging from 3 to 24 months.
- Choose from flexible options in EMI plans ranging from 3 to 24 months.
- Submit Loan Application:
- Loans are approved within minutes of application submission.
- Loans are approved within minutes of application submission.
- Loan amount deposited:
- After loan approval, the amount is directly deposited into your bank account.
- After loan approval, the amount is directly deposited into your bank account.
Application Process for Offline Loan:
Direct facility for offline loans is not available through Google Pay. However, you can apply for an offline loan by visiting banks or NBFCs connected to Google Pay.
- Visit Nearest Bank/NBFC:
- Apply for a loan by visiting a bank or NBFC connected to Google Pay.
- Apply for a loan by visiting a bank or NBFC connected to Google Pay.
- Submit Document:
- Submit PAN Card, Aadhaar Card, and Income Proof.
- Submit PAN Card, Aadhaar Card, and Income Proof.
- Fill the loan application form:
- Fill and submit the loan application form.
- Fill and submit the loan application form.
- Loan Sanction and Deposit:
- After document verification, the loan is approved and the amount is credited to the account.
- After document verification, the loan is approved and the amount is credited to the account.
Loan tenure and EMI options
| Loan amount | period | EMI (approx.) |
| ₹10,000 | 3 months | ₹3,500 – ₹3,700 |
| ₹25,000 | 6 months | ₹4,400 – ₹4,700 |
| ₹50,000 | 12 months | ₹4,500 – ₹5,000 |
| ₹85,000 | 24 months | ₹4,000 – ₹4,500 |
Important notices
- Verify your eligibility and documents properly before applying for a loan through Google Pay.
- Make sure to pay EMIs on time, so that your CIBIL score stays good.
- If there is any difficulty in applying for a loan, contact the Google Pay support team.
- It is important to understand the interest rate and conditions before loan approval.
Conclusion
Getting a personal loan up to ₹85,000 through Google Pay just got a lot easier. Google Pay connects with various NBFCs to offer loans irrespective of CIBIL score. By fulfilling the eligibility criteria and required documents you can get instant loan and fulfill your financial needs.
