PhonePe Personal Loan ₹50,000 to ₹5 lakh: Get personal loan sitting at home, know the application process

In today’s digital world, obtaining a personal loan has become extremely easy. PhonePe, a popular digital payment app in India, is now also providing personal loan facility to its users. This facility is especially for those who need money immediately. Let us know how to apply for PhonePe Personal Loan, its terms, interest rates and other features.

Features of PhonePe Personal Loan

1. Instant Loan: Loan approval and disbursal in minutes.
2. Loan amount: ₹50,000 to ₹5 lakh.
3. Interest rate: 11% to 24% (depending on loan amount and credit score).
4. Tenure: 3 months to 36 months.
5. Digital Process: Complete process online, no paperwork.
6. Flexible repayment options.

Eligibility Criteria for PhonePe Personal Loan

1. Age Limit: 21 to 58 years.
2. Income: Minimum ₹15,000 per month.
3. Credit Score: 700 or above.
4. Indian citizenship.
5. It is mandatory to complete PhonePe KYC.

Required Documents

1. Identity Card: Aadhar Card or PAN Card.
2. Income Proof: Salary Slip, Bank Statement or ITR.
3. Photo: Passport size photo.
4. Proof of address: Electricity bill, ration card or passport.

Application Process for PhonePe Personal Loan

1. Download PhonePe App:
   If you already have the PhonePe app, open it.
2. Update KYC:
   Make sure your KYC process is complete.
3. Select Loan Option:
   Go to “Loans” or “Finance” section and click on “Personal Loan” option.
4. Select loan amount and tenure-PhonePe Personal Loan:
   Select the loan amount and tenure as per your requirement-PhonePe Personal Loan.
5. Upload Documents:
   Scan and upload the required documents.
6. Confirm Loan:
   Submit the form if all the information is correct.
7. Loan Approval:
   Your loan will be approved within minutes, and the amount will be credited to your bank account.

Interest Rate and Charges

• Interest rate: 11% to 24% (depending on your credit score).
• Processing fee: 2% to 4% of the loan amount.
• Late Payment Fee: 2% additional per month.
• Prepayment Charges: 3% of the balance.

EMI Example on PhonePe Personal Loan

Benefits of PhonePe Personal Loan

1. Fast and easy process.
2. Flexible repayment options.
3. No need to go to the branch.
4. Suitable for emergency needs.
5. Less documentation.

Conclusion

PhonePe Personal Loan is a great option for those who need immediate financial assistance without any hassle. The entire process is online and fast, so you can save your time and effort. If you are also looking for a personal loan, then download the PhonePe app today and fulfill your financial needs from the comfort of your home.