PhonePe, widely used for digital transactions, now offers a unique option for personal loans through third-party partnerships. If you need quick access to funds, PhonePe provides a seamless way to apply for a personal loan online. You can apply for up to ₹5 lakh from the comfort of your home, with funds possibly disbursed within 10 minutes.
This article provides a complete guide on how to apply for a personal loan through PhonePe, eligibility criteria, interest rates, required documents, and benefits.
How to Get a Personal Loan through PhonePe
PhonePe does not directly disburse loans but works with partner apps to facilitate the loan process. To access a loan, you need to download a partner app, such as Flipkart, KreditBee, MoneyView, Bajaj Finserv, Navi, or PayMe India, through PhonePe and apply via that platform. The application process is straightforward, and you can apply using your Aadhaar Card for identity verification.
Register on the PhonePe app.
Download any partner app from the Google Play Store.
Apply for a loan through the app with your Aadhaar for easy verification.
PhonePe Personal Loan Overview 2024
Feature
Details
Loan Type
Personal Loan
Loan Amount
₹10,000 to ₹5 lakh
Processing Fees
2% to 8%
Partners
Flipkart, Bajaj Finserv, KreditBee, MoneyView, PayMe India, Navi App, etc.
The interest rate on a PhonePe personal loan depends on the policies and terms of the third-party application you use. For example, if you apply via MoneyView, you may be subject to an interest rate up to 15.96%. Additionally, processing fees range from 2% to 8%. Loan terms vary between three months and five years, depending on the partner app.
Safe and Reliable: PhonePe provides a secure method for obtaining financial support in emergencies.
Quick Processing: With a digital application process, funds can be disbursed swiftly to your bank account without visiting any office.
Easy to Apply: The process is entirely online, making it convenient to apply from your mobile device.
Simplified Application Process
The online process for applying for a personal loan through PhonePe is straightforward. Here’s how to apply:
Download the PhonePe app from Google Play Store.
Register with your mobile number.
Link your bank account with UPI ID.
Navigate to “See All” under “Recharge & Pay Bills” on the dashboard.
Choose a Partner App such as Bajaj Finserv, KreditBee, MoneyView, Navi, etc.
Apply for Loan through the selected partner app after registration.
Submit Required Documents and select a loan plan under “Select Your Loan Plan.”
Receive Funds directly in your bank account upon loan approval.
Eligibility for PhonePe Personal Loan
To apply for a personal loan through PhonePe, applicants must meet certain requirements:
Citizenship: Indian citizens only.
Age: Minimum 21 years.
KYC Documents: All KYC documents must be available.
EKYC Verification: Aadhaar must be linked to the mobile number.
Bank Account: Linked to Aadhaar.
PhonePe App: Must be active on the mobile device and linked to the bank account.
Monthly Income: Minimum of ₹25,000.
CIBIL Score: Good credit score is required.
Required Documents for PhonePe Personal Loan
To apply for a personal loan through PhonePe, you need:
Aadhaar Card
PAN Card
Bank Account Details
Bank Statement
Salary Slip
Aadhaar-linked Mobile Number
A recent selfie
PhonePe personal loans provide a swift financial solution to meet sudden expenses. With minimal processing time and secure digital access, PhonePe ensures quick funds to cover personal needs like shopping, medical expenses, education, or family events.
