Apply for a personal loan of up to ₹1 lakh through Google Pay. Loans are disbursed based on transaction history and credit score. Aadhaar, PAN card, and other documents are required.
Since the introduction of G-Pay in India, it has become a popular payment method, even for small businesses. Initially used for money transfers, it now offers loan services. Let's explore how.
Google India has introduced a new loan feature within Google Pay. This allows eligible customers to apply for personal loans up to ₹1 lakh directly through the app. Customers don't need to visit a bank to receive the loan amount.
Let's delve into who can apply for a loan through this method, the required documents, the application process, and the interest rates for G-Pay loans applied online. This is an excellent option for those in urgent need of a loan.
As of this year, Google India has simplified the process for Google Pay users to obtain personal loans up to ₹1 lakh. If you frequently use Google Pay, you can quickly access funds through this service. There's no need to fill out extensive paperwork or visit a bank.
Google Pay users don't need to fill out traditional loan applications. Instead, loans are disbursed based on their transaction history and credit score. There's no paperwork involved. You can apply directly through the Google app. The funds are provided by Google Pay's partner commercial banks, including DMI Bank, IDFC First Bank, and Federal Bank. Users can repay their monthly installments through the Google Pay app.
Regularly use the Google Pay app, especially for commercial transactions.
Maintain a good credit score.
Should not have existing loans with banks or financial institutions.
Provide proof of stable income.
Applying for a Google Pay personal loan is simple. To apply, you need to provide the following documents:
Your Aadhaar card details (number and name as displayed on the card).
PAN card details.
Your bank account information and IFSC code.
Your mobile number must be linked to your Google Pay account.
* Open and log in to the Google Pay app on your mobile.
* Go to the Loan section under the Business or Payment tab.
* If you're eligible, your transaction history and credit score will be displayed.
* Review the loan details, including the amount, interest rates, and repayment terms.
* If you agree, click the link to start the loan application.
* Provide the necessary details, such as your Aadhaar and PAN card numbers, bank account number, and IFSC code.
* Choose an EMI plan that suits your repayment capacity and accept the terms and conditions.
* An OTP will be sent to your registered mobile number. Enter this OTP to confirm your application.
* After verification, the loan amount will be transferred to your bank account, after deducting GST and processing fees, if any.