PhonePe App Loan Feature: Apply Online for Instant Credit

Loan: It's a known fact that you need a good CIBIL score to get a loan. After that, you have to run around to banks. But wouldn't it be great if you could get money into your account with a single click on your phone, without all that hassle? 

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Loan from PhonePe.. no need to run around to the bank

When you urgently need money, running to banks is a big headache. Delays happen with documents and guarantees. PhonePe now offers a simple solution to this situation. It provides an opportunity to get a loan directly from the PhonePe app, which is used daily for digital payments.

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How much loan can you get?

PhonePe offers personal loans with various banks and NBFCs. Based on your credit profile, you can get a loan from ₹10,000 up to ₹5 lakh. Since these are unsecured loans, no collateral is required. It's useful for small business expenses, medical needs, and family requirements.

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Interest rates and repayment period

After loan approval, the money is deposited into your bank account within 72 hours. You can choose a repayment period from 12 to 60 months. Interest rates start from around 11.30% per year. Processing fees and EMI details are shown clearly upfront.

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Who is eligible? Required qualifications

To apply for this loan, your age must be between 21 and 60. A minimum monthly income of ₹15,000 is required. A CIBIL score above 650 increases approval chances. Those with a stable income are preferred.

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Application process and required documents

The entire loan process is digital. An Aadhaar card, PAN card, last six months' bank statement, and salary slips are sufficient. To apply, open the PhonePe app, go to the Loans section, enter your personal details, choose the loan amount and tenure, and upload the documents.