Should you take personal loan via GPay? Here's what you must know
Need a personal loan? Skip the bank and get one through Google Pay! GPay now offers personal loans to its users. Let's dive into interest rates, loan limits, and more.
Google Pay Personal Loans for Users
Google Pay now offers personal loans through partner banks and financial institutions. Be aware of interest rates, eligibility, and hidden fees before taking a loan.
Loans from Rs 30,000 to Rs 12,00,000
Get loans from Rs 30,000 to Rs 12,00,000 via Google Pay. Interest rates start at ~11.25% annually. The entire process is in-app. Loan disbursal happens within hours after KYC, photo submission, and e-Mandate setup.
Eligibility Criteria
You must be 21-57 years old with a 600-700 credit score and a stable income source. Loan tenure is 6 months to 5 years. EMIs are auto-debited. Interest rates vary by lender, from 11.25% to 13.99% or higher, based on your credit history.
5 Easy Steps to Apply
1. Update your Google Pay app and link your bank account.
2. Go to "Loans" under “Manage your money.”
3. Check your personalized offers.
4. Complete the loan form, KYC, photo submission, and e-Mandate.
5. Get approved and receive funds within hours. Ensure sufficient balance for monthly EMI debits.
Hidden Fees, High Interest Rates, and Risks
Many Google Pay users accept loan offers without reading the terms. Be aware of processing fees, pre-payment charges, etc. GPay acts as a facilitator for third-party lenders; it doesn't issue loans itself. Understand all terms before borrowing.
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