Now you can get a loan from Phonepe in just 2 minutes while sitting at home, apply now with your Aadhar card

If you’re considering taking a loan but feel overwhelmed by the lengthy and complex bank processes, there’s good news. With the PhonePe app, you can now apply for a loan comfortably from your home. PhonePe, widely known for its seamless digital payment services, now offers a straightforward loan feature. Here’s everything you need to know about getting a loan through PhonePe.

How to Get a Loan via PhonePe

PhonePe is not just for mobile recharges or bill payments anymore. The platform now provides users with an option to avail of loans in a few easy steps. This new feature makes financial assistance accessible and hassle-free for users.

Eligibility Criteria for a Loan on PhonePe

To apply for a loan via PhonePe, you must meet the following requirements:

• Age: The applicant must be between 21 and 58 years old.
• Citizenship: You must be an Indian citizen.
• Income: A minimum monthly income of ₹15,000 is required.
• Credit Score: Your credit score (CIBIL) should be 750 or above.
• Bank Account: You must have an active bank account for deposits and withdrawals.

Required Documents for PhonePe Loan

Here are the documents you’ll need to complete the loan application process:

1. Aadhaar Card
2. PAN Card
3. Ration Card (if applicable)
4. Bank account details
5. Passport-sized photograph
6. Mobile number
7. Proof of residence
8. Birth Certificate
9. Temporary Address Proof

Step-by-Step Process to Apply for a Loan on PhonePe

Follow these steps to get your loan approved:

1. Download and Install PhonePe: Ensure you have the app downloaded and installed on your smartphone.
2. Log In: Log in to the app using your registered mobile number.
3. Locate the Loan Option: On the home screen, you’ll find the “Get Loan” option. Click on it.
4. Select Your Loan Offer: Choose from the loan offers available as per your eligibility.
5. Enter Personal Information: Fill in the required personal details accurately.
6. Upload Documents: Submit all the necessary documents listed above.
7. Complete KYC: Click on the KYC option to complete your verification process.
8. Verification Process: PhonePe officials will verify your KYC details and review the policy.
9. Loan Approval: Once verified, the loan will be credited to your bank account within 48 hours.

Why Choose PhonePe for Loans?

• Convenience: You can apply for loans from the comfort of your home without visiting a bank.
• Quick Processing: PhonePe promises loan disbursal within 48 hours after verification.
• Transparency: Clear eligibility and document requirements make the process smooth.
• Wide Usability: The app is not limited to loans and can also manage payments, recharges, and more.