How to Take Loan From Phone Pe: Wishing money is very important to live life. Because for every small need we have to depend on money. Money is not everything, but without money it is nothing. It is very important to have money to keep life going smoothly. Whatever we do outside the house or at home, whether it is eating food or wearing clothes, everything is possible only with money.
Sometimes there comes a time in our life when we need a lot of money at once. That reason can be anything, education, illness, rent, repayment there, debt, whatever. In such a situation, we have to ask for money from others and very few people give money. So in such a situation, I will tell you a platform from where you can take a loan without asking for money.
Yes friends, nowadays the world has become digital. In such a situation, many companies and banks have launched their own mobile applications, with the help of which you can easily take a loan from the comfort of your home, without any documents.
One such application is Phone Pe. Which we use in mobile recharge, bill payment, online payment, ticket book, money transfer, all these things. But do you know that you can apply for a loan from Phone Pe at home. With this, apart from personal loan, you can also take loan for small business.
In this post, I will tell you how you can easily take a loan from Phonepe sitting at home.
How to Take Loan From Phone Pe ?
First of all, to take a loan from Phone Pe, you must have an Android mobile. In which you download the Phone Pe App from the Play Store and create an account by entering your number in it. And complete your KYC process by entering your Aadhaar number in it. On the basis of Aadhar, you will also get PAN card.
Before taking a loan, we know some things about the Phone Pe App.
What is Phone Pe App?
Phone Pe is an online transaction app. With the help of which you can easily do phone recharge, water and electricity bill payment, gas cylinder booking, train and flight ticket booking, money transaction, online payment, UPI payment at any shop in minutes easily sitting at home.
This makes our money transaction process much simpler. Along with this, it also saves from traveling to other offices. And we can buy anything from the market even without keeping money in pocket. And also it provides loan facility. So let’s know how we can take a loan from PhonePe.
How Phone Pe gives loan?
Phone Pe provides Wallet Based Loan facility in association with Flipkart. So that is why it is necessary to have two applications in your mobile to take loan from Phone Pe. First is Phone Pe and second is Flipkart. You have to register with the same mobile number on both the applications, and your profile name should also be same. After doing this, now let’s see the next process.
Documents required to apply for Phone Pe Loan
To take a Phone Pe Loan, you must have the following documents, which you have to upload by photographing.
- Aadhar card
- Pan Card
- CIBIL Score (must be above 700+ for loan)
How much loan is available from Phone Pe?
With Phone Pe, you get a total loan of Rs 1000 to Rs 50,000. The rest of the loan you will get depends on your CIBIL Score. That is why it is very important to have a good CIBIL score.
How much interest is charged on Phone Pe Loan?
No interest is charged on the loan received from Phone Pe for 84 days from the beginning. This facility was only for the first 45 days. But Phone Pe just updated it. And now 45 days facility has started. And the entire tenure of this loan is 2 months to 6 months. Within this you have to repay this loan.
Where can we Spend Phone Pe Loan?
You get Phone pe Loan in Phone pe Wallet, it is Wallet based Loan, so you can do it easily in things like online payment, mobile recharge, bill payment, ticket booking, credit card bill payment etc. Apart from this, you cannot transfer it to your bank account.
Also Read: What is YONO SBI? How YONO SBI Online Works?
How to Apply Online for Phone Pe Loan?
To apply Phonepe Loan, you have to follow the following steps.
- First of all, you have to go to your Play Store or App Store and download the Phone Pe App.
- After that, you have to create your account by registering by entering your mobile number in Phone Pe and entering other information.
- Now you have to link your bank account with Phone Pe with the help of UPI.
- Now you have to download Flipkart App from Play Store again.
- Now you have to register in Flipkart also, and create your account. But keep in mind that you have to enter the same mobile number and name which is on your Phone Pe and your bank account.
- Now you have to open Flipkart App and click on Pay Later option in it.
- It will ask you for some details, and will ask you to upload photos of some important documents. After you upload it, your registration process will be completed.
- Now this will give you a limit of 1000 to 50,000 of the loan. Within which you can apply for the loan by choosing the loan amount.
- Now you have to open your Phone Pe App. And there you have to go to the option of My Money.
- By going to My Money Option, you have to add the amount with Flipkart Pay Later to your Wallet.
With just this much work, you get a Phonepe loan of up to 50,000. On which no interest is charged for 84 days.
So friends, this is the whole process of taking loan from Phonepe. If you need a loan from which you have to pay online, then Phonepe Loan is a very good option for you. Which you can also repay within 84 days without taking interest. This will also get your work done and you will not have to spread your hands in front of anyone. Nor will you have to ask for loan money from anyone.
In the end, I would tell you that take a loan only when it is very important. Otherwise, you will have to pay interest unnecessarily. If you liked the post on How to Take Loan From Phone Pe then do share it.