Google Pay recently launched the personal loan feature in its UPI-based payments app. Under this facility, users can get a loan up to ₹2 lakh within 5 minutes. The loan process is completely digital and does not require any kind of paper documents.
Eligibility for getting loan:
- Must be an Indian citizen
- Must be 18 years of age or older
- Must have a valid bank account on Google Pay
- Must have a good credit score
Process to get loan:
- Open the Google Pay app and click on the “Loan” tab.
- Select “Personal Loan” and choose your loan amount and tenure.
- Enter your basic information and financial details.
- Scan and upload your Aadhar Card and PAN Card.
- After reading and accepting the loan agreement, click on the “Apply” button.
Loan Approval and Disbursement:
- Google Pay will evaluate your application and give you loan approval information within a few minutes.
- If the loan is approved, the loan amount will be deposited directly into your bank account.
Interest Rates and Fees:
- The loan interest rate can range from 10% to 22% per annum.
- Processing fees and other charges may also apply.
Benefits of Google Pay Personal Loan:
- Quick and easy application process
- No paper documents required
- Various loan amount and tenure options
- Competitive interest rates
- fast loan disbursement
Disadvantages of Google Pay Personal Loan:
- Available only for UPI-based bank accounts
- Interest rates may be relatively high
- Processing fee and other charges apply
conclusion:
Google Pay Personal Loan is a good option for those who need money immediately and do not have time to submit paper documents. However, it is important to compare the interest rates and charges before taking a loan.