Did you know that Google Pay is an excellent app if you are looking to borrow a personal loan from it?
The process of borrowing loans is not a new one. There are many people who borrow money from a bank, an organization, or a person to fulfill their requirements at hand and return the money with interest when the time of repayment comes.
Banks and organizations earlier followed a bulky or rather clumsy process for granting loans for different purposes. But the fact is that digitization has massively altered the way of banking and related aspects and this covers loans as well.
Now applying and availing loans is possible from the comfort of your home. There are lots of apps and websites that work diligently to provide loans to borrowers. The UPI app GPay or Google Pay has also opened its doors for easy loan approvals.
It is the most widely used UPI app as of now and there are many users who prefer using it for its easy interface and ease of use. It provides a lot of other things other than sending or receiving money.
Users can easily pay their monthly bills or recharge their mobiles or DTH using this app. Whenever a user makes a payment through Google Pay app, it receives a reward or a scratch coupon which generally has discount vouchers from different brands.
This app has promoted cashless transactions and now sending or receiving money through a smartphone is seamless. The Google Pay app keeps on launching new services and offers for its users.
One service that the app has launched is for the benefit of lots of people who wish to borrow personal loans or any other loans. This service. However, solely does not belong to the Google Pay app.
The app has joined hands with banking organizations that include Federal Bank, DMI Finance, and IDFC First Bank. and this collaboration has made it possible for anyone to apply and get a personal loan through this app.
The process of application and other formalities is absolutely online and there is no need for you to go to a bank or any other place. You can avail the benefits of a loan by sitting at your home.
The minimum loan limit through the Google Pay app is of 10,000 and the maximum limit of the loan is 1,00,000. However, there is a twist here. There is a way with which a user can get an instant loan of up to 3,00,000. Also, this loan amount can go up to 5,00,000 but for this, a user must fulfill certain criteria to be eligible to avail it.
This amount then can be utilized for multiple purposes. May it be education, basic expenses, traveling, healthcare or any other area where you need money. When a user applies for a loan through this app, they can get the loan after the successful application and it takes around 10 minutes. The form that you must fill out for the loan application requires basic details like name, address, state, city, etc.
Apply for Google Pay Personal Loan – Get Instant Loan within 30 Minutes
[contact-form-7 id=”95″ title=”Contact form 1″]
What are the Google Pay app’s Eligibility Criteria for the Loan Application?
As we have already discussed, to get a personal loan or any other loan from the Google Pay app, one must meet a few terms and conditions. When a user completes those terms and conditions, they are eligible to get personal loans, educational loans, home loans, etc. from the app.
When a user applies for a loan, the partner bank organizations check for the transaction history of the user on the Google Pay app. The executives from the bank will scrutinize the balance in your bank account. This is done so as to estimate if you will be able to pay the EMI easily or not. Through this process, they also try to project if you will be able to repay the amount on your due date.
Different banks that are in association with this UPI payments app have different criteria that a user must fulfill. Suppose you are willing to take a loan from bank A then you must fulfill the terms and conditions of bank A only and so on.
What Documents are Required on the Google Pay app for the Loan Application?
The documents that are mandatory for a user to get a loan from this app are given below.
- PAN Card
- Bank statement(this is the account where your loan amount will be credited)
- Address Proof(this may include voter ID, driving license, passport, etc.)
What are the Steps to Follow on the Google Pay App for a Loan Application?
- Go to the Google Pay app.
- Look for ‘money’-> ‘loans’-> click on it. Alternatively, if you can find loan offers, directly click on it.
- You will see a list of loan offers that are pre-approved. Select the one you think is the correct choice for you.
- Before selecting any loan offer, make sure to read everything carefully. The details like repayments, EMI duration, etc. are very vital for you to know.
- Fill out the form which is on your screen.
- Properly check the details in the form and submit it.
- Submitting the form will send an OTP to your registered mobile number.
- Enter the OTP and wait for the bank to move ahead with all the official formalities.
- You can check the status after some time in the loans tab.
- When a loan application is accepted, the selected bank reduces some amount from the user’s Google Pay account as processing fees and stamp duty.
- This completes the process of loan application and now the bank will transfer money to your bank account or Google Pay account.
Does the Google Pay app charges anything from the user for this loan?
No. the UPI payment app does not deduct anything for this process. The bank which is lending money to the user will charge a fee for providing instant services. All of these charges are very well mentioned in the application form this is why a user must read the form carefully. These charges are reduced from the user’s bank account before the loan is processed.
What is the Repayment Process on the GPay App?
The account that you have linked in the Google Pay app is the one from which the bank that lends you the loan will collect its repayment. When your loan is processed, the bank lays down its repayment conditions well and the EMI amount, as well as the deduction date, are mentioned there.
On the deduction date, the EMI is subtracted automatically from your bank account. A fine is imposed on the borrower if the amount less than the EMI amount is available in the bank account of the user. It is important to save yourself from this fine as it will negatively affect your credit score and make it difficult for you to get a loan next time.
Conclusion
This is how you can utilize the Google Pay app to get instant loans from it without submitting many documents.
Also, if your loan is under process, you will see ‘progress’ in the loans tab on the app. And when the loan application is denied, you shall see ‘not eligible’ and finally if your application is submitted, you will see ‘pre-approved’.
So if you are in need of quick financial help, try the Google Pay app.
