How to apply for a personal loan on Google Pay?

Google's payment services company 'Google Pay' has made another new facility available for its users. That is to get any loan in the bank one has to submit many documents. Even if you submit all of them, there is no guarantee that you will get the loan. But, Google Pay is granting easy loans without any documents. How can we get a loan? What methods to follow for getting a loan? How much loan does it provide? Let's know the other details.

Hyderabad:Google Pay, which has contributed a lot to money transfers, has recently disclosed good news to its customers. It has been announced that the facility of getting an easy loan has been made available. It has been revealed that the facility is being provided to save the time of the customers by not going to the bank for a loan anymore.

How to apply for a personal loan on Google Pay?

• First, click on the money tab on your Google Pay screen.
• After that click on the loans option.
• This will open the loan offers section page of the app.
• The pre-approver loan offers come under the offers section.
• Choose the EMI option if you think the offers suit your needs.
• Fill correct details and required information in EMI thoroughly.
• After applying you will get OTP.
• Enter that OTP in the indicated column.
• Then wait for the bank to check your application.
• Check the loans tab after verifying the bank application. However, before the banks transfer the funds to your account, processing fees and loan stamp duties are waived.
• Later, funds will then be transferred to your account.

How to repay the loan?

Now let us know the details of how to repay the loan after taking the loan through Google Pay. The loan is repaid through the bank account linked with Google Pay. As per the bank rules..it also discloses the date when the EMI amount should be debited from your account. EMI is automatically will be debited from your bank account on a specific date every month. If the bank account does not have enough money in the account for the EMI, a penalty will be levied. Moreover, the credit score is also reduced. Once again there is a barrier to borrowing.

How much loan can you get through Google Pay?

As the number of users increased, so did the number of links to different bank accounts in Google Pay. As a result, money transfers have increased tremendously. Banking giants like Federal Bank, IDFC Bank and DMI Finance are offering loans from Rs 10,000 to Rs 1 lakh for 36 months at 15% annual interest to eligible users through Google Pay, depending on the cost, ability and income of the people. That means you can get a loan from Rs 10,000 to Rs 1 lakh.

What is the eligibility for getting a loan?

Enter the PAN card number, Aadhaar card number and enter the address details in the documents. After that, it declares the loan eligibility. Then your bank account details will appear on the screen. Then bank officials will check whether you are eligible for the loan or not. Later, money will be credited to your account after bank confirmation.

Rules to follow before getting a loan:Don't enter the details without taking a decision soon as you know that it is very easy to get a loan on Google Pay. Before applying we need to understand everything. Repayment capacity should be assessed whether we can afford the repayments and interest on the principal amount without straining our daily needs or not.