In case of urgent need of money, the easiest way is to get a personal loan. From banks to NBFCs, everyone offers personal loans. Now digital wallets have also entered this business.
Digital wallet Google Pay (GPay) is providing personal loans in partnership with many banks of the country. The bank is providing instant personal loans ranging from Rs 30 thousand to 10 lakhs. The loan tenure is from 6 months to 5 years. In such a situation, if you are planning to take a loan from Google Pay, then you should know some things about how much interest you will have to pay. Also, how can you apply for a loan through Google Pay. Let us give you all the information.
Interest rate from 10.50% to 15%
If you take a loan from Google Pay, you may have to pay interest ranging from 10.50% to 15%. The interest rate is decided on the basis of credit score. The process of taking a loan is completely digital and there is no need to submit any paper. The person taking the loan must be at least 21 years of age. Also, it is necessary to have a regular source of income. EMI payment is deducted from your bank account.
How to apply for a loan
- Open the Google Pay app and go to the Money tab.
- Check out the offers available in the Loans section.
- Tap on the available offer and follow the instructions.
- Upload KYC documents and e-sign the Loan Agreements.
- After loan approval the amount will be deposited directly into your bank account.
Loan repayment process
The monthly EMI of the loan through Google Pay is deducted directly from your linked bank account. Therefore, it is important to maintain sufficient balance to avoid penalties. The repayment schedule including due dates and amounts is stated during the loan application.
