New Delhi: Mobile payment service provider Google Pay is offering personal loans of up to Rs 12 lakh to its users. The digital payment app does not provide any loans and just acts as a facilitator between the user and the lending partner. The process of providing a loan is completely digital.
The instant personal loans available on the platform will range from Rs 30 thousand to Rs 12 lakhs. The interest rate on the personal loan will start at Rs 11.1 per cent per year. The loan will be provided for a tenure of six months to five years.
The monthly EMI of the loan provided will start from Rs 2,000. The minimum age limit to be eligible for the loan is 21 years and have a regular source of income.
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The monthly EMI of the loan through Google Pay is deducted directly from your linked bank account. Users must maintain a sufficient balance to avoid a penalty.
Google Pay Loan: Steps to Apply:
Step 1: Open the Google Pay app
Step 2: Tap on the ‘Money’ tab at the bottom.
Step 3: Scroll a bit and click on the Personal Loan section under ‘credit for you’. According to the app, the process of applying for the loan will take only 2 minutes.
Step 4: Click on Apply Now and provide details
Step 5: Upload KYC documents and e-sign the Loan Agreements.
Step 6: After loan approval, the amount will be credited directly to your bank account.
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