Key Highlights
- Google introduces personal loan services for GPay
- Will help with emergency fund
- Minimum personal loan amount one can apply for is up to Rs. 30,000
Google Pay is the amongst the most secure UPI apps available for Android and iOS users in India. From making daily payments to monthly bills, Gpay allows it all with just a few taps. GPay is being consistently upgraded to be more than just a basic UPI app that can help users send or receive money. Features like split bills, bank transfer to self and others makes it more user-friendly. But now, Google has introduced a new feature that sets Google Pay apart from the rest in the UPI race. GPY users will now be able to apply for personal loas directly via the app.
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Google Pay Personal Loan Feature: Total Loan Amount
Google Pay has released a new personal loan feature for its users. If you are using Google Pay app for UPI services, you can also make use of the personal finance feature. This is something that can be helpful in situations where you need funds for medical or other emergencies.
Coming to the loan services and amount, all the Google Pay users will be able to apply for personal loan services using the app itself. No additional paper work or standing on long queues in a bank would be required to apply for personal loan when using GPay app. Instead, all can be done with just a few taps. This will be an entirely digital process like UPI where customers will be eligible for up to Rs. 10,00,000 or personal loan.
- Minimum personal loan amount limit: Rs. 30,000
- Maximum personal loan amount limit: Rs. 40,000
- Eligibility Criteria: Will depend on the user’s financial profile
If you are wondering about the re-payment of the loan, then you’ll be glad to know that Google Pay is offering flexibility with payments where one can select the timeline for loan repayment. A minimum EMI amount of up to Rs. 2,000 will be applicable for the basic loan amount of Rs. 30,000.
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Eligibility Criteria, And Application Process
- Customer should have a steady source of income (could be self-employment or a jon)
- Customer should be at least 21 years for personal loan application
- Bank account should be linked to Google Pay
- KYC verification should be complete while applying for the loan
Below are the steps to apply for personal loan using Google Pay
Step 1: Open Google Pay app
Step 2: Navigate to the “Manage Your Money” tab
Step 3: Locate the “Personal Loan” feature and tap on it
Step 4: Enter your personal details including source of income
Step 5: Now, upload your KYC documents such PAN and Aadhaar
Step 6: Sign the document digitally
Step 7: Once all the above steps are completed and the loan is approved, the amount will be credited to the linked bank account.
