How to apply for loan on PhonePe: A step-by-step guide
PhonePe, India's leading digital payments platform, recently expanded its services to offer personal and merchant loans. The company has partnered with a number of banks and non-banking financial companies (NBFCs) to provide these loans. This move aims to provide users with convenient and accessible options for meeting their financial needs. However, do note that PhonePe itself doesn't directly issue any loans but acts as a facilitator between its lending partners and customers.
PhonePe's lending service is completely digital
PhonePe's lending service is completely digital, so customers won't have to visit a bank. The process is transparent and paperless, letting users apply for a loan directly from their phone without any sales calls. This way, personal loans become simpler and customers can meet all their expenses, planned or unplanned.
PhonePe's lending service offers instant loan disbursement
One of the major highlights of PhonePe's lending service is its capability to offer instant loan disbursement. As soon as the loan is approved, the money is credited directly into the customer's bank account in near real-time. The platform also promises pre-approved loans for quicker processing and competitive interest rates customized to individual financial needs. Plus, customers can easily foreclose their loan if they want to.
How to apply for a loan on PhonePe
To apply for a loan on PhonePe, customers will have to follow four simple steps. They will first have to choose their loan from a range of pre-approved amounts and flexible tenures. Next, they will have to provide their information and complete the KYC process digitally. Finally, they will have to set up repayment terms for the loan. Pretty simple, right?
PhonePe lending service provides 24/7 access and total control
PhonePe's lending service is available 24/7, anywhere, via the PhonePe app. The feature lets customers handle their loans whenever they want. The platform also provides users complete control over their loans by offering statements of accounts, repayment schedules, and "no dues certificates" right within the app itself.
PhonePe lending service also offers free credit score services
Apart from lending, PhonePe also offers free credit score services. Customers can get regular, free updates on their credit scores and reports from the Credit Bureau. The platform provides detailed insights into factors affecting credit scores like on-time/delayed payments, credit utilization, inquiries, and credit age. Plus, it helps in correcting any inaccuracies in the credit report and recommends ways to improve the user's credit score.
