How to apply for a personal loan on Flipkart
What's the story
Flipkart, India's top e-commerce platform, has a feature that lets users apply for personal loans.
The process is simple and only requires basic information like PAN and date of birth (DOB).
The move is aimed at offering financial assistance for a range of needs from education, marriage, home renovation, travel, medical expenses or even handling daily expenses.
Let's see how to apply for such loans.
Process
What are the steps for application?
To apply for the loan, open Flipkart on your phone and head to 'Cash Loans.'
Next, enter your name, PAN, DOB, employment type, gender, pincode, mail ID, purpose of loan, and net monthly income.
Once done, set up an auto repayment method using net banking or debit/credit card information. After this, complete KYC requirements with Aadhaar number and PAN card details.
Once the loan is approved, funds will be directly transferred to your bank account post successful completion of KYC.
Loan range
Flipkart offers personal loans ranging from ₹50,000 to ₹10 lakh
Flipkart's personal loan service comes with a wide range of amounts starting from ₹50,000 and going all the way up to ₹10 lakh.
The final loan amount is decided based on multiple factors such as the applicant's current relationship with the banking partner, their requirement and eligibility, income, and repayment capacity.
This flexibility in loan amounts would serve a diverse set of Flipkart users.
Speed
Flipkart promises quick disbursement of personal loans
Flipkart promises that once the video KYC is completed successfully, the approved loan amount will be credited to the applicant's bank account within 12 hours. This quick turnaround time is part of Flipkart's promise of providing prompt financial assistance through its digital platform.