What is loan? Loan is borrowing of a thing or money for your personal use and returning it with the small amount of fee or interest. As a person has a limited amount of resource, so he or she has to lend money to fulfill the requirement at that point of time. But getting loan is a very hectic and time-consuming process. One need to do variety of formalities and hefty documentation process. It leads to sanction of loan in a very long duration of time.
Moreover, the on and off visits to the bank branch is also an avoidable task. Banks add their processing charges and the interest rate are also on a higher end. Now, we should not forget that bank will not give you loan, until and unless you provide them a solid guarantee of repayment of your loan. They will often use your land, gold or various others types of assets to make them sure , that if you fail to pay the loan they cam sell your asset to drive out the money with interest.
Now, what about if we say that you need not to pay any interest on your loan. Yes, that means a loan with 0% interest rate. What about if you need not to visit any bank branch for many days together. That will be like a dream come true for many of you. Well, we have a very interesting alternative to the hefty ongoing bank loan process. This is the instant loan facility provided by the PhonePe. PhonePe is a digital platform here you can make payments using UPI or your debit and credit cards.
Let’s move forward with how will you do all the necessary steps to get the instant loan service.
Step 1 : Ensure that your Aadhar Card is linked with your phone number
Before proceeding further, you need to make sure that your Aadhar Card is linked to your phone number. If it is not linked, link it straight away with your telephone number. As failure to do so will result in lower probability of your loan getting approved.
- Step 2: Who can and can not apply for the instant loan ?
Any person who has installed and sign in the Phonepay application, can take the benefit of the instant loan service. It is free and open to everyone, who wishes to grab this amazing opportunity.
If you don’t have the PhonePe application in your smartphone. Then you need to follow the following steps
- Go to google play store and type PhonePe
- Click on first icon with purple background in the back
- Click on install button and agree to terms and conditions
- Wait for the app to get installed in the smartphone
- Now, you need to open the app and sign in or create new account using your phone number
- Once you get sign in you need to also link your ban account to the mobile application
Step 3: Documents required to get the instant loan
In order to get the instant loan service, provide by the PhonePe, you should have following documents
- Aadhar Card (should be linked with the phone number)
- PAN Card
- Cibil Score more than 700
- Step 4: How to apply for the instant loan service
Provided that you have fulfilled all the requirements mentioned above. Now, we can proceed with the further steps to get the instant loan facility.
- As you have linked your bank account and phone number with the mobile application
- Now, you need to go to the Flipkart Pay Later option on the right-side menu
- Activate this option by filling in the necessary details.
- You can get the loan amount between 1000 to 50000
- After this go to my money option on the application
- This is where your loan amount will be displayed
Keep in mind that this money cannot be transferred to your bank account. This loan will be interest free for 45 days after its approval. Approval time may vary but it will not take more than 45 days. Ensure that your cibil score is above 700 and near to 900. This will give you a surety of your loan approval, You can check for loans for bad credit.
Today not only PhonePe but many other applications are also providing the similar kinds of instant loan service. Some of them include Paytm, Google Pay and other various online payment applications. Go through each and choose what is best for you and your requirements. Always be aware of unrecognized third party app, don’t share unnecessary information with any online platform.