The Google Company has developed an internet banking application known as Google Pay. Loans, bill payments, and cell and DTH recharges are just some of the examples of online transactions made possible by Google Pay.
Across the globe, millions of people rely on Google Pay as their go-to digital wallet. With Google Pay, you can transfer and receive money from anybody with a UPI ID, recharge phones, pay bills, and more.
Personal loans from banks often come with exorbitant interest rates, yet they may be a lifesaver in times of financial need. A new solution has emerged that enables you to receive an instant loan of up to Rs 5 lakh.
This new system of personal loans will have over 15,000 unique identification numbers. Loans up to Rs 5 lakh are available to customers for a maximum of 36 months.
Google Pay Loan Eligibility Requirements
There are various lenders to choose from in Google Pay, so the requirements for receiving a loan may vary from one lender to the next.
- The applicant is required to have Indian citizenship
- You need to be at least 21 years old to apply
- The candidate is expected to demonstrate that they have a stable income
- A high CBIL score is required of all applicants
Documents needed to apply for a loan via Google Pay
The following are the minimum requirements for applying for a Google Pay loan:
- Aadhaar card
- PAN card
- Bank details
- Passport size photo
- Proof of income
The Google Pay Online Process for Applying for a Loan
There are four stages involved in the application procedure for a loan using Google Pay, which is as follows:
- Verification of Eligibility: To begin, the information you provide will be used to determine whether or not you are qualified to get a loan, as well as the maximum amount of money you will be able to borrow.
- Loan Plan: Now comes when you have to choose the plan for your loan, the amount of money you want to borrow, and the length of time you want to pay it back.
- Documents: At this point, you are required to submit all of your essential documents.
- Loan Transfer: After verifying the necessary documents, the loan will be authorized, and the funds will be sent to your account.
- How to get a loan from Google Pay
Before you go any further, you need to know that Google Pay will not lend itself to you. Several of India’s most well-known and reputable lending firms, such as Flexi Loans, DMI, and IIFL Loan, have relationships with Google Pay.
Therefore, if you want to apply for a loan using Google Pay, you will need to apply for a loan through one of the lending businesses available through Google Pay. This gives Google an interest-free personal loan from you.
To learn how to acquire an immediate loan via Google Pay, follow the steps outlined below.
Step 1: If you do not already have Google Pay installed on your mobile device, you will need to download it from the Play Store and install it.
Step 2: After that, all you need is your cell phone number and Gmail address to set up a Google Pay account, which is relatively simple. However, one thing to remember while making an account is that you will register a Google Pay account using the same mobile number connected to your bank account. This is a requirement of Google Pay.
Step 3: At this point, you will have to connect your bank account to Google Pay.
Step 4: If you follow this technique, you can successfully establish an account in Google Pay, at which point you will be able to apply for a loan using Google Pay.
Step 5: You will discover an option to explore inside the Business & Bills part of the Google Pay homepage. If you want to use Google Pay to get a loan, you will need to choose this option.
Step 6: You have successfully navigated to the business section of Google Pay; in this section, you will discover a wide variety of choices, including food, travel, money, and so on. You choose the Finance menu item with your mouse.
Step 7: Here, you will discover many reputable lending firms, like Money View, DMI, Prefr Loan, ZestMoney, and Early Salary, amongst others. You may submit an application for a loan to any financial institution in this area.
Step 8: To submit an application for a loan, you will first need to register an account with each of these lenders.
Step 9: You may acquire the loan by uploading the necessary documentation.
Step 10: After you have uploaded the necessary papers, you will be required to apply for a loan, and your request will then be evaluated.
Step 11: If you are approved for the loan, the money for the loan will be sent to your bank account as soon as it is processed.
Therefore, receiving a loan via Google Pay included the whole application procedure.
Google Pay Loan’s Interest Rate
Google Pay offers a lending service where borrowers may borrow money at interest rates ranging from 0% per year to 30% per year. You should know that the interest rate is based on various factors, including your income, credit history, etc. In addition, Google Pay has several partner financial firms, each of which may have its interest rate structure.
What is the maximum length of time for a Google Pay loan?
You may get a loan from one of Google Pay’s partner financial firms for three months to five years. You may choose repayment terms ranging from three to five years, with monthly payments spread out throughout the loan.
Google Pay partnered with DMI Finance Limited and other financial institutions to provide digital personal loans. Customers already using Google Pay and have an established credit history may apply for this loan product. This loan is not for everyone since a high credit score is required.