You don’t have to give anything in the way of promises or guarantees, and even if your credit score isn’t very high, you can still apply for this loan. The interest rates on these loans can vary, but you can take your time paying it back.
Minimum CIBIL Score Phone Pe Loan Eligibility
To get a phone loan against low CIBIL score, you need to fulfill certain requirements. Once you meet these requirements, you will be able to obtain a loan. Here is a list of everything you need to do to qualify for the loan.
Let us tell you that to get this loan you must be from India. Anyone who has a job or is self-employed can apply for a phone pay loan. The age of the person applying should be between 18 to 58 years.
Documents required to apply for phone pay loan
Let us tell you that if you also want to take a loan over the phone, then it is important to have the documents with you, information about which we are going to give you below:
- Aadhar card.
- PAN card.
- Income proof.
- Three months salary slip.
- And bank account statement.
How to take loan on interest on phone pay?
Let us tell you that when you borrow money from PhonePe, the interest rate can be between 16% to 39% per annum. However, the interest rate specific to your loan will be shown only on the PhonePe app. It’s the same for any other loan app you use.
How to take loan against phone
Let us tell you that how you can take loan on phone, we are going to give you step by step information below:
- If your CIBIL score is low and you want to borrow money from PhonePe, you can learn how to apply for a loan from PhonePe by following the steps written here.
- To get a loan, first of all you have to download an app called Phone Pay from Google Play Store on your phone.
- Then, you register by entering your phone number and create a unique bank account ID.
- Once you have the app set up, you can use it for things like recharging your phone or paying bills.
- But for loans, you have to go to the “Financial Services and Taxes” section and click on “Loan Repayment”.
- You will see a list of loan companies, and you can choose which one you want to borrow from.
- Once you choose a company, you need to provide your date of birth and click on “Proceed”.
- Then, you can start the loan application by entering your phone number and verifying it with a special code.
- Fill in all the required information and choose the loan plan that suits your needs.
- Finally upload the required documents and submit.
- Once the loan is approved and your documents are verified, the money will be transferred to your bank account.
- This is how you apply for a loan on your phone.
In this way, you can take a loan over the phone. If you fulfill the criteria then you will easily get the loan.
Summary
In this article, we have given you information about how you can get phone pay loan even at low CIBIL score. We hope you have understood the complete information. For other similar information, do follow our website and also join our official WhatsApp group. Do do so so that you can get the upcoming updates first.
FAQ
Q1: How to avail loan on interest on phone pay?
When you borrow money from PhonePe, the interest rate can range between 16% to 39% per annum. However, the interest rate specific to your loan will be shown only on the PhonePe app.
Q2: Documents required to apply for phone pay loan?
- Aadhar card.
- PAN card.
- Income proof.
- Three months salary slip.
- And bank account statement.
Q3: What is the minimum CIBIL score eligibility required for phone pe loan?
To get this loan, you must be from India. Anyone who has a job or is self-employed can apply for a phone pay loan. The age of the person applying should be between 18 to 58 years.
