How to Apply PhonePe Personal Loan with Low CIBIL Score?

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PhonePe Personal Loan: PhonePe is a popular mobile payment platform used for bill payments, money transfers, and other digital transactions. In addition to offering instant loans ranging from ₹5,000 to ₹50,000, the app now also provides online payments and other services for the convenience of its users.

Although PhonePe is primarily used for payments, it offers various other features such as the option to borrow money. For personal loans, read on to learn about the application process and the possibility of applying with a low CIBIL score.

Applying for the PhonePe Personal Loan

To submit a loan application using the PhonePe app, you first need to go to the app's home page. In the sponsored links section, you can find the loan application. Different options may appear at different times, so after selecting the loan application, you will need to enter the necessary details.

The process for obtaining a loan through the PhonePe application may be different, making it difficult to obtain certified step-by-step instructions. However, if you are familiar with the provided details, you can apply for a loan and easily receive your money back.

Additionally, if you want to apply for a loan amount and receive it more quickly, you can download loan applications available under PhonePe through the Google Play Store.

Details of PhonePe Personal Loan 2024

CriteriaDetails
Loan Amount₹5,000 - ₹500,000
Interest Rate16% - 39% annually
CIBIL Score RequirementNo minimum score
Security or GuaranteeNot required
Application MethodThrough PhonePe app
Loan ProviderPartner companies (not PhonePe directly)

For Customers with Low CIBIL Scores:

It is important to note that PhonePe provides loans to customers with low CIBIL scores without the need for any security or guarantee.

How to Apply PhonePe Personal Loan with Low CIBIL Score?

Interest Rates:

Through the PhonePe loan program, the annual interest rates on loans provided to customers with low CIBIL scores range from 16% to 39%.

PhonePe Directly Does Not Provide Loans:

It is important to note that PhonePe does not directly provide loans. Instead, loans are offered by various companies and are available through the PhonePe mobile application.

Applying for the Loan:

  • Open the PhonePe App: First, you need to open the PhonePe app and go to the home page.
  • Find the Loan Application: On the home page, you will find the loan application in the sponsored links section.
  • Choose the Application: At different times, multiple loan applications may be displayed. You will need to choose the loan application according to your needs.
  • Enter the Necessary Information: After selecting the loan application, you need to enter the required information, such as your name, address, contact details, and bank account information.
  • Submit the Application: Once all the necessary information is entered, you can submit the loan application.

Additional Important Information:

  • The loan application process in the PhonePe app may vary.
  • To obtain the loan, you need to fulfill the eligibility criteria determined by the lender.
  • Upon approval of the loan application, the loan amount will be directly credited to your bank account.
  • You will need to repay the loan amount and interest on time.

For More Information:

  • You can visit the "Help & Support" section in the PhonePe app.
  • You can also contact PhonePe customer support.

We hope this information will help you in obtaining a loan from PhonePe even with a low CIBIL score.

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