Google Pay Loan: Google Pay App provides outstanding loan offers to its users. If you apply for a loan here, you can get offers starting EMI from ₹1,000 per month. Google Pay App is participated by many lenders, and through Google Pay App, you can apply for personal loans from these lending partners.
Google Pay does not directly review personal loan applications. It provides loan facilities in collaboration with its partners.
If you are a user of the Google Pay app and getting a pre-approval loan offer in the money section, you can apply for the loan here.
Here, we will tell you about the Google Pay Loan interest rate, features, benefits, and charges.
Google Pay Instant Loan Review
|Competitive Interest Rate Starting from 13.99% per annum.
|₹10,000 to ₹8 lakhs
|6 months to 4 years
|2% to 5% on the loan amount
|Minimum age required 21 years
|DMI Finance, Federal Bank, IDFC, etc.
Google Pay application is a very famous money transaction application, its fame can be gauged from the fact that it has more than two crore active users who are using this application.
To provide loan facilities to small businesses, Google has launched the Google Pay for Business application through which you can take an instant loan, and there is no need to do any paperwork for this.
If you apply for a loan on this application, you will see some features that are not offered to you through direct lenders.
- The process of applying for the loan here is fully digital. You can apply for this loan by uploading some necessary documents digitally.
- Here, you will see loan offers ranging from Rs 10,000 to 8 lakh.
- The interest rate on the loan starts from 13.99% per annum, which can go up to a maximum of 36%.
- You get a flexible tenure ranging from 6 months to 4 years to repay the loan.
- The loan amount is automatically deducted from your chosen bank account every month.
Eligibility Criteria for Google Pay Instant Loan
There are eligibility criteria set by participating lenders on Google Pay App. You can see the loan offers here if you follow these criteria and that criteria are as follows:
- Applicant must be above 21 years of age.
- The applicant must have Indian citizenship.
- Self-employed, salaried persons and small business owners can apply for this loan.
- To Get this loan, your CIBIL score should be 750 and above.
Documents Required for Google Pay Loan
If you get the Pre-approval loan offer here, you will need to upload some necessary documents digitally, which are mentioned below:
- PAN Card
- Aadhar Card
- Identity Proof: Any documents – PAN Card, Aadhar Card, voter’s ID Card, and Driving Licence.
- Address Proof: Any documents – Aadhar Card, Passport, Voter ID Card.
- Income Proof: Last 3-year bank statement, Income Tax Return, and Latest 3-months Salary Slip.
- For Small Business Loan: Last 3-year Balance sheet, Income Tax Return with Computation Chart, Registration Certificate, etc.
Google Pay Loan Interest Rate & Charges
|13.99% to 36% per annum.
|2% to 5% on the loan amount + GST
|Penal Interest Rate
|2% will be charged on due EMI.
|According to state law
How to get a loan from Google Pay?
To get a loan, you need to do a few simple things and fill out a form for the lender to check. Once they approve your request, you need to follow these steps.
- Open the Google Pay App.
- Tap Loans in the “Money” section. You will see some loan offers that you qualify for in the “Offers” tab.
- Choose the loan offer that you want. You will need to give some personal information, like your job details.
- Tap Continue. You will get an OTP as an SMS.
- Type OTP.
- Tap Submit.
To see how your loan request is going:
- Go to the “Loans” center. You will see one of these statuses:
- In Progress: The lender is working on your request.
- Pre-Approved: Your request is accepted.
- Not Eligible: Your request is denied.
- Pick a pre-approved loan.
- Pick how much money you want and how long you want to pay it back.
- Tap Review details.
- Give the KYC and bank information that they ask for, along with your payment plan. This information should go to the partner bank site.
- Read the bank’s terms and conditions.
- Tap Accept and Apply. You will get another OTP as an SMS.
- Type OTP.
- Tap Submit.
Google Pay Loan App has made it easy for Indian citizens to take loans. On this application, you will find many lenders, who provide you with instant loan facilities. Google Pay application currently has more than 2 crore active users who use this application daily.
In the money section of this application, you get to see loan offers that are provided to you by lenders. If you get a pre-approval loan offer, you can apply for this loan, which is directly transferred to your bank account, and your repayment is deducted from your specified bank account every month.
FAQs Related to Google Pay Loan
Can I borrow money from Google Pay?
Google Pay App is participated by many lenders, and through Google Pay App, you can apply for personal loans from these lending partners. Google Pay does not directly review loan applications. It provides loan facilities in collaboration with its partners. If you are a user of the Google Pay app and getting a pre-approval loan offer in the money section, you can apply for the loan here.
How to get a 15k loan from Google Pay?
To take a loan of ₹ 15000, you have to install the business application of Google Pay, and there you have to go to the loan area, and there you have to click on the offer. You will get pre-approval loan offers from some lenders. You can apply for the loan by visiting the lender’s website after selecting the amount.
Why am I not getting any loan offers in the Google Pay app?
Pre-approved loan offers on the Google Pay app are provided by lenders based on your activity on popular platforms like Google and YouTube. Your credit score also plays a role in this.