Digital payments have become a part of our daily life, and apps like PhonePe are not just limited to money transfers or bill payments anymore. Now, you can also apply for personal loans directly through PhonePe. If you are wondering *“How to take a loan from PhonePe?”*, here is a detailed step-by-step guide
What is PhonePe Loan?
PhonePe has tied up with banks and NBFCs (Non-Banking Financial Companies) to provide instant personal loans to eligible users. These loans are 100% digital, require no paperwork, and the approved loan amount is directly credited into your linked bank account.
Eligibility for PhonePe Loan
Before applying, make sure you meet these requirements:
You must be an Indian citizen
Active PhonePe account linked with a valid bank account
PAN card and Aadhaar card for KYC verification
Good credit score (usually 700+ is preferred)
Age between 21–58 years
Step-by-Step Process: How to Take Loan from PhonePe
1. Open the PhonePe App
Update to the latest version for smooth access.
2. Go to the “Loan” or “Financial Services” Section
From the homepage, find “Loan Offers” (only visible if you are eligible).
3. Check Loan Offers
Partner banks/NBFCs show personalized offers.
Loan amount usually ranges from ₹5,000 to ₹5,00,000.
4. Select Loan Amount & Tenure
Choose the loan amount you need.
Select repayment duration (3 months to 36 months).
5. Complete KYC Verification
Enter your PAN, Aadhaar, and bank account details.The lender checks your credit score and eligibility.
6. Loan Approval & Disbursement
Once approved, the loan amount is cred
ited instantly to your bank account linked with PhonePe.