Introduction
Friends, PhonePe is a platform that we use for transactions. For example, if we have to make payment to someone, we use PhonePe. If we have to receive payment, we use it. But for now, there is good news for you. You will also get the option of personal loan here. If you want, you can also apply for personal loan from PhonePe.
Today in this blog, you will see step by step how to apply for a personal loan using the PhonePe app. Which loans we will get to see here, I will tell you this in this blog today.
Table of Contents
PhonePe and Its Trusted Partners
First let’s talk about its trusted partners, friends. Friends, you will get to see 40 plus trusted partners on PhonePe who will offer you loan according to your civil and your eligibility criteria. If you come here and apply.
So let’s start the blog. Let’s know how to apply for personal loan from PhonePe.
How to Apply for Loan on PhonePe
Friends, start by searching for the PhonePe app on the Apple Store to apply for a personal loan. If this app is asking for an update here. So the app has to be updated. After that, open the app.
If you’re looking to apply for a personal loan, the first step is to understand the PhonePe app. If we apply for a loan, what kind of loans will we get here and from where do we apply for a loan here? Let’s talk about this first.
Friends, to apply for a loan, you have to come down and here you will be shown the loan option in which you will get personal loan, gold loan and other loans. Let’s click on this. We are going to apply for a loan by clicking from here.
Types of Loans Available on PhonePe
Now here you will be shown which category of loans are currently available in the PhonePe app.
- You can apply for a gold loan
- You can apply for a loan on mutual funds
- You can apply for a vehicle loan
And if we scroll down, we are shown 40 plus their trusted partners who will offer us loans.
Trusted Loan Partners on PhonePe
Here are some of the leading partners:
| Loan Partners Available on PhonePe |
|---|
| Tata Capital |
| L&T Finance |
| IDFC First Bank |
| IIFL Finance |
| Bajaj Finance |
Friends, these are their trusted partners who will offer us loans if we apply from here.
Limitations of PhonePe Loan Option
I want to make sure you understand one thing clearly, friends. I checked the entire PhonePe app. I can’t see the option of personal loan anywhere, from where we click and apply.
It is just shown here that you will get personal loan. But when you click on it, you do not get to see the option of personal loan anywhere here.
Here you get the option of:
- Loan repayment
- Checking civil score
After clicking from here, you will also be able to check your civil score. Some other loans come in front of you.
Alternative Loan Platform – True Balance App
Friends, in case you need a personal loan, you would want to get one. So let me tell you another platform apart from PhonePe which is an RBI licensed NBFC from where you can also apply for personal loan if needed because PhonePe app is not offering loan at the moment.
That is why I am telling you another app as a bonus. If you want, you can try that app. You can apply loan from there.
So what to do? I have given the link in the description section of the article. The name of the app is True Balance.
True Balance App Overview
Install this app in your mobile phone. If we talk about the rating of the app, then it is 4.5 and if we talk about downloads, then 50 million plus downloads of this app have also been done.
So install the app in your mobile phone. After that open the app and Sign up with your mobile number.
Types of Loans Available on True Balance
Friends, the True Balance platform clearly states that loan through RBI licensed NBFC and here are the lending partners who are going to be NBFCs who will offer you loan.
When you come here and apply, you will get two types of loans:
| Loan Type | Loan Limit |
|---|---|
| Level Up Loan | Up to ₹5,000 |
| Cash Loan | Up to ₹2,00,000 |
So, first check your needs, which loan you want to apply for, you should check that first.
EMI Calculator Feature
Like I want to apply this cash loan. To apply, it is written Apply Now. Friends, we will click on this.
The good thing about this app, friends, I found that we also get to see the EMI calculator here. From where we can calculate our EMI interest rate.
- Enter the loan amount
- Select tenure (6 months or 12 months)
- View EMI & interest instantly
Loan Application Process in True Balance
Now here friends, we have to select the purpose that why are we taking the loan at this time?
- Medical emergency
- Business needs
- Home repair
- Salary delayed
- Education expenses
Then you need to fill out details like:
- Marital status
- Education level
- Housing type
- Employment type (salaried, self-employed, student, housewife, etc.)
- Work industry (IT, education, finance, retail, etc.)
- Monthly income & income source
- Previous loan history
After entering all this, you simply click on Next.
KYC and Loan Approval
After that friends, you will come down and after verifying that email ID, you will click here. Your application will go for review.
- KYC with PAN card & Aadhaar card is required
- Civil score and eligibility will be checked
- If eligible, the loan offer will appear
Once approved, the loan will be transferred to your bank account after you add your bank details.
Final Thoughts
So in this way, if you want, you can try this app. From here, you can apply for a loan if needed.
Loan is currently being given to only a few users in the PhonePe platform. It is not being shown to everyone. Because of this, friends, I thought why not tell you another app, which will save your time and you will also get a good loan app.
So I hope you all liked the blog. Do tell us how you liked the blog by commenting below. Did you get the loan or not? Write yes in the comment box if you got it, if not, write no.
So let’s meet you again in such a new blog.
Jai Hind.
