Personal Loans at Google Pay or GPay- All You Need to Know About in Progress

News Editor
Personal Loan at Google Pay or Gpay

The process of brow loans is not new in today’s era. There are several people that borrow money from an organization, bank, or a person so that they can fulfill their needs and in return, they have to return the money with interest when the time comes. Nowadays, organizations and banks follow bit lengthy procedures to grant loans for different purposes. But the fact is that digitization changed the ways to cover loans.

Now, you can apply for loans by sitting at home. There are several applications and websites available that work properly to offer loans to borrowers. Several UPI apps like Google Pay or GPay offer smooth loan approvals.

Google Pay is one of the most used applications and people prefer it because of its easy interface and ease to use. Apart from sending or receiving money, it offers a lot more options. Users can smoothly recharge their mobiles, and pay monthly bills.

Apply for Google Pay Personal Loan – Get Instant Loan Personal Loan Now

    Eligibility Criteria for Google Pay Loan Application

    There are a few terms and conditions that borrowers need to follow to get a personal loan or any other loan from the Google Pay application. When borrowers fulfill all terms and conditions, they are eligible to get educational loans, home loans, and personal apps from the application.

    Partner bank organizations will check for the transaction history on Google Pay when users apply for a loan. The bank executives check out the bank account balance. This procedure is done to estimate whether you can pay for EMI or not. When executives check account balances, they figure out whether a borrower can repay the amount on the due date or not.

    Different banks that are linked with this UPI application have different ways to scrutinize whether the person is applicable to grant a loan or not. So, if you are willing to get a loan then you must fulfill the terms and conditions of the bank.

    Documents Required on Google Pay App to Apply for Loan

    There are several mandatory documents that are required to apply for a loan for the Google Pay application. These documents are:

    • A bank statement- is an account where the loan amount will be credited.
    • PAN card
    • Address proof- it will include a driving license, voter ID, and passport.

    Does Google Pay App Charge?

    Some people have a query in mind about whether the Google Pay app charges something from the user for granting a loan then the answer is no. Google Pay app doesn’t charge anything for lending money to the users. All charges are mentioned clearly on the application form so it is very important to read the form properly. Before the loan is processed, these charges are deducted from the user’s bank account.

    Steps to Get Google Pay App for Loan Application

    Let’s check out the series of steps that users need to follow to get a loan application from the Google Pay app.

    1. First of all, start by opening the Google Pay app.
    2. Proceed to money > loans > tap to it. And, if you directly find the loan offers, tap to it.
    3. Here, check out a list of loan offers that are pre-approved. Choose the one that you think is the right choice.
    4. Before choosing a loan offer, ensure to read it properly. There are several details like EMI duration and repayments that are essential to know.
    5. Check out the form displayed on the screen and fill it out.
    6. Fill in the details carefully.
    7. After submitting the form, you will receive an OTP to your registered mobile number.
    8. Enter OPT and then wait for some time till the bank proceed ahead by fulfilling formalities.
    9. In the loans tab, you can check the status.
    10. After some time when your loan application is accepted, the selected bank reduces some accounts from Google Pay accounts as stamp duty and processing fees.
    11. Lastly, when your loan application process completes. Now, your bank will transfer money to your Google Pay account or bank account.

    Repayment Process for Google Pay Application

    The bank account that you have linked with the Google Pay application is the one from which the loan will collect its repayment. When the loan is processed, the bank will set up repayment conditions, an EMI account, and also the deduction date.

    On your deduction date, the EMI will be deducted from your bank account. A fine will be imposed on the borrower if the account has less amount than your EMI amount. So, to save yourself from negative affect on your credit score. If your credit score goes down then it might be difficult to get a loan next time.

    Summing Up

    Go through the guide and get detailed information about getting an instant loan from the Google Pay application without following any lengthy procedure or submitting documents. Along with it, if your loan is under process then it will state “progress” in the loans tab on the application. And, if your loan application is rejected then you might not be eligible. When the application is submitted then you will see “pre-approved.”

    So, if you are having a real emergency then get financial help from the Google Pay application and get an instant loan.

    Was this page helpful?

    28 20

    Start a conversation

    Leave a Reply

    Your email address will not be published.

    More on this Topic