Google Pay Loan: Google Pay Loan is a feature that allows eligible users to apply for small loans directly through the Google Pay app. It’s offered in partnership with financial institutions that provide the actual funds and manage the loan process. Google Pay serves as the platform through which users can apply, manage, and repay their loans seamlessly.
Google Pay Loan
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.
Google Pay Instant Loan Features
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.
Google Pay Loan Eligibility Criteria
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 Below:
- 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 List for Google Pay Loan
- 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.
Google Pay Loan Interest Rate
| Interest Rate | 13.99 to 36℅ Per Year |
| Processing Fees | 2% to 5% on Loan Amount + GST |
| Pena Interest Rate | 2% will be Charged on due EMI |
| Stamp Duty | As per State Law |
How To Apply For Google Pay Loan
- 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.
| Download Google Pay | View |
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