- Date : 27/03/2022
- Read: 4 mins
- Read in हिंदी: Google Pay पर्सनल लोन- आवेदन की प्रक्रिया
Users using Google Pay who are eligible for loans will be provided a substantial sum with a reasonable annual interest rate. To be qualified for any type of bank loan, you must meet certain requirements. The loan will be paid back using the bank account linked to your Google Pay account.
Fintech is the next frontier, and Google Pay seems to be just in right place. It has changed the way people send and receive money.
You must have seen QR codes even in small shops used to receive money from customers.
The ease it has brought in making transactions helps people save time by not having to go bank to transfer money.
You can transfer up to 1 lakh rupees to another person without having to go bank. These perks cannot be overlooked in this fast-paced life.
Google Pay started attracting customers by offering cashback on each transaction. People received cashback up to 1000 rupees in the starting which later changed to discount coupons of various companies.
As the number of users increased, it became much easier to understand people’s spending capacity and income as Google Pay has to be linked to a bank account to be used.
Here’s where banking giants like Federal bank, IDFC bank, and DMI finance spotted a huge opportunity.
Let’s understand how can you get a personal loan using Google Pay.
To be qualified for any type of loan from a bank, you must meet specific criteria. Credit cards, personal loans, business loans, home loans, and property loans are all options.
Having a good transaction history: if you have made a good number of transactions using Google Pay, you have a better chance of being eligible for the loan.
The banks' perspective is that they evaluate the user's average bank balance and determine if the user can afford the EMI and whether the funds will be accessible in his account on the due date.
If the cash flow in your account is good, you're likely to receive a pre-approved loan offer. Pre-approved loan offers are hassle-free, minimum documentation loan offers that you get as banks consider you an eligible customer to meet the demands of a loan offer.
Currently, Google Pay users who are eligible for loans are being offered amounts ranging from 10 thousand to 1 lakh rupees for 36 months at a 15% annual interest rate.
This offer is generally allotted to the people who are new to credit customers. You can also get this offer if you have some sort of credit history.
The credit history is established if you have taken any form of a loan. Your credit history can be a good indicator if you have repaid the loan in time without missing or delaying an EMI.
How to apply for Google Pay personal loan?
- Click on the money tab on your Google Pay screen and click on Loans.
- You can also tap on the loan offers section in the app.
- In the offers section, you will see pre-approved loan offers.
- Select the one that you think suits your needs.
- You can check the duration and the EMI options and select the one that can be managed by you easily.
- Fill out the information needed and review it before submitting it.
- Once you apply, you will get an OTP.
- Submit that OTP and wait for the bank to check your application.
- After the bank reviews the application, you can check the status in your loans tab.
- Before the banks transfer the funds to your account, processing fees and stamp duty of a loan will be deducted from your account.
- After this deduction is made, the funds will be transferred to your account.
The loan will be repaid through the bank account associated with your Google Pay account.
The bank will make it clear in the terms and conditions section of your application the amount of EMI and the date of the deduction of the EMI from your bank account.
The EMI will be automatically deducted from your bank account on the specific date of each month.
If you don't have the amount that is equal to EMI in your bank account you will be charged a fine and your credit score will be affected negatively.
If you're planning on taking out another loan, this could be a stumbling block.
Because getting a loan has become so simple, we must comprehend everything and evaluate our repayment capacity before applying, ensuring that we can afford the payments and interest on the principal amount without placing a strain on our daily necessities.