How to apply PhonePe Loan 2022 & Review: Phonepe is one of the leading cashless payment apps in India.
This payment company is owned by Flipkart which intends on revolutionizing the market of online payments.
The app promises money transfers as quick as lightning and you can even pay your pending bills with just a number of clicks.
This is how convenient making payments get, using Phonepe.
PhonePe loan is also a facility this application provides indirectly, which means that you would not be getting PhonePe instant cash loan directly from your bank.
The procedure of getting this PhonePe loan requires you to follow a few steps and all the details regarding it is given in the article below.
PhonePe Loan Details
Phonepe is one of the most secure options to transfer money to anyone you like.
Even if you are a Bhim UPI user or a debit card user, you would be able to transfer the desired amount from one account to another.
There are many applications like PhonePe in the Indian market but the security this application provides is commendable, along with the high speed transactions.
As already mentioned, PhonePe is a payments company that is owned by Flipkart.
If you want PhonePe instant cash loan, you would have to submit all the documents and the phone pe loan details will be available on the Flipkart app itself.
Knowing the detailed procedure of applying it would actually help you decipher the way the PhonePe loan application works.
To apply for PhonePe loan, you have to submit a few documents in the Flipkart app.
This includes the Aadhar Card that is linked to your mobile number.
Secondly, for any financial transactions like this, PAN card is needed.
If you have a CIBIL score of more than 700, the chances of you getting verified in the Flipkart app are better.
Also read – Navi instant personal loan
Here are the detailed steps for getting PhonePe Instant Cash Loan:
- From the Play Store or the App Store, download the Phonepe application.
- After the download process of the Phonepe application is complete, you would have to register with this payment app using your mobile number and your bank account.
- Using the mobile number that is already linked to your bank account would let you find the bank that you have an account in.
- Once the application is set up and your bank account is linked to it, go to the Play Store or App store again and download the Flipkart application.
- Register or login to the Flipkart app using the same number that you used on PhonePe. This would allow you to create a bridge between the Flipkart app and PhonePe.
- There is a Pay Later option on Flipkart waiting to be activated. Once you activate it by uploading all the documents that are required, you would be getting a limit for your Flipkart pay later. This limit may range from 1000 to 5000 in the beginning.
- What one can do with this Flipkart pay later option is that he/she can buy products from Flipkart without paying instantly. If you choose the Flipkart pay later, the order will be placed on Flipkart and you would not be charged any amount as on that day. This is the mobile PhonePe loan application procedure’s main step.
- Open the PhonePe application and go to the MyMoney section. Over there, if you select the payment method to be Flipkart pay later, you would be able to pay automatically through the limit offered to you on Flipkart pay later.
That is basically all the PhonePe loan details that you need to know.
What is the interest rate for PhonePe Loan?
It is very surprising that when you use the Flipkart Pay Later feature and PhonePe app to get yourself PhonePe loan, you are not charged any interest for the first 45 days.
To be able to get PhonePe instant cash loan and that too for 0% interest in the first one and a half months is miraculous.
Details about PhonePe Loan And Repayment
When you have taken a PhonePe loan, you must be very keen on seeing all the details about it in a particular place.
If you open your Flipkart app and go to where the Flipkart pay later option is, you will be able to see how much you have spent out of the limit that is provided to you.
The chances of any problem occurring during availing of the mobile PhonePe loan is really low.
Even though you face any problem at any step in the procedure, the PhonePe loan customer care number is always available in service.
PhonePe loan customer care number is 080-68727374/022-68727374.
Contacting on any of these numbers would allow you to speak with a representative regarding your Phonepe loan.
PhonePe Loan Repayment
The amount of PhonePe loan that you have taken will appear under the ‘Flipkart pay later’ on the Flipkart app.
You can go to the Phonepe app and click on the loan repayment option that is available on the application itself.
This will allow you to repay the loan that you had taken using the Flipkart Pay later option.
PhonePe loan repayment can be done using the UPI ID on a regular basis or from your PhonePe wallet.
After you choose the payment option on your PhonePe application and repay the PhonePe loan, the limit on your Flipkart pay later would be refilled and sometimes even increased.
This would allow you to take another PhonePe loan using Flipkart pay later.