Loans up to ₹ 10 lakh without going to the bank- Google pay loan facility starts, know who can take advantage and how- StudyToperC

In today’s digital era, money can be needed anytime and anywhere. Earlier, going to the bank, waiting long and submitting a lot of paper to take a loan. But now digital platforms have made a loan extremely easy and fast.

Google Pay (Google Pay) Also, it has now been included in this race, which users through mobile app Personal loan Provides facility to take. With its help, you can apply for a loan in a few minutes, without any hassle, without any hassle. Google pay loan feature Especially it is beneficial for those who suddenly require money – such as medical emergency, marriage, education, or any major cost.

In this, you do not need to go to the bank, everything happens on mobile. We will learn in this article Google pay loan facility Every important information about-how much amount can be received, interest rate, eligibility, application process, advantage and loss and necessary precautions.

Google payment loan full details

Google Pay is a digital wallet and online payment system developed by Google. It allows you to send, receive money, receive and do a variety of financial transactions. Now Google Pay has also launched a personal loan facility with banks and NBFCs (Non-Banking Financial Companies). This means that you can apply for a personal loan directly from the Google Pay app, in which the entire process is digital – neither a physical document, nor a bank visit.

Google Pay does not give a loan itself, rather it acts as a bridge (facilitator) – that is, it connects you with a loan bank or finance company. The loan amount, interest rate, and remaining conditions sets the bank or NBFC. Google Pay only facilitates the application and makes the loan process easier.

Google Pay loan facility –

The main features of Google Pay Personal Loan

• Completely digital process: Application for loan, submission of document and approval – everything is through mobile app.
• Fast approval: In many cases, the loan occurs in approval minutes, especially on pre-approved offers.
• Flexible amount and tenure: You can choose the loan amount and repayment period according to your need – from 6 months to 5 years.
• No collateral: This is an unsecured loan, that is, you do not have to give any property or guarantee.
• Transparent Terms: All conditions, interest rates, EMI etc. are clearly stated in the app.
• Money in direct bank account: After approval, the loan amount is transferred to your linked bank account.
• Auto-Debit EMI: Every month EMI automatically cut off from your bank account, which reduces the risk of missed payment.

Google Pay Loan Eligibility – Who can take a loan?

• You should be at least 21 years old.
• You are a citizen of India.
• You must have a regular income source (job or business).
• It is necessary to have a good credit score – although some NBFCs also give loans to new customers.
• You should have Aadhaar card, PAN card and active bank account.

Google Payment loan interest rate and fee

• Interest Rate-Starting at 11.1%, can vary from bank/NBFC and your profile.
• Processing fees – usually levies from 1% to 3% loan amount, which is cut before the loan dispenser.
• Late Payment Charge – If EMI does not go on time, then penalty can be imposed.
• Any pre-close charge-some banks charge pre-close (earlier repaying loan), nothing.

Google Pay Loan Application Process – Step by Step

1. Open Google Pay App.
2. Go to the ‘Money’ tab or ‘Loans’ section.
3. If you are eligible, then the option of ‘Personal Loan’ or ‘Loans’ will be seen.
4. Choose one of the pre-upward offers or click on ‘Apply Now’.
5. Fill the details sought – such as income, job, personal information.
6. Upload KYC documents (Aadhaar, PAN).
7. Choose loan amount and tenure, check EMI.
8. E-sign and submit the application.
9. After approval by Bank/NBFC, the loan amount will come to your bank account.
10. Every month EMI will have an auto-debit from your linked account.

Benefits of Google Pay Loan

• Fast Process: Loan in approval and money account in minutes.
• No paperwork: No physical document, everything digital.
• Flexible option: Options in both the amount and the tenure.
• Transparent process: All conditions are clearly stated.
• No colletal: Without any guarantee or property.
• Trusted platform: Google Pay is a trusted app, which keeps data security.

Disadvantages and precautions of google pay loan

• Not everyone gets loan: Getting a loan depends on your credit history and income.
• Interest Rates: In some cases, interest rates may be high, especially if your credit score is low.
• Late Payment Penalty: Penalty is imposed if EMI is not given on time.
• Processing fees: The loan is already cut before the amount.
• Fake calls and frauds: Always deal with the official Google Pay app and partner bank/NBFC, beware of a fake link or call.

Google Pay Personal Loan – For what needs can you take?

• Medical emergency
• Wedding/Family Function
• Education/course fees
• Travel or holidays
• Home repair or renovation
• Any big personal expenses

Frequently asked questions (FAQs)

Q1. Does Google Pay give a loan itself?
No, Google Pay is just a platform that connects you to partner bank or NBFC.

Q2. In what time does the loan be found?
If you are pre-implemented then in a few minutes, otherwise a few hours or a day or two after the document verification.

Q3. How does EMI cut?
Every month EMI is cut from your linked bank account via auto-debit.

Q4. Is a credit score necessary?
Yes, good credit score loan is necessary for approval and low interest rate.

Q5. Can the loan be repaid ahead of time?
Yes, but some banks/NBFC can charge pre-close charge.

Q6. What will happen if EMI is missed?
Late payment can be penalty and the credit score may also be affected.

Google Payment Loan Facility – Real or Fee?

• Google Pay does not give a loan itself, only the partner gets a loan through the bank/NBFC.
• The loan is available by RBI from regulated banks and NBFCs, which keeps safety.
• Always take a loan from the official Google Pay app and trusted bank/NBFC.
• Avoid any fake calls, SMS or link – no one should ask for your OTP or personal details.
• Read the loan terms and conditions carefully, understand EMI and interest rates.

Google Pay Loan Facility – Benefits and Damage

Things to meditate before taking Google Pay Loan

• Take the need for a loan carefully, not just for hobbies or unnecessary expenses.
• Make a complete calculation of EMI and interest rate, so that there is no problem later.
• It is necessary to give EMI on time, otherwise the credit score can be bad.
• Do not apply for a loan from any unknown number or link.
• Read the terms and conditions carefully.

conclusion:

Google Pay Loan Facility has made it very easy to take personal loans. If you are over 21 years of age, regular income and good credit score, then you can take a loan ranging from ₹ 30,000 to ₹ 10 lakh for 6 months to 5 years through the Google Pay app. The entire process is digital, no bank visit or paperwork. But before taking a loan, understand his need, EMI, interest rate and conditions well. Always take a loan from the official app and trusted bank/NBFC.

Disclaimer: This information is only for educational purpose. Google Pay does not give a loan itself, but the partner gets a loan through a bank or NBFC. The loan facility is completely real, but whether everyone will get a loan or not, it depends on your profile, income and credit score. Read the terms and conditions carefully before taking a loan, understand EMI and interest rates, and beware of any fake calls or links. Use Google Pay Loan Facility carefully and according to the need.