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The PhonePe app is a transactional tool through which one can receive and send money digitally. It is not only limited to transactions, but it also helps people get PhonePe loans, like PhonePe personal loans and PhonePe business loans, connecting them with trusted lenders. PhonePe provides a complete, digital and transparent process to people with flexible tenure. One might find it difficult to move through the hassle of banking loans, but PhonePe provides a 24/7 support facility for all to apply for loans anytime and anywhere. This might be new information for people; this is why LoansJagat provides you with authentic and well-researched information to know such finance- and banking-related concepts.
Key takeaways:
PhonePe acts as a mediator to people by connecting them with trusted partner banks and NFBCs for loan facilities.
PhonePe acts as the middle entity to connect a person with a trusted lender for loans.
PhonePe loan system authentically functions under the guidelines of the Reserve Bank of India.
PhonePe provides loans like the PhonePe personal loan, PhonePe business loan, etc.
Can PhonePe give a loan?
Yes, you can apply for the loan through PhonePe. But the thing you need to make sure of is that PhonePe does not directly lend you the money as a loan. It acts as the middle person and connects you with the authorised lenders to provide you the loan with a promise of paying it back.
Types of PhonePe loans provided to people according to the categories, depending on eligibility, region, current partnership, and app version:
PhonePe personal loan
PhonePe business loan
PhonePe gold loan
PhonePe loan against mutual funds
PhonePe bike loan
PhonePe car loan
Hence, these are the types of loans PhonePe provides under the secured and unsecured types of loans.
How to check loan eligibility in PhonePe?
You need to open the PhonePe app and need to search for the “loans banner” displayed on the loans tab. Search for the loan type, for example, a personal loan.
If there is no option for a personal loan through lending partners on PhonePe on the loans tab, then you are not eligible for a personal loan. If you see the option, then you are eligible for a personal loan. Hence, this is how one can check loan eligibility in PhonePe.
Hence, the approval depends on the specific RBI-regulated lending partner integrated with the PhonePe app.
How to apply for a PhonePe personal loan?
One can instantly apply for the personal loan through the PhonePe app without any third-party need.
Here are the steps to apply for a PhonePe personal loan:
Phase 1:
Open the PhonePe application on your phone.
The home screen will open.
Scroll down and look for the “personal loan” section under the loans tab.
Click on the Personal Loan tab.
A page will appear where the maximum amount setting will show a maximum amount of up to ₹700,000 and the minimum up to ₹2,000.
Below that, there will be the options for the duration/tenure of the loan.
Phase 2:
Enter the PAN details.
Enter the income details, including employment type and monthly salary.
Click on Submit.
A confirmation message will be shown to you if you are found eligible for the loan.
Click on Continue application.
Click on KYC documents.
Phase 3:
A loan amount page will open.
Now, according to your credit score and credit history, a loan limit will be shown on the page.
Select the EMI plan.
Select the due date.
Click on “View summary and charges”
Now you will see the total summary of the loan you will be taking with the interest rate, annualised interest rate, annual percentage rate, fees or charges and tenure.
An OTP will be sent to your registered mobile number.
Enter the OTP.
Money will be transferred to your bank account successfully.
Hence, this is how you can apply for a PhonePe personal loan.
How to apply for a PhonePe business loan?
To apply for the business loan, download the PhonePe Business: Merchant app on your phone through the Android Play Store or the
Below that, there will be the names of the authorities providing the loan with monthly EMIs and yearly interest.
Now adjust the loan amount and select the authority accordingly, whichever you find better. For example, you select Kreditbee due to a low interest rate compared to others.
Click on Kreditbee “apply now”. (You can also apply directly for the same loan from the Kreditbee application).
The Kreditbee page will open.
Select the language.
Select the type of loan, whether you want to apply for a personal loan or a business loan.
Before selecting the type, log in to the portal using your mobile number and OTP.
Agree to the lender’s consent.
Click on Continue.
Now you will get a login page with options like login via Google or email.
Select one and click on Continue.
A page will open and ask you to enter the CKYC number; if you do not have that, you can simply click on “select other KYC method”.
Enter the Adhaar card number and click on the checkbox to agree to the conditions.
Click on Submit.
An OTP will be sent to your Aadhaar card-linked mobile number.
Enter the OTP.
Click on Continue.
A message will be shown to you saying "success", meaning KYC has been completed.
Click on Continue to upload a selfie.
Now click on “Proceed to take selfie”
Capture your selfie according to the conditions provided.
Now a page for general information will open.
You have to enter your marital status, education, occupation, current address and type of residence.
Click on Continue.
A reference page will open.
Provide the contact reference by selecting any one among father, mother or spouse.
Enter their mobile number.
Enter your friend's name.
Enter your friend’s mobile number.
Click on Continue.
Cross-verify all and click on 'view repayment schedule'.
Click on “View repayment schedule”
A repayment schedule summary will be shown to you; check it.
Click on Continue.
A loan agreement will be shown to you.
Click on the checkbox to agree to the terms and conditions.
Here are the steps to apply for the PhonePe business loan:
Phase 1:
Open the PhonePe business app.
The home screen will open.
Scroll down and look for the business loan.
Click on the business loan tab.
Click on “business loan”
You will be shifted to the DMI Finance page.
Enter the mobile number.
Click on the checkbox and agree to the terms and conditions.
Click on Send OTP.
An OTP will be sent to your entered mobile number.
Enter the OTP and click on Verify
Click on Proceed.
Phase 2:
A page will open related to the personal details.
Enter the PAN number.
Enter the name of the proprietor as per the PAN.
Select your gender.
Enter your date of birth, residential address, and active email ID.
Select the required business loan amount.
Click on Next.
Select the bank type.
A page will open where you have to finalise your loan amount with loan tenure.
Click on Next.
A summary of your loan details will be provided to you.
Click on Confirm the loan.
A message will be shown to you saying your application is approved.
Click on Start KYC.
Now you need to take a selfie.
After taking the selfie, you have to enter the Adhaar card number.
Enter the text given in the column as it is for verification purposes.
Click on Next.
An OTP will be sent to your Aadhaar-linked mobile number.
Enter the OTP.
Set the 6-digit DigiLocker PIN.
Click on Continue.
A success message will be shown to you upon completing the KYC.
Click on Continue.
Click on Set up Bank details.
Phase 3:
Enter the bank name, account type, IFSC number, account number, and account holder name.
Click on Next.
You will be directed to the Net Banking page of the selected bank by you.
Enter the User ID and Password.
Click on Login.
A message will be shown to you saying the DMI E-Mandate registration process is completed.
Click here to continue.
You will be shown the total loan summary; cross-verify it.
Click on Agree and continue.
An OTP will be sent to your mobile number.
Enter the OTP.
Click on Verify.
A message will be shown that the loan has been approved, if lender agrees, and the balance will be transferred to your account within 24 hours. (Make sure the approval is not guaranteed; it is dependent on the lender, whether to approve or not.)
Hence, this is how you can take a business loan from PhonePe.
What is the PhonePe loan customer care number?
There is no separate number given by PhonePe for loan-related issues. There is a general customer care number which can resolve loan-related queries.
Here are the details about the PhonePe customer care number:
Support Type
Contact Number
Customer Support
080-68727374 / 022-68727374
Merchant (Offline) Support
080-6872-7777 / 022-6872-7777
Merchant (Online) Support
080-6872-7778
Hence, there is no separate PhonePe loan customer care number; these are the general customer care numbers that can also resolve queries related to the PhonePe loans.
Bottom line:
PhonePe, as a transactional tool, provides the facility of a loan to people not directly but as a mediator. It connects people to the authorised lenders approved by the RBI. One can take the benefits of personal and business loans from PhonePe accordingly. The processes are simplified and instant. One needs to go through the digital KYC to get approved by the lender for the loans. Moreover, people might get confused by the processes, but LoansJagat, a fintech company, takes accountability to resolve this confusion and explain each process to people accurately and clearly.
FAQs:
Is PhonePe a government-designed app or a private app?
PhonePe is a private app, not a government-designed app.
Does PhonePe directly provide the loan to the people?
No, it does not directly pay the loan to the people; instead, it connects people to the authorised lenders to get the loan.
Can one get secured and unsecured loans through PhonePe?
Yes, one can easily get secured and unsecured loans through PhonePe.
Can one adjust the loan amount through the PhonePe app?
Yes, one can easily adjust the loan amount through the PhonePe app according to their needs.
What are the features of the PhonePe Loan facilities?
PhonePe provides a transparent, instant, and flexible process to people for loan approvals.
What types of loans does PhonePe provide to people?
PhonePe provides a PhonePe personal loan, a PhonePe business loan, a bike loan, a gold loan, a loan against mutual funds, and car loans to people.
How do people need to do KYC for loan approval through PhonePe?
The KYC will be done digitally for loan approvals through PhonePe.
Is the process for applying for a business loan through PhonePe lengthy?
No, the process is not lengthy. Instead, it is short, instant, and simple for people.
What is the PhonePe loan customer care number?
There is no separate PhonePe loan customer care number. There is a general customer care number which can resolve loan-related issues, which is 080-68727374 / 022-68727374.
Can one apply for the PhonePe loan anytime?
Yes, one can apply for the PhonePe loan anytime because it provides a 24/7 facility to people.
