PhonePe Personal Loan 2026: Eligibility, Application Process, and Instant Approval
How to get a personal loan from PhonePe: PhonePe is a well-known digital platform that provides its users with online payments, fund transfers, bill payments, and various other digital features. In addition to these services, PhonePe provides personal loans at competitive interest rates, typically ranging from 11.99% to 28.05% per annum. This guide explains how to secure a personal loan through the PhonePe app and includes details on how to take a personal loan from PhonePe.
Understanding the application process is essential for efficient financial management, and PhonePe simplifies this process significantly. The platform offers both personal and business loans tailored to specific needs. Whether you are salaried, self-employed, a business owner, or a student seeking an education loan, you can fulfil your financial requirements based on your individual eligibility.
Various third-party lenders provide these loan facilities, which you can access directly via the PhonePe app. However, when exploring how to take a personal loan from PhonePe, you should carefully review the specific eligibility criteria for each lending partner. This information is crucial when considering how to take a personal loan from PhonePe.
How does a personal loan work with PhonePe?
To maximise your chances, knowing how to take a personal loan from PhonePe can help you identify the lenders you’re looking for. Understanding the criteria is key to effectively navigating the process of how to take a personal loan from PhonePe.
Personal loans from PhonePe can be taken for various needs, such as urgent money requirements, bill payments, marriage expenses, health-related issues, or any other financial necessity. In such situations, you can easily meet your financial needs.
The process of obtaining a personal loan through PhonePe is easy and straightforward, offering users the facility of an instant loan. As soon as the loan is approved, the amount is credited to your account within a few minutes.
If you are eligible for a personal loan, you will see an option to take one ranging from ₹5,000 to ₹100,000, although the exact amount depends entirely on your credit score.
Loan on PhonePe: Key Details
The loan amount, interest rate, and loan tenure for a personal loan depend on your credit score.
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Tenure: A personal loan from PhonePe can be taken for a period ranging from 6 months to 5 or 7 years.
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Interest Rate: The PhonePe personal loan rate of interest can range from 11.99% to 28.5% per annum. This depends entirely on your CIBIL score, loan amount, and tenure.
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Loan Amount: You can take a loan from ₹5,000 to ₹1,000,000 from PhonePe.
One important aspect to note is how to take a personal loan from PhonePe effectively without any hassle. Be sure to review the process before submitting your application. For additional guidance, you can also consult the customer support services.
What is the eligibility criteria for taking a personal loan from PhonePe?
Understanding the eligibility criteria is crucial for anyone asking how to take a personal loan from PhonePe. To avail of a personal loan, you must meet the following criteria:
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The applicant must be a citizen of India.
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You must be between 21 and 60 years of age.
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Your CIBIL score should be 700 or higher.
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Whether you are a salaried employee or self-employed, it is important to have a continuous income source.
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You must have valid documents, such as an Aadhaar card and a PAN card.
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You must have an active bank account.
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Your monthly income should be at least ₹10,000 to ₹25,000 to ensure timely EMI payments.
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Your Aadhaar and PAN cards should be linked to your mobile number.
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You should have at least 2 to 3 months of work experience.
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You should have a salary slip or Form 16 available for upload if required.
Flipkart Customer Care Number 2026: Toll-Free 18002089898
What are the eligibility criteria for a PhonePe Business Loan?
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Your PhonePe account must be registered as a Business account.
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You must be an Indian citizen.
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You should be at least 26 years old (though the specific age requirement depends on the lender).
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You must have business-related documents, such as Income Tax Return (ITR) documents from previous years.
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Your monthly income should be sufficient to cover your liabilities and old debts.
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You must provide address proof (Aadhaar card, PAN card, electricity bill, or voter ID).
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If applying for a business loan, you must submit recent tax returns and bank statements.
How to apply for a personal loan on PhonePe?
To successfully navigate how to take a personal loan from PhonePe, ensure you have gathered all necessary documents. Follow these steps to complete the application process:
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Download the PhonePe app if you don’t already have an account.
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Activate and register by entering your details.
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Click on the Loan option; if you are eligible, it will appear on your dashboard.
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Check your eligibility based on offers provided by different lenders using your CIBIL score.
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View your loan amount, which will be visible based on your credit history and income.
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Select an EMI option that suits your convenience and preferred duration.
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Compare loan providers and select the one that is most beneficial for you.
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Proceed with the application; you might not require extensive documentation if you have already linked your PAN/Aadhaar.
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Automated Offers: If you link your documents to your phone number, your score may trigger automated offers.
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OTP Verification: An OTP will be sent to your registered mobile number to proceed with verification.
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Video Verification: You will receive a link to complete a Video KYC/Verification process.
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E-Sign: Accept the application by digitally e-signing the document.
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Set up NACH: Configure a National Automated Clearing House (NACH) arrangement so EMIs are automatically deducted from your linked bank account.
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Disbursement: Once the setup is finalised, the loan amount is credited to your bank account.
What are the benefits of a personal loan from PhonePe?
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Instant Transfer: The loan amount is transferred to your account immediately after approval.
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Pre-approved Offers: Users with a high CIBIL score and favourable transaction history may get pre-approved offers with zero documentation.
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Customised Terms: Get better interest rates and tenures tailored to your credit profile.
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Digital Process: The entire process is 100% online and paperless.
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Transparency: Easily track loan details and repayment schedules within the app.
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No Dues Certificate: You can conveniently access your closing documents directly through the application once the loan is repaid.
How to check your eligibility on PhonePe?
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If eligible, a loan amount will automatically appear in the “Loan” section of the app.
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If you are not currently eligible, the app will display no active offers.
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If your CIBIL score improves over time, check back regularly, as new offers may become available.
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Note: PhonePe acts as a medium; it does not lend money directly but connects you with banking and NBFC partners.
What are the interest rates and other charges?
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Interest Rate: 11.99% to 28.5% per annum (determined by the lender, your score, and tenure).
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Processing Fees: 1.5% to 5.1% (discounts may apply for pre-approved loans).
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Foreclosure Charges: Up to 4% on the total outstanding amount if you pay off the loan early.
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Late Payment/Bounce Charges: ₹500 to ₹1,000 per bounced EMI.
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GST: 18% GST is applicable on all service-related charges.
What documents do you need before starting?
Keep these details ready to ensure a smooth application:
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Mobile Number & Email Address
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Full Name and Date of Birth
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Gender and Profession
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PAN Card & Aadhaar Card
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Address Proof (Permanent and Current)
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Bank statements, office ID, or salary slips.
How to contact PhonePe customer care?
For enquiries about how to take a personal loan from PhonePe, contact their support:
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Phone Numbers: 080-68727374 / 022-68727374
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Support Link: https://support.phonepe.com
Frequently Asked Questions (FAQs)
- What is the maximum loan amount?
You can apply for up to ₹1,000,000 based on eligibility.
2. How can I check my CIBIL score on PhonePe?
Select the loan option, scroll down to “Check CIBIL Score”, and enter your details.
3. Does PhonePe charge for loans?
PhonePe itself does not charge you; charges are applied by the third-party lenders.
4. Can I get ₹100,000 from PhonePe?
Yes, depending on your income and CIBIL score.
5. What if my application is rejected?
Focus on improving your CIBIL score by paying existing debts or using a credit card responsibly before reapplying.
Conclusion: Taking a personal loan through PhonePe is a convenient, digital-first option. By following the steps outlined above, you can secure the funds you need efficiently. Ultimately, knowing how to take a personal loan from PhonePe empowers you to make informed financial decisions.