Considering Personal Loan from Google Pay? Key things to know
03 May, 2025 | 23:55 IST
Personal loans are a flexible way to cover expenses like debt repayment, major purchases, or emergencies. Getting a loan earlier meant visiting banks, handling paperwork, and waiting for approval – often a lengthy process. Now, digital platforms have made borrowing easier. Google Pay, for example, lets users apply for personal loans directly from their smartphones, making the process faster and more convenient.
Google Pay (GPay) is a digital wallet and online payment system. Developed by Google, it enables users to make payments, transfer money, and manage their finances easily using their smartphones.
Google Pay has also expanded its services to include financial products like personal loans, collaborating with various banks and financial institutions to offer these services directly within the app.
Online application: The entire loan application process is conducted within the Google Pay app, so there is no need for physical paperwork or branch visits.
Quick approval: Depending on the lender, loan approvals can be granted swiftly, sometimes within minutes.
Competitive interest rates: Google Pay partners with lenders who offer competitive interest rates, making borrowing more affordable. Currently interest rates start at 11.25% per annum
Flexible loan amounts and tenures: Borrowers can choose loan amounts and repayment periods that suit their financial needs and capabilities. Currently it offers loan amounts between Rs 30,000 to Rs 10,00,000. Tenure ranges from 6 months to 5 years.
No collateral required: These are unsecured loans, meaning borrowers are not required to provide collateral.
Transparent terms: The app clearly outlines the terms and conditions of the loan, ensuring borrowers are well-informed.
Personal loans via Google Pay: Eligibility criteria
Age: Applicants must be at least 21 years old.
Citizenship: Must be a resident of India.
Employment status: Full-time employment or a regular source of income is often required.
Credit score: A minimum credit score, typically around 650 or 700, may be necessary depending on the lender you get an offer from.
Google pay account: A valid and active Google Pay account is essential.
To check your eligibility, open the Google Pay app and scroll down to the "Personal Loan" tab under "Mange your Money". Here, you can view available loan offers and their respective eligibility criteria.
If you are looking for easy access to multiple personal loan offers of up to Rs 50 lakhs head to Moneycontrol Instant Loans. Interest rates start at just 10.5% per annum and the application process is entirely digital.
Update the Google Pay app: Ensure you have the latest version of the Google Pay app installed on your device to access all available features.
Link your bank account: For seamless fund transfers, your Google Pay account must be linked to your bank account. This step is necessary for both disbursal and repayment processes.
Explore loan options: Open the Google Pay app and scroll down to the "Personal Loan" tab under "Mange your Money". Tap on Apply Now to view details.
Verify your phone number and email ID with which you want to apply for the personal loan
Next enter your personal details such as pincode, PAN, date of birth, employment type, work address, etc.
On the next screen select the loan amount you need.
Accept the terms and conditions on carefully reviewing them
Review the loan details including loan amount as per your eligibility, EMI and tenure and proceed to confirm.
Complete KYC steps including clicking a selfie and entering Aadhaar details.
Set up e-mandate for repayment.
Upon approval, you will get the loan amount in your bank account within a few hours.
Personal loans via Google Pay: Repayment process
Repaying your loan through Google Pay is simple and automated. Monthly EMIs are deducted directly from your linked bank account, so it's important to maintain a sufficient balance to avoid penalties. The repayment schedule, including due dates and amounts, is clearly outlined during the loan application.
Google Pay has made borrowing easier by offering personal loans through its app, eliminating the need for paperwork or branch visits. It is still always wise to compare options before taking a loan.
You can also explore platforms like Moneycontrol that offer personal loan offers of up to Rs 50 lakhs from eight lenders, with interest rates starting at 10.5% per annum. The application process is 100% digital and you can get instant disbursal of funds.
Summary
Thinking of taking a personal loan through Google Pay? Here's everything you need to know—from eligibility to application and repayment process.
Disclaimer
This piece/article was written by an external partner and does not reflect the work of Moneycontrol's editorial team. It may include references to products and services offered by Moneycontrol.
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