Google Pay Loan

The key details of the GPay loans are as follows:

Below are the main features and benefits of the Google Pay personal loan:

• DMI Finance is a Reserve Bank of India (RBI) registered NBFC partner integrated directly with Google Pay.
• Loan amount ranges from Rs. 30,000 to Rs. 9 Lakhs.
• No collateral is required as it is an unsecured loan.
• Instant approval and disbursal.
• Flexible repayment tenure ranging from 6 to 48 months.
• Rate of interest/ Annual Percentage Rate (APR) ranges from 12% to 27.9% p.a.
• The processing fee is 2% of the loan amount + GST.
• Easy 4-digit PIN login.
• Digital EMI repayments via UPI, net banking, etc.
• e-Mandate to automate EMIs and avoid late fees.
• Get your repayment schedule instantly with your registered mobile number.
• View all past EMI payments in one place.
• Key documents (like sanction letters and agreements) are available for downloading on demand.
• Apply, track, repay, and manage loans from a single, all-in-one loan hub.
• Fully digital journey that requires zero paperwork.
• Your data is encrypted and protected.
• Check your CIBIL score and credit report for free.

The interest rates and charges associated with the GPay personal loan are mentioned in the table below:

Below is the comparison table for the personal loan through the Google Pay loan app with other app-based personal loans:

To qualify for a personal loan from Google Pay, applicants must meet the requirements mentioned below:

• Age: 23 to 55 years.
• Employment: Salaried professionals or self-employed.
• Minimum household income: Rs. 3 Lakhs per annum. 
• Credit score: 700 or above.

If you fulfil the basic eligibility criteria mentioned above for a Google Pay loan apply with the list of documents given below:

• Identity proof: PAN and Aadhaar Number.
• Income proof: Salary Slips last 6 months or Bank Statement for the last 6 to 12 months.
• Address proof: Utility Bill (gas, electricity or postpaid bills), Rental Agreement, etc.

Applying for a Google Pay instant loan is simple:

• Open your Google Pay app and tap on ‘Personal Loan’.
• Click ‘Apply Now’ on the next page.
• Confirm your email ID and mobile number, and click ‘Continue’.
• Provide your current residential PIN code, PAN number, and full name as per PAN.
• Select whether you are Salaried or Self-Employed.
• Fill in your monthly income, gender, and date of birth.
• Share your employer’s name (if salaried) and your business name (if self-employed).
• Mention your total work experience for Google Pay loan details.
• Select the loan amount you want to borrow and the purpose of the loan.
• Review and accept the terms & conditions.
• Submit your application.
• Your application will be reviewed in 90 to 120 seconds.
• If approved, you will see the eligible loan amount from which you can choose the amount you actually need.
• Review the available EMI plans and pick the plan that suits your budget.
• Enter your current residential address and work address.
• Complete KYC & E-Mandate
• Verify your identity with Aadhaar-based KYC and submit a selfie.
• Set up an e-mandate with your bank account details for auto-debit of EMIs.
• Review your loan agreement carefully and click ‘Accept and Continue’.
• Enter the OTP sent to your registered mobile number to confirm.
• The loan amount will be disbursed to your bank account within a short time.