LoanPey Loan
LoanPey offers instant personal loans of ₹5,000 to ₹1 Lakh for multiple services and household needs. The tenure ranges from 90 days to 12 months, depending on the loan amount and the borrower’s requirements. LoanPey charges an interest rate of 2% to 2.72% per month, depending on the loan type and the borrower’s profile. Apart from the interest rate, a nominal processing fee of 2% of the loan amount is also levied on the loan.
LoanPey Loan Details
Below are the key details of the LoanPey personal loan:
| Feature | Details |
|---|---|
| Loan Amount | ₹5,000 – ₹1 Lakh |
| Tenure | 90 days – 12 months (up to 45 days for short-term) |
| Interest Rate | 2% – 2.72% per month |
| Processing Fee | 2% of the loan amount |
| Minimum Income | ₹40,000 per month |
| Required Credit Score | 750 or above |
Features & Benefits of Loan Pey
Here are the key features and benefits of the LoanPey personal loans:
- Instant loans up to ₹1 Lakh as per the income and credit score of the applicant.
- Flexible repayment tenures of 90 days to 12 months.
- For short-term personal loans, the tenure can change from a few weeks to 45 days.
- You can get the same-day disbursal depending on your documents and eligibility.
- You can apply for any type of personal loan, such as a shopping loan, travel loan, medical loan, emergency loan, home renovation loan, or loan to clear bills, depending on your requirement.
- Completely online, easy, and quick application process with minimal documentation. .
LoanPey Loan Interest Rates & Charges
The interest rate and charges associated with the LoanPey personal loan are as follows:
- Interest rate: 2% to 2.72% per month.
- Processing fee: 2% of the loan amount.
- Pre-closure charges: Nil.
- ECS dishonour charges: ₹1,000.
Compare LoanPey App with Other Loan Apps
Below is a comparison of the LoanPey app with other loan apps:
| Lender | Interest Rate | Loan Amount | Tenure |
|---|---|---|---|
| LoanPey | 2% - 2.72% per month | ₹5,000 - ₹1 Lakh | 3 to 12 Months |
| Creditt+ | 0.3% - 0.6% per day | ₹8,000 - ₹35,000 | Up to 3 Months |
| Click My Loan | 12.00% - 28.5% p.a. | ₹6,000 - ₹10 Lakh | 6 to 60 Months |
| TrustPaisa | 18.25% p.a. onwards | ₹2,500 to ₹45,000 | 3 to 6 Months |
| RING | 3.8% p.m. onwards | ₹5,000 - ₹5 Lakh | 3 to 36 Months |
| Upwards | 16.00% – 36.00% p.a. | ₹25,000 – ₹5 Lakh | 6 to 36 Months |
| FLot Loan | 2% p.m. onwards | ₹1,000 – ₹99,000 | 3 to 12 Months |
| Jupiter Money | 1.33% p.m. onwards | Up to ₹5 Lakh | 3 to 24 Months |
| Airtel Finance | 12.75% p.a. onwards | ₹10,000 – ₹9 Lakh | 3 to 60 Months |
| Branch Loan | 2% – 4% p.m. | ₹500 – ₹5 Lakh | 3 to 12 Months |
Eligibility Criteria for LoanPey
Below are the detailed eligibility criteria for the LoanPey personal loan:
- Nationality: Must be an Indian citizen.
- Age: Must be between 21 and 60.
- Income: A monthly income of at least ₹40,000.
- Employment: Must be employed with a reputable MNC, private or public firm.
- Work experience: At least 1 year of work experience.
- Credit score: Must be 750 or above.
- Credit history: Must have a great repayment track record with previous loans.
Documents Required for LoanPey
The documents required to apply for a LoanPey personal loan are as follows:
- Identity and address proof, such as Aadhaar Card/ Passport/ Driving License/ Voter ID
- PAN Card.
- Income proof: Salary slips for the last 3 months.
- Bank statements of the last 3–6 months showing salary credits.
- A recent passport-size photograph.
Steps to Apply for LoanPey Online
Below are the steps needed to be completed to apply for a LoanPey loan online:
- Visit the official website of LoanPey and click the “Apply Now” button.
- You will be redirected to the application/ landing page, where multiple columns and tables will be available to fill in the details.
- After filling in your details and uploading the required documents, your application will be completed.
- On a successful application, you will get an instant response from the executives, who will help you get the approval shortly.
LoanPey Customer Care Details
Below are the LoanPey customer care details:
- Contact Number: +91-9697959097
- Email ID: info@loanpey.com
FAQs
Yes, LoanPey appears to be a genuine digital lending platform in India, which operates as a service provider for NBFCs.
The interest rate of LoanPey Loan ranges from 2% to 2.72% per month.
Yes, Aadhaar and PAN Card are mandatory documents for the LoanPey loan application.
A minimum monthly income of at least ₹40,000 is required for the LoanPey loan.
At present, LoanPey does not have a dedicated mobile app. You can apply for the loan online directly from their official website.
LoanPey Loan approval might take anywhere between a few minutes and 2 hours, depending on the loan type and borrower’s profile.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
Director- MyMoneyMantra FinTech| A senior retail and commercial banking professional, adept at handling Business Development, Sales Planning & Growth, Product Strategy, Marketing Operations and Client advisory services phygitally.