PayMe Loan
PayMe loan app offers instant collateral-free personal loans up to ₹5 Lakhs. These multipurpose loans come at an affordable interest rate starting from 1.5% per month. The borrowed amount can be repaid in a tenure of 3 to 24 months. Along with the interest rate, a processing fee of 2% to 10% will also be charged on the sanctioned loan amount.
PayMe Personal Loan App Details
The following are the key details of personal loans offered through the PayMe personal loan app:
| Loan Amount | ₹500 - ₹5 Lakhs |
|---|---|
| Interest Rate | Starting from 1.5% per month |
| Tenure | 3 - 24 months |
| Processing Fee | 2% - 10% of the loan amount |
| Age | 21 - 58 years |
| Net Monthly Income | Minimum ₹15,000 |
Features & Benefits of PayMe India Loan
The key features and benefits of personal loans offered by the Pay Me loan app are as follows:
- No collateral required: PayMe provides unsecured personal loans, wherein the user does not need to provide any assets as security.
- Loan amount: PayMe loan app offers personal loan amounts ranging from ₹500 to ₹5 Lakhs.
- Flexible tenure: Ranges from 3 to 24 months.
- Dedicated customer support: PayMe’s dedicated customer support team assists you with any doubts or queries throughout the loan process.
- Documentation: A Minimal documentation process to save their time and effort.
- Application process: Hassle-free personal loan application process with instant approval.
- PayMe India loan disbursement time: Direct disbursal of the loan amount to your bank account within 24 to 48 hours of approval.
- No restriction on fund usage: PayMe gives you complete freedom to decide where and how to use the personal loan funds without any restrictions.
PayMe Loan Interest Rates & Charges
The interest rate and processing fee details of PayMe personal loan are as follows:
| Rate of Interest | Starting from 1.5% per month |
|---|---|
| Processing Fee | 2% - 10% of the loan amount |
Compare PayMe Loan App with Other Loan Apps
Below is the comparison table for the PayMe India loan with other app-based personal loans:
| App | Loan Amount | Rate of Interest | Tenure |
|---|---|---|---|
| PayMe | ₹500 - ₹5 Lakhs | 1.5% per month onwards | 3 months - 24 months |
| FlexSalary | ₹500 - ₹3 Lakhs | 18% - 36.5% p.a. | Up to 3 years |
| mPokket | ₹500 - ₹50,000 | 0% - 4% per month | Up to 4 months |
| KreditBee | ₹1,000 - ₹5 Lakhs | 17% - 29.95% p.a. | 6 months - 60 years |
| Olyv | ₹1,000 - ₹5 Lakhs | 1.5% per month onwards | 2 months - 2 years |
| MoneyTap | ₹3,000 - ₹5 Lakhs | 13% - 18% p.a. | 3 months - 3 years |
| LoanTap | ₹3,000 - ₹5 Lakhs | 15% - 32% p.a. | 1 - 5 years |
| IIFL | ₹5,000 - ₹5 Lakhs | 12.75% - 44% p.a. | Up to 42 months |
| PaySense | ₹5,000 - ₹5 Lakhs | 14% - 36% p.a. | Up to 2 years |
| CASHe | ₹45,000 - ₹3 Lakhs | 2.79% - 3% per month | 9 months - 1.5 years |
PayMe Personal Loan App Eligibility Criteria
The following are the eligibility criteria required to be met to avail of a personal loan through the PayMe India loan app:
- Eligible professions: Salaried and self-employed individuals.
- Citizenship: Citizens of India are eligible to apply.
- Age: 21 to 58 years for salaried and 22 to 55 years for self-employed applicants.
- Net monthly income: Minimum ₹15,000 for salaried and ₹25,000 for self-employed applicants.
- CIBIL score: Above 650.
Documents Required for PayMe India Loan
Here are the documents that are needed to apply for a PayMe loan.
| Document Type | Salaried | Self-employed |
|---|---|---|
| Identity proof (any one) |
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| Residence proof (any one) |
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| Income proof | Bank records showing salary deposits over the past 3 months | Financial statements that have undergone an audit for the past 2 years |
PayMe India Loan App Login Process
Below is the step-by-step PayMe India login process:
- Download the PayMe India app on your smartphone.
- Register with your mobile number.
- Enter the OTP received on your registered mobile number to verify and sign in.
- After logging in, complete the KYC process by submitting all the required documents for identity, address, and income proof.
PayMe India Customer Care Details
To contact PayMe India, you have the following options:
- Toll-free Number: 0120 - 697 - 1400 (from 10 AM - 6 PM, Monday to Saturday)
- Address: Dr. I T M, Plot No. - C - 56A/10 & 11, Sector-62, Opposite Stellar IT Park Noida, (UP) 201301
FAQs
Customers can get up to 50% of their monthly income as a loan, subject to a maximum loan amount of 1,00,000 each time.
You can apply for another loan after you have completely repaid any existing loan. However, you will have to wait for a period of 5 days before applying for a second loan.
The services of PayMe India are currently available in Delhi/NCR, Pune, Mumbai, Bengaluru, and Chennai.
PayMe India loan limit varies between ₹500 and ₹5 Lakhs.
The interest rate on a PayMe India loan starts from 1.5% per month.
PayMe ensures transparency, safety, and security by partnering with some reputed RBI-certified NBFCs and banks.
Yes, PayMe India Financial Services Private Limited is an RBI-registered Non-Banking Financial Company (NBFC).
Yes, salaried employees are eligible for a PayMe India loan.
Yes, PayMe India Financial Services Private Limited is an NBFC.
- Indian citizens, salaried and self-employed individuals.
- Salaried employees aged between 21 to 58 years and self-employed aged between 22 to 55 years.
- Having a minimum net monthly income of ₹15,000 for salaried and ₹25,000 for self-employed applicants.
- Having a CIBIL score of above 650.
PayMe offers direct disbursal of the loan amount to your bank account within 24 to 48 hours of approval.