How can I get a loan on PhonePe?

To get a loan, 

  1. Tap Get Loan in the banner displayed on your PhonePe Business app home screen. 
  2. Select the loan offer that best suits your requirements.
    Note: You can change the loan amount based on your needs, and the corresponding loan duration, number of installments, daily installment amount, monthly interest rate, disbursal amount, processing fee, and total payable amount will get updated automatically.
  3. Enter your personal details, agree to PhonePe’s terms and conditions and tap Complete KYC
    Important: We will fetch your name and PAN from the records available with us and our group entities. You also have the option to add the PAN details manually in case it’s not auto fetched on the PhonePe app.
  4. Once your KYC verification and policy checks are completed successfully by our lending partner, review your loan details and personal details and tap Continue
  5. Set up mandate to automate the payment of any pending installments and penalty charges that you may miss due to insufficient settlements. 
  6. Review your loan agreement and Key Fact Statement(KFS).
  7. Tap Continue to accept the loan agreement.

Once you have completed the application and the lending partner approves the loan, it may take upto 48 hours for the loan amount to be credited in your settlement bank account.

Note: You can refer to the Key Fact Statement (KFS) document for your loan details. Loan Service Provider has no control on the onboarding timelines and is completely at the Lending partner’s discretion.

Related question(s):
Will I be charged a fee?
When will my loan application be processed?
How is the interest rate calculated?