How to Apply for a Personal Loan on PhonePe – Easy Steps, Eligibility & Benefits [2025 Guide]
In 2025, getting a personal loan is easier than ever—thanks to PhonePe. Known for UPI payments and bill payments, PhonePe now also offers quick personal loans through its app in partnership with leading NBFCs and banks. If you’re looking for instant loan approval with minimal documents, read this guide till the end.
🔹 Key Highlights of PhonePe Personal Loan:
- ✅ Loan amount: ₹5,000 to ₹5,00,000
- ✅ Tenure: 3 to 36 months
- ✅ Interest rate: Starting from 11% p.a. (may vary by lender)
- ✅ Approval: Instant or within 24 hours
- ✅ No collateral required
🔍 Eligibility Criteria:
To apply for a personal loan via PhonePe, you must:
- Be an Indian citizen aged between 21 to 60 years
- Have a valid PAN card and Aadhaar card
- Maintain a stable income or salary
- Have a good credit score (usually 650+)
📲 Steps to Apply for a Personal Loan on PhonePe:
- Open PhonePe App on your smartphone.
- Go to the “Loan” or “Financial Services” section.
- Select “Personal Loan” option.
- Fill in your basic details (name, PAN, income, etc.).
- Check your loan eligibility and offers.
- Select the desired loan amount and tenure.
- Upload necessary documents (if asked).
- Complete e-KYC verification.
- Accept the loan offer and get money credited to your bank account.
📌 Documents Required:
- PAN Card
- Aadhaar Card
- Bank statement (last 3–6 months)
- Salary slip or income proof
📝 Benefits of Applying Loan via PhonePe:
- Fully digital process
- Instant approval and disbursal
- No hidden charges
- Track loan status in-app
- Trusted lenders like Bajaj Finserv, Axis Bank, and others
⚠️ Important Tips:
- Always check the total interest and EMI before accepting any loan.
- Don’t take a loan if you don’t need it urgently.
- Repay on time to avoid penalties and improve credit score.