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Google Pay is now widely associated with simple transactions, quick and safe bill payments, and offering a wide range of business services all under one roof. With each transaction, it provides its members with coupons and cashback, carving out a position for itself in the finance industry.
Eligibility
- The applicant should use the Google Pay business app for everyday transactions and the Google Pay mobile application.
- If you want to qualify for a Google Pay personal loan, you should have acceptable credit.
- When applying for a Google Pay personal loan, the applicant cannot be enrolled in another lending program offered by a bank or company.
- To be eligible for a Google Pay loan offer, you must have a reliable source of income.
- The age range for applicants should be between 21 and 57 years old.
- Direct deposits of income into the applicant’s bank account are required.
- It is necessary to have a minimum credit score of 600 on CIBIL or 650 on Experian.
- The app must be used by applicants.
How to apply?
- Initially, launch the Google Pay business app on your smartphone.
- You must now complete the KYC after registering on the Google Pay business mobile application.
- You now need to click on the loan area after scrolling through the mobile application.
- If you meet the eligibility requirements after that, a loan offer will appear in this section.
- To apply for a personal loan, you must click the link if you accept the loan offer.
- Following that, you must enter your information, which includes your name, bank account number, IFSC code, Aadhar, and PAN Card details.
- To repay the loan amount, choose the EMI option. Be sure to read all of the terms and conditions before proceeding.
- Following that, an OTP message will be sent to the registered mobile number you provided; this must be entered in the application.
Business Loan by Google Pay
- Open the Business Google Pay app.
- Select the Offers tab after navigating to the Loans section.
- On GPay, select the loan offer of your choice, then click “Get started.”
- The website of the loan partner will be accessed by you.
- Enter your Google Account login information to log in.
- As requested, provide your personal details.
- Decide on the length and amount of the loan.
- Examine the final loan offer, then sign the loan agreement electronically.
- Upload the documentation you need to know your customer (KYC).
- Select Setup eMandate or Setup NACH to initiate EMI payments.
- Send in your loan application.
- Go back to the Offers tab if you need to resume the application at a later time.
- You may monitor the loan’s progress in the Google Pay for Business app’s “My Loans” section after it has been disbursed.
Advantages of Applying for Business Loan
- No hidden fees, branch visits, or collateral requirements
- Quick approvals and prompt payment to your account
- Minimal processing fees, fixed EMIs, and a defined duration
Things to Consider Before Applying for a Business Loan
- Make sure there are enough cash in your bank account to cover your loan’s monthly installments on time.
- Depending on the data submitted on the application, the final offer can change.
- Get help from the loan partner if you run into any problems with the application procedure.
Documents required
- Details of your PAN Card.
- Ensure that your mobile number is linked to your Aadhaar card for KYC verification.
conclusion
Sending and receiving money has never been easier thanks to Google Pay, which has also become a major player in the digital payments industry and taken a sizable chunk of the Indian market.Borrowing money has never been easier thanks to Google Pay. People all around the country may now easily satisfy their financial demands whenever and wherever they are by using Google Pay to acquire MoneyView loans.