Google Pay acts as a bridge between the customer and the credit partner. It does not grant credit or check your credit application on its own. Loans from the Google Pay app are available only to eligible users. You can apply for a personal loan given by participating lenders through the Google Pay app. Your loan payment will be automatically credited to your chosen bank account each month.
Here are the steps to get a loan from Google Pay
Step 1: On the Google Pay screen, click on the Money Tab
Step 2: Click on loans
Step 3: In the offers section, you can see pre-approved loan offers.
Step 4: Choose the one that is suitable to your needs
Step 5: You can check the duration and the EMI options, and select the tenure and EMI that can be managed by you easily
Step 7: Fill out the information required and review it before submitting
Step 8: You will get an OTP post applying
Step 9: Submit that OTP and wait for the bank to review your application
Step 10:You can check the loan status in your loans tab after the bank verifies the information in the application
Step 11: Before the banks transfer the funds to your account, processing fees and stamp duty of a loan will be debited from your account.
Step 12: The funds will be transferred to your account after the debit is done.