PhonePe Personal Loan 2024: Get 5 Lakhs Instantly with no Documents and 0% Interest

Have you ever heard of a loan with zero interest? No, we are not joking, because now you can avail of a loan up to ₹5 lakhs with 0% interest charges. For the first time in the loan industry, PhonePe is offering its customers a loan with zero interest charges. Not only zero interest, they are offering this loan without any physical documents. If you are facing a fund crunch or have an emergency and are now looking for an instant loan that meets your current financial needs, then you can fulfil such needs with the PhonePe Personal Loan. Once the loan is processed, the loan amount is credited directly to your bank account.

So before you head on to apply for the PhonePe personal loan, let’s unwrap its details like eligibility, zero interest policy, and many others.

PhonePe Personal Loan 2024

Before we start, let’s know quickly about PhonePe. PhonePe is a leading Indian digital payment gateway that provides various services in one place. We use the leading word here because, being homegrown, it surpasses Google Pay. People across the nation widely use PhonePe instead of Google Pay.

Through PhonePe, you can send or receive money instantly, pay utility bills, book tickets, buy insurance (car, medical, or life), and many others. Initially, they started with basic UPI services like recharge and transfer money, but now, gradually, they are expanding their service umbrella. Now, they are providing loans to their consumers, and that too in a quicker interval of time. You can say PhonePe is a jack of all trades.

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Why Choose PhonePe Loan over the other?

People normally ask why we opt for a PhonePe personal loan when we have other traditional options or reliable players in this sector. Then, we would like to say that PhonePe is a completely homegrown company established in 2015 and backed by the American multinational giants Walmart and General Atlantic. Over the years, the PhonePe earned the faith, and that’s why they have 500 million registered users.

Apart from this, if we say PhonePe offers loans digitally (you can apply directly through your mobile app), with no physical documents required, just a normal KYC process, instant up to 5 lakhs loan approval, zero interest charges, the lowest processing fee, loan processed in 48 hrs, no guarantee required.

FeaturePhonePe Personal LoanTraditional Loan Lenders
Application ProcessEntirely online through PhonePe appRequires physical visits and paperwork
DisbursementWithin 48 hours of approvalCan take days or weeks
EligibilityMinimal requirements (18+, minimum salary)Stricter criteria (credit score, job stability)
Loan AmountUp to ₹5 lakhsLarger loan amounts are available
Interest RatesZero or Varies based on credit score and tenureCan be higher, especially for smaller loans
FeesProcessing fee up to 2% (capped at ₹499)May have multiple fees and hidden charges
DocumentationDigital, no physical docsExtensive documentation required
Prepayment ChargesNoneMay have prepayment penalties
RepaymentAutomatic debit through PhonePe appManual payments at banks or through online portals
TransparencyClear terms and conditions in the appMay have complex or hidden terms
Convenience24/7 access manage loan through appLimited accessibility outside branch hours
Collateral or GuarantorUnsecuredSecured options available

Who can apply for a PhonePe Zero Interest Personal Loan?

Now the basic question that arises in everyone’s mind is who is eligible for this PhonePe Zero Interest Loan and what are the basic criteria to be eligible for it. Let’s find out its details here:

  • Age: Indian Citizen at least 18 years old.
  • Salary: The monthly salary of the applicants should be 25000.
  • PhonePe Customer: Along with this, the applicants must be customers of PhonePe and installed mobile applications.
  • Cibil Score: A good cibil score is a must. However, if you have a score of 750 plus, then it will be an added advantage.

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How to Apply for PhonePe 0% Interest Loan 2024?

Upon fulfilling the mentioned criteria, you can submit the PhonePe loan application through its mobile app by following the procedure below.

  • Open the PhonePe Mobile App
  • Now, from the list, navigate to the loan section.
  • Select the personal loan and confirm the eligibility.
  • Enter your PAN and Aaadhar number to complete the basic KYC.
  • A pre-assessment of the loan appears on your screen with the applicable interest rate (if any).
  • But if you are a pre-qualified loan applicant, press the ‘Apply Now’ tab.
  • Provide your basic personal details like name, age and other.
  • Enter the employment, bank and loan details.
  • Read the loan terms and conditions carefully; you can contact the officials at their helpline number if any queries arise.
  • Now upload the PAN and aadhaar card copy.
  • Last three-month salary slip for a salaried employee.
  • Meanwhile, the self-employed may upload a copy of the last two years’ ITR.
  • Submit the application form and wait for the response.
  • The minimum TAT for PhonePe Loan approval is 48 hrs.

Documents required for PhonePe Loan

As they claim zero documents for personal loans, it doesn’t mean they will not ask for any documents. As per the RBI guidelines, you have to provide some basic documents to complete the KYC process, which is mandatory. So before you proceed, you must keep the following documents.

  • PAN Card
  • Aadhaar Card
  • Salary Slip (Salaried Employee)
  • ITR (Self Employed)

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PhonePe Personal Loan Approval and Disbure Process

The PhonePe claimed that within 48 hrs, the applicant’s loan application request is processed, and based on the details submitted, if everything is found correct, the loan amount is credited to your respective bank account. However, if they find any discrepancy in the application form, then they will highlight the same, and you need to submit a fresh request or as asked to do so.


The above information is taken from the PhonePe official website and registered partner portal. It is for information purposes and does not constitute legal or financial advice. Shared loan terms and eligibility may vary as per the PhonePe registered partner. Before applying, read the details and term conditions carefully or consult with the financial adviser. We cannot be held responsible for any financial losses on the information provided.

What is the maximum limit for a PhonePe Personal Loan?

Eligible applicants may apply for up to ₹5 lakhs loan.

Who can apply for a PhonePe Personal Loan?

Any salaried or self-employed individual may apply for the PhonePe loan.

What is the interest rate of a PhonePe Personal Loan?

As per the announcement, PhonePe charges zero percent interest for their loan. However, it is applicable for a shorter duration, up to 45 days, and for customers with high credit scores.

Does the PhonePe issue this loan?

No, PhonePe doesn’t issue any loans to their customer; the partners are registered on their platform and approved by the RBI-issued loans to PhonePe customers.

Who should you contact regarding the PhonePe personal loan?

For any query, you can contact the authority at 080-68727374 and E-mail them @

What is the duration of the PhonePe Personal Loan?

It can vary based on the applicant’s needs and eligibility. However, the minimum duration for the loan is 12 months, which goes up to 48 months.

Can I foreclose my PhonePe personal loan?

Yes! but such a facility is available after 12 instalments, and with nominal charges, you can foreclose your loan account.

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