Google Pay, known for making digital payments effortless, is now stepping into digital lending. In its latest update, the app has introduced a personal loan feature that allows eligible users to borrow up to ₹10 lakh through partnered financial institutions—all from within the app.
This development marks a major shift in how the app is evolving beyond UPI payments to offer more comprehensive financial services. The loan process is 100% digital and can be completed in just a few minutes.
What’s New: Google Pay Enters Digital Lending
Google Pay (GPay), a widely used UPI payment app in India, is now offering personal loans by acting as a platform for NBFCs and registered financial partners. While Google Pay itself doesn’t lend the money, it facilitates the entire process through its app, ensuring ease and speed.
Loan Amount, Interest Rates & EMI Options
- Loan Amount: ₹30,000 to ₹10,00,000
- Interest Rates: Starting from 11.25% per annum
- Tenure: Flexible repayment options ranging from 6 months to 5 years
- Minimum EMI: Starting from ₹2,000/month
Eligibility Criteria for Google Pay Personal Loan
To apply for a loan via Google Pay, you must:
- Be at least 21 years old
- Have a regular source of income (salary or self-employment)
- Link your bank account with Google Pay
- Complete KYC verification during the application process
Once approved, the loan EMI will be auto-debited from your linked bank account, so it’s essential to maintain a sufficient balance to avoid penalties.
How to Apply for a Google Pay Loan
- Open the Google Pay app
- Tap on the ‘Money’ tab at the bottom
- Scroll to find ‘Personal Loan’ under ‘Credit for You’
- Tap ‘Apply Now’
- Enter the required details and complete KYC
- Once verified and approved, the loan amount is disbursed directly to your bank account
Additional Features That Simplify Your Finances
Beyond loans, Google Pay includes helpful features like:
- Splitting bills easily with friends
- Cashback rewards through scratch cards
- Autopay for subscriptions
- One-tap bank balance checks
Final Word
Google Pay’s personal loan service is a game-changer for users looking for quick, convenient credit. With flexible repayment plans, competitive interest rates, and a seamless digital application process, this feature is ideal for modern users seeking financial support with minimal hassle.
