Google Pay Personal Loan Upto Rs 8 Lakhs Instant Loan
Google Pay Personal Loan | Up to 8 Lakhs Instant Loan Approval
Hello friends, in this video we’ll see how can we apply for a personal loan from Google Pay app. Let me quickly show you the entire process on the screen. The entire process – how can you apply, what documents you have to upload, how can you apply for personal loan on Google Pay from home.
Google Pay Personal Loan Upto Rs 8 Lakhs Instant Loan
I’ll discuss all these with demo, but we’ll see the process at the end of the video. It only takes 5 minutes to apply, but first we should have a clear picture about the personal loan that we’ll take from Google Pay or GPay.
– we should know what’s the rate of interest, what’s the processing fee, what if I take personal loan but fail to repay in time, then what’ll happen etc. – basically what is GPay? Is it lending itself or a third party is financing the loan?
So, first, we must have a clear idea about all these. Then we’ll compare it with the interest rates of banks, and also with the RBI-registered instant personal loan apps and their rates of interest and processing fees.
So, we’re going to have a clear picture by comparing Google Pay, banks, and instant loan apps and find out the best among them. Then you can decide whether to take loan from Google Pay or not, as the video is about it.
At the end, we’ll see how can you easily apply for personal loan from Google Pay. So, let’s start the video. We can divide these in 3 categories – we can get personal loan from banks, then there’re instant personal loan apps, and there’re NBFCs – which are, for example, Bajaj Finance, DMI Finance that has tied up with Google Pay etc.
So, these are NBFCs. Now, one thing you can notice is that Google Pay has millions of customers and they are earning from these customers.
They aren’t financing or providing personal loans from their own pocket. Just as Bajaj Finance, there’s a company called DMI Finance. It’s a private NBFC company, with whom GPay has tied up. Now, let me tell you an example. Recently, I made a video on instant personal loan apps. That video has now over 4 lakhs views and if it keeps getting views like that, then very soon it’ll cross 1 million views.
Now, these are some of the instant personal loan apps that are RBI-registered. You can check that video, that I’ve not put any link of any of these in the descriptions. Because I don’t promote instant personal loan apps.
I always prefer to go to banks if I need a loan. But believe it or not, if I put links of these loan apps, they’d have given me 3%-4% commission. It means if someone uses my link and takes a 1 lakh rupee loan, then I’ll get 4% of it, that’s 4000 rupees.
That’s the commission they’d provide, but I haven’t put any link in that video. Almost 4 lakh people have seen that video. If 1000 people took loan and the average of the loan amount is 1 lakh, that means I’d get 4000-rupee commission for each of them.
So, 4k rupees from each of 1000 people would amount to 40 lakh rupees, which I let go and didn’t take advantage of. But truly, I don’t want to recommend instant loan apps to anyone. So, a guy like me can easily get the links of instant loan apps.
which I can put in my description box, and through that you can take loans. GPay does the same; they aren’t financing with their own money. They tied up with DMI Finance. Now, GPay is a portal which has millions of customers.
– well, here you can see the link, ‘Get a credit card’. GPay isn’t selling credit cards. They’ve tied up with Axis Bank’s Ace credit card. The more people apply through this link, the more the Axis Bank will keep giving commission to GPay, as it is through them they got the customer.
It’s simple as that. Similarly, when you’ll apply for loan, it will take you to DMI Finance. Now, if you take loan from them, they might give commission of 5-6% as they’re a large company. This is how the platform of GPay is being utilised.
So, if someone takes a 1 lakh rupee loan, then GPay will earn 5k-6k. If someone takes loan of 2 lakh rupees, then GPay will earn 10k-12k. So, you see, this is a business. I’m not saying that you shouldn’t take loan from DMI Finance.
Of course, you can take loan without any issues. But as a customer, I’d take personal loan from the place which will provide the lowest rate of interest and processing fee. I can’t be blindly partial to GPay, or PhonePe, or Navi etc.
I’m a customer and I have a right to choose. If I’m being allowed to take loan from GPay, that is tied up with DMI Finance – well let’s mention it as Gpay – so, if GPay is giving me loan, the my CIBIL is alright, so any bank will give me personal loan.
If I take loan from banks, then there’ll be no place for commission, and that’s why the processing fee and interest rate will be lesser. You can understand that when you’ll use GPay, it’s there as an agent who’ll have commission, because you’re not taking the loan directly from DMI Finance, rather through an agent. The company won’t pay the agent from their own money.
So, you’ve to keep these in mind. Another thing – let’s say there’re two people; one is self-employed and other one is salaried. I’ve put screenshots for both. Now, when I’ll tell you the step-by-step process of application, it’ll be according to the salaried person.
But the first screenshot I’m about to show, is of the self-employed person. This person has the perfect CIBIL score. They have taken 97 loans which reflects in their credit score, and all the 97 payments have been done in time.
You can easily say that this person has the best CIBIL score ever, so I requested them not to apply or take loan, but to show how much interest rate would it show while they’ve the perfect CIBIL score. I took their screenshots just to check that. Otherwise, it’s perfection. They have a current account in ICICI Bank for business.
A lot of different offers worth 40-45 lakhs, which are pre-approved offers, are given to them, because of their perfect CIBIL score. So, I’ll show you their screenshot. Even I don’t have a CIBIL like this; his business is on another level.
All the payments are cleared in time. So, let’s see the screenshot. Here’s GPay – sorry for the mess – so, you’ll see this interface. So, you’ve to go to the loan section. Then you’ll see this kind of an interface. It says that you’re eligible for loan up to 8 lakh rupees.
It’s the same for all the customer. I’m showing you the calculations now, I’ll go through the process at the end. So, as we click on ‘Apply now’, the next interface will open, where you’ve to put your details. After that, who had pre-approved offers of 40-45 lakhs from ICICI, GPay calculates this person’s limit as 2 lakhs.
So, no problem, it’s alright. So, we click on ‘Next’. So, the eligibility is for 2 lakhs, and then the EMIs are shown here. The rate of interest is mentioned here as 24.99%! A premium customer like this person is getting a rate of interest like this! It is definitely very high. Even a local moneylender’s rate of interest is 2% per month, that is 24% a year.
This is even higher than that! So, what’s the point of having a loan in higher interest rate? And this is a person who has never defaulted, took so many loans, and paid all of them in time. Now, for the salaried person, whom I’ll talk about you later, it might go up to 32-33%. This person too has never defaulted.
Their salary might be less, but they’ve never defaulted any loan. But, if someone has a poor CIBIL score, the interest won’t be less than 50%. Now, I don’t have any rivalry with DMI or anyone. As a customer I’m trying to show you things. You’re also a customer and you have the right to explore other places.
All the companies are selling same products; company A or B or C or D, all of them are providing personal loan. Since I need loan, I’ll choose the one with the lowest interest rate. Why should I rush? I first should compare the places and their rates of interest. Now, let’s look at the calculations.
So, the interest rate is 25%. The processing fee is 3.54%. The banks charge maximum of 2% or 3% processing fee, and sometimes they can provide the loan with 1.2% interest as well. Now, if one takes 2 lakh rupee loan, then 3.54% of that would be deducted as processing fee. Only 1.52 lakhs will be credited to the account.
So, 1.52 lakhs will be in your account, but the loan amount is 2 lakhs, and the money that had to be repaid with 24.99% interest, would become 2.28 lakhs in a year. So, I’ll get 1.52 lakhs in my account but I have to repay 2.28 lakhs within a year. So, judge it yourself – what’s the point of taking loan in such high interest rate.
And this was a premium customer. Okay, now watch what I show in this video. The maximum loan amount he was approved for is 35000 rupees because of low salary. Processing fees costs 1770 rupees i.e 5% processing fees is charged.
It matters. Banks charge 1-2%. There’s no salary default, no loan default, just the salary was low. So, the processing fee is 5%, interest rate 32.99% almost 33% interest rate here also. So, these are two customers the previous one was privileged, the other one had no default, just salary was low.
Now, it’ll depend on one’s CIBIL score. Okay, so it’s simple, take the loan from where you get the lowest interest rate. Okay, before we start the process of application on GPay, let’s compare quickly. ICICI bank’s rate of interest for personal loan ranges between 10.50% and 16%.
If one has poor CIBIL score, then either their application will be rejected, otherwise the maximum interest rate of personal loan ends at 16%. SBI starts its rate of interest from 11.05%. Take screenshots of these, so that you’ll have the data as well. HDFC’s rate starts from 10.50% and it can go up to 25%. Either the file will be rejected or they’ll not charge more than that. Axis bank starts its rate of interest from 10.49%.
So, it’s important to compare different places to check which one is the cheapest, so, apply from that place and take the loan from the one with cheapest interest rate. Let’s talk about some apps. Bajaj Finance gives a maximum loan of 40 lakh rupees. So you can take a screenshot of all. Kreditbee gives a maximum loan of 4 lakhs.
So I’ve put a screenshot of which app gives the maximum loan. Similarly, here you can see the list of apps and their tenures.
