How To Take A Loan From Groww App

Introduction :

Friends, as you know, the way inflation is increasing at this time, people’s source of income is decreasing and people are not able to meet their expenses and that is why people want to leave their jobs and start some new business, but for that they need a loan which they do not get.

And to get a loan, one has to run around a lot, show a lot of documents and income proof, even after that their loan application is rejected and in the end both their time and hard work go to waste, so today we have brought the easiest solution for this, by which you can take a loan very easily.

Groww App overview :

Groww application is a medium with the help of which you can do many things at one place such as banking and finance related transactions, such as through this application you can invest your money in the Indian stock market by buying or selling stocks, you can also invest in mutual funds and with this you also get a loan from here.

Loan is available very easily from this application, for which you neither need to run anywhere nor will you need to talk to anyone. Through a very easy process, you can apply for a loan from here and within a few minutes you also get your loan. And apart from this, you can also make payments everywhere from this application like you used to do with any other application.

Benefits Of Taking A Loan Through Groww App :

There are many benefits of taking a loan with the help of Groww application, such as this application provides you instant loan and that too without going anywhere and without telling anyone, you can apply for a loan here through your mobile phone, for which you will not have to give any document while taking a loan and neither do you have to pay any extra charge if you want to repay the loan before time.

Here you see all kinds of status related to the loan live, such as how much loan you can get according to your CIBIL score, apart from this, what is the charge or fee of the bank while taking a loan, all that information can be seen here, along with this, you can maintain many things here itself.

Groww App Registration Process :

The process of registering Groww application is very simple, for which first you have to go to Google Play Store of your mobile and download this application and after that you have to keep your PAN card and bank account with you and the person whose account is to be created should be present himself so that verification can be done through video call, only after this your profile will be activated.

While registering, you have to provide your name and all other details correctly, otherwise there is a possibility of your application getting rejected and your demat account is going to be opened with this application, from which you can invest in the stock market or take a loan, you can manage all those banking facilities from here, for which your PAN card and bank account are necessary.

Eligibility Criteria For Taking Loan Through Groww App :

There are some eligibility criteria to take a loan on Groww application which you have to complete, without this you cannot take a loan from here. And the first eligibility criteria comes in the list of your age should be at least 18 years, only after this you will be able to apply for a loan from here.

The second eligibility criteria is to take a loan from Groww application and that is your source of income i.e. where you work and how much income you earn, you have to provide all that information here. Although you do not have to submit any document here, but all the information related to your work has to be provided correctly so that the company is confident that you will be able to repay your loan on time.

Apart from this, the third eligibility criteria is that the CIBIL score of your bank account should be good, for example, if you had taken a loan from somewhere earlier and you had repaid the money on time, then your CIBIL score will be considered good and you will also get a loan.

Step By Step Guide Of Loan Section:

After going inside the Groww application, you will see the loan option on the bottom right, inside which it will be written how much loan amount you can get according to your CIBIL score and account. Which you can do as less or as much as you need, after that when you click Get Started, here you will get the list of loan time limit i.e. installment payment.

Like whether you want to repay your loan in 12 months or 36 months or 60 months, you will have to select your plan accordingly and in which all the loan related expenses i.e. interest rate and time limit etc. will be shown.

Loan Apply Process In Groww App:

Let us now know the complete process of taking a loan from Groww application step by step, how you have to apply for a loan and how the loan application will be completed. Let us learn this with a little example so that you can get all the information correctly, like let’s assume that we can get a loan of 5 lakhs on our account, but if we apply for a loan of 50000, then what will be the charge for that.

First of all, go to the loan option of this application and write your amount and continue, after that we will get a list of installments to pay, out of which if we select 3 months time period, then we will have to pay 17707 rupees and for 8 months we will have to pay 6830 rupees and for 12 months we will have to pay 4657 rupees per month.

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So if we want to pay 17707 rupees per month as installment for 3 months, then let’s see what other charges are going to be levied on this. So, according to this amount, 13.5% interest will be charged annually, that is for Rs. 1293, we have to pay Rs. 1765 separately, that too with GST.

After seeing everything, we have to continue and select our bank account from the list. After that, we have to tell how we want to pay every month, such as through debit card or through internet banking, which we have to select and continue. We will get an OTP on our mobile number, which after providing and submitting it, it will be approved in a few minutes and the money will be sent to the bank account.

Frequently Asked Questions (FAQs)

What are the interest rate?
Ans :
The interest rate of loan are depending on the total amount of loan application.

Can I prepay my loan?
Ans :
Sure, you can prepay anytime your loan amount.

What happened if I miss a payment?
Ans :
Then the total percentage of late fees interest rate added as per loan guideline.

Conclusion :

Finally, let us know what we have learnt today, out of which first of all we saw how very easily we can apply for a loan from our mobile phone and get it approved in a few minutes and get our loan amount. Along with this, what charges do we have to pay while taking a loan and the entire process is step by step.

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