Introduction:
Nowadays, taking loan has become a big problem because no one provides loan without income proof and without any guarantee, be it a bank or any loan giving agent. But today we will know about a means from where you can take a loan very easily and that too as soon as possible.
Groww App Overview:
This is an application through which you can get a loan very easily and that too without any hassle. For which no document is required nor are many things required for retirement. Along with this, you can also invest your money on the stock market, the facility of which is also available in this app.
Taking A Loan Through Groww App Benefits :
If you want to take a loan with the help of Groww Application, then it has many benefits like here you can take a loan without any document or income proof and the loan money is also sent to your bank account as soon as possible. Which you can immediately spend on your needs. Apart from this, there is no need to go anywhere to take a loan, which you can apply from your mobile phone itself.
Groww App Set Up Process :
First of all, you have to go to the Play Store of your mobile phone and install the Groww App, which will be available very easily and after installing it, you have to complete your registration process and open a demat account so that you can use this app. Through this you can make any kind of investment or buy stock or avail loan or payment facility.
To create your account on this application, you will have to keep your PAN card with you so that you can verify your identity, for which you will have to verify your name, address, photo and your own bank account by attaching everything correctly as given on the PAN card. So that you can avail any kind of finance related facility with the help of this application.
While registering, you will also have to verify your documents like your ID proof, address proof, your bank account number and your face will also be verified through video call to prove that you are the same person whose documents you have provided here. After this your registration process will be completed.
Eligibility Criteria For Taking Loan Through Groww App:
Before taking a loan, there are some eligibility criteria which you have to fulfill, only then you will be able to take a loan from here, like, to take a loan here, your minimum age should be 18 years.
Along with this, the credit score of your bank account should be good, that is, if you have taken a loan somewhere before or there is a card which you have been paying on time, then your credit score is formed accordingly, which should be good, only then you have But you will get loan.
And if you work somewhere, then you will have to provide some information about it here, although you do not have to provide any document here, but you will have to provide all the information correctly here, which can also be verified later.
Step By Step Guide Of Loan Section:
To take a loan, you have to go inside the Groww application and the loan option will appear on the bottom right side, by clicking on which the activity of all your accounts will be checked and you will be shown how much loan amount you can get, which you can work or spend as much as you want. You should then click on Get Started.
And here you will get the list of installments like within how many days you can complete this loan, like EMI plans of 12 months, 36 months and 60 months will be available here from which you will have to choose.
Loan Apply Process In Groww App:
The process of taking loan from Groww application is very simple, as if we understand it with an example, then as soon as you go to the loan option, it will show you how much loan you can take, out of which if we feel like it, we want a loan of Rs 50000, then for that Will continue by writing your amount.
So we will be shown the installment plan i.e. if we take a loan for 3 months then we will have to pay Rs 177007 and if we take it for 8 months then we will have to pay Rs 6830 every month and for 12 months we will have to pay Rs 4657. to do.
If we want to know the relations and details of this loan, then here we will have to pay Rs 17707 every month for 3 months, which is the interest rate of 13.75% we will have to pay annually and which is Rs 1293 and with this the amount of this loan will be Processing fee of Rs 1765 along with GST will have to be paid.
Also Read : SwiftCash India Your Fast Track to Hassle Free Loans
If we look at this loan date wise, for example, if we take a loan in 27th of 2024, then its next installment will be on 5th July 2024 and its last installment will be on 5th September 2024 i.e. according to the 3 month plan.
After checking all this, you have to continue and after selecting your bank account, through which means you want to pay the installments every month like debit card or net banking, select it and continue and after logging in, you will confirm, then on our bank account. An OTP will be sent to the given mobile number, after entering which, the money will be transferred to the bank account within a few minutes.
Frequently Asked Questions (FAQs)
What are the interest rates?
Ans: It will depend on how much amount and which EMI plan you take the loan for.
Can I Prepay My Loan?
Ans: Yes definitely you can prepay loan without any extra cost.
What happens if I miss a payment?
Ans: If you missed any EMI installment then the installment interest rate are included as per the loan guideline.
Conclusion:
So today we learned how we can take a loan through our mobile phone within a few minutes with the help of Groww App, that too in very simple language and in easy steps, some of its benefits and all types of verification process, approval process. And about all types of loan related charges and the complete process of completing the loan with examples.
