How To Take A Loan From The Groww App

Introduction :

At present, the rate at which inflation is increasing and the means of income of people are getting reduced, people are not able to meet their expenses with this inflation. And that is why most of the people are trying to go to the website by keeping their work aside, for which loan is a very important thing which everyone needs.

But in reality, a common poor person has to face a lot of trouble to get a loan, let alone getting a loan, after wasting their time and instigating everywhere, in the end they are told some such reasons due to which the person is never able to get a loan, but today we will tell you such a means from where everyone can take a loan and that too in the easiest way.

Groww App Overview :

Today we will talk about an application from where you can do a lot of things like on this application you can make a good future by investing your little bit of money every month through mutual funds on every small and new company of India to the biggest company.

And with this you can also do transactions of buying and selling stocks on the stock market, apart from this, with this application you can also take a loan from your mobile phone within a short time, today we will know about it in detail and with this application you will also be able to make payments anywhere like you used to do with any other app.

Taking A Loan Through Groww App Benefits :

So let’s talk now, what is the benefit if you take a loan from this application and why only this application, why not any other application or any bank? So first of all let me tell you that with this application you will get a loan in a very short time, which will be checked according to your civil score and will show how much loan you can get.

And every process of taking a loan from this application like document verification approval process step by step loan approval, every rule will be written here, which you can see and apply from your mobile phone itself and from applying to the loan money coming to the bank account, you can see the whole thing from here and can also manage it. How much interest will be deducted for the loan and for how many days you will have to pay the loan installment, all these facts you can see here only.

Groww App Set Up Process :

So let’s now see how to register on the Groww application and it is very easy for which you just have to go to Google Play Store on your phone and install and open the Go application. Now some important documents have to be kept in front of you like your PAN card and bank account and the person in whose name you are creating the account should be present himself so that verification can be done through video call.

While registering, provide the correct name and all other facts so that the profile can be approved, otherwise if the document does not match in any way, it can be rejected and your document or bank details are asked here because the Groww application is a finance or banking application, from which you will be able to invest in the stock market and avail loan facility along with every option of making payment from here.

Eligibility Criteria For Taking Loan Through Groww App :

If you take a loan from Groww Application, then there are some eligibility criteria which you have to complete only then you can take a loan from here, like first of all your age should be above 18 years, only then you will be shown the loan option here, without that you cannot take a loan from here.

Along with this, if you work somewhere, then you will have to tell all its information here because if you take a loan, then the company can be sure whether you will be able to pay the installment on time or not so that you do not have any problem in taking a loan. Although here you will not have to give any kind of document related to your job but the information has to be given correctly.

Apart from this, you will also have to maintain your CIBIL score, only then you will be able to get a loan from here, that is, if you had taken a loan on installment earlier and if you paid the money on time, then your CIBIL score will be good and if the CIBIL score is good then you will definitely get a loan.

Step By Step Guide Of Loan Section:

To take a loan inside the Groww application, first open the Go application and on the bottom right side you will find the loan option, click on it and it will be shown here how much loan amount you can get, by checking each of your records, you will be able to do more work according to your needs and after that continue.

After that, you will get a list of installments where there will be some plans like for how many days you want to take the loan, for example, if you want to take 12 months or 36 months or 60 months, you can select it from here, which will show how much amount will have to be paid every month as installment.

Loan Apply Process In Groww App:

So now let us take an example and know in detail how you can take a loan from the Groww application. For example, if we assume that we can get a loan of ₹ 500000 on my account, then what should we do for this and which plan should we choose, after that the further process will be done.

So if we want to take a loan amount of 50000, we have to select it and continue, after that the installment list will come in which we will have to pay 17707 rupees every month. If we take it for 3 months, apart from this, if we take it for 8 months, then we will have to pay 6830 rupees every month and if we take it for 12 months, then we will have to pay 4657 rupees as installment.

Also Read : Unlocking Success And Navigating the Maze of Business Loans

And if we go a little deeper into this loan, what other charges are going to be levied in it, then every month we will have to pay 17707 rupees. If we take a 3-month plan, according to which we will have to pay interest of 13.75 percent annually, that is, according to the entire amount, 1293 rupees more which is 1765 rupees with GST.

And after selecting this first, if we continue, then here first we will have to choose our bank account from the list and after continuing, we will have to tell how we would like to pay the installment, like through ATM card or through net banking, after that again we will continue and an OTP will come on our mobile, after submitting which, within a few minutes the loan will be approved and the money will be sent to our bank account.

Frequently Asked Questions (FAQs)

What are the interest rates?
Ans :
The interest rate of the loan amount are depend on which EMI plan and amount are you selecting.

Can I Prepay My Loan?
Ans :
Of course you can prepare your loan amount in anytime as your choice.

What happens if I miss a payment?
Ans :
If you failed or missed your EMI plan then as per loan guideline the interest amount are include with your amount of EMI.

Conclusion :

So today we learned how we can take a loan from our mobile phone sitting at home with the help of Groww application and how much loan we can get. Along with this, the entire process from applying for a loan to getting the money in the bank account and also about all the other types of loan expenses. And according to us, this medium is very good for taking a loan as soon as possible if you need any kind of loan.


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