How To Take A Loan From Groww App

Introduction :

At present, the way inflation is increasing in our country and the price of every essential thing is increasing, it has become difficult for a poor or ordinary person to meet his expenses, where the means of income of people are gradually decreasing.

When people want to leave their work and take a loan to arrange money to do something else, then they have to give a lot of documents or proof and after applying everywhere, in the end they do not get the loan and they are unable to do anything. But today we will tell you such a way by which you can get a loan very easily in the shortest time.

Groww App overview:

Groww is an application through which you can manage all the work related to finance and banking from one place. For example, with this application, you can invest your money in every small and big company of India through mutual funds and along with that you can also buy or sell stocks in the share market.

Apart from this, you can take instant loan from this application which is paperless and that too within a few minutes the money will come from your mobile phone to your bank account. You can also make payments everywhere with this application like everyone does on other UPI applications and it is very easy to use, which we will learn in detail today.

Benefits Of Taking A Loan Through Groww App :

So let’s now talk about what benefits we are going to get by taking a loan with the help of Groww App and why we should take a loan from this application. So first of all let me tell you that with this application you can get the fastest loan for which you do not need to go anywhere and there is no need to ask or talk to anyone, whatever work you have to do will be done from your mobile itself like verification of loan documents or approval process and the whole process till the loan amount comes to the bank.

Along with this, from taking a loan here to what are the processing charges inside it and other expenses which are necessary for taking a loan like how much interest will be charged, for how long do you want to take the loan and how much installment will have to be paid every month and how much money you can get according to the loan, you will also be able to see that by checking your civil score, this application will tell you how much loan you can get.

Groww App Registration Process :

The registration process on Groww application is quite simple, for which first you have to install this application from Google Play Store and after opening it, you have to keep some documents with 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 your profile can be approved on verification or else it will be rejected.

After this, you will have to give the details of your PAN card and bank account because this is a banking application or you can do all the work of finance from here, for which all these documents are very important. So that whether it is to invest in the stock market or the process of taking a loan, all that can be done very easily. After this, your name and all other information has to be verified and your demat account will be ready.

Eligibility Criteria For Taking Loan Through Groww App :

The Groww application has some eligibility criteria to take a loan because if you do not fulfill this criteria then the company will refuse to give you a loan and before that you have to assure that you follow all the rules like your age should be minimum 18 years only then you will get a loan.

Apart from this, you have to provide the correct information about where you work here but you do not need to provide any document but whatever information you have, you have to write it correctly so that there is no problem later and the company can be confident that you will be able to pay your installment on time.

Along with this, the civil score of your bank account should be good, like if you had taken a loan earlier or you use a credit card and if you used to pay your installment on time, then your civil score will be good and if there is any problem then the civil score decreases which will be seen from here and if it is fine then only you will get the loan.

Step By Step Guide Of Loan Section:

To take a loan on Groww application, you will see the loan option on the bottom right side by going inside this application where it will be written how much loan money can be obtained by looking at each of your details, which you can also increase or decrease while taking the loan as much as you need and then continue.

So here the installment plan will come like for how many days you want to take the loan and how much money will have to be paid every month as installment, like 12 months or 36 months or 60 months, you want to repay the loan for that time, you have to select it from the list and continue.

Loan Apply Process In Groww App :

Let us now know how to take a loan from the Groww application, the whole process that too with an example and the whole process from the beginning till the money comes is going to be done. So first of all we assume that we can get a loan of up to 5 lakhs on our account, but out of that we will apply for a loan of ₹ 50000.

And as soon as we write this amount and click continue, we will get a list of installment plans like if we take it for 3 months, then we will have to pay Rs 17707 every month as installment and if we take it for 8 months, then we will have to pay Rs 6830 and if we take it for 12 months, then we will have to pay Rs 4657 per month.

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

Apart from this, all the other expenses while taking the loan, like if we pay Rs 17707 every month for 3 months, then the annual interest on it will be 13.75 percent and which is Rs 1293 interest, which will total to Rs 1765 with GST.

After selecting this plan, if we want to continue and continue after fixing the bank account, then we will have two options, first we want to pay the installment with our ATM card or we want to pay through internet banking, whichever we find easy, we will select it and continue, then we will get an OTP on our mobile, after giving which, the loan amount will be transferred to our bank account within a few minutes.

Frequently Asked Questions (FAQs)

What are the interest rate?
Ans :
It is depend on which EMI plan you are choosing.

Can I prepay my loan?
Ans :
Definitely you can prepay your loan amount anytime without any extra charges.

What happened if I miss a payment?
Ans :
If you missed your EMI installment then from the next day company are calculated the interest amount as per the loan guideline.

Conclusion :

Today we saw and learn with the help of this article how you can get a loan from your mobile phone as soon as possible with the help of Groww application and that too very easily. Here we saw with examples the whole process from applying for a loan to depositing your loan amount in the bank account and I hope you have understood everything and with this you can take a loan if you need it.

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