PayMe India Instant Personal Loan: Interest Rates, Eligibility, How to Apply

Get instant personal loan up to Rs.2 lakh from PayMe India with 36% p.a. interest rate and zero processing fee. Repayment with flexible tenure of 0 to 2 months.

What is PayMe India Loan App?

PayMe India is a unique Fintech organization that provides instant loans at your fingertips. This mobile application is designed to help salaried individuals to get instant cash in case of an emergency. The app has been designed to be completely user friendly. Be it a medical emergency or any other short-term personal requirement, this app is the right choice for you to seek financial assistance.

The company aims to create best-in-class products that can help all sections of people get any financial support they need. They aim to be the preferred means of funding which not only provides easy access to funds but also provides you with the best possible services.

Features and Benefits of PayMe India Loan

These PayMe India loans are becoming increasingly popular due to the various benefits and features mentioned below:

You Can Get Instant Loan With This App: The most important feature of PayMe India Loan is that the loan you get is almost instant. You can get the loan on the same day or within 24 hours depending on your eligibility for the loan. The application process is completely online and allows you to get cash instantly when you need it.

The loan lending process is very secure: PayMe app is highly secure. All data you provide is kept confidential. This also includes the documents that you upload to the app. They have a very simple and transparent application process which makes this option a very reliable one.

Can Log In Anytime: Being a mobile application, it is one of the easiest ways to access any loan scheme that you require. Its interface is extremely user-friendly, so you can easily log in and check available deals.

Fast Processing Process: The application process is undoubtedly extremely simple. You also get the benefit of the approval process which is extremely easy. The appraisal of each loan application is very accurate. Now you will not have to waste your time in long lines to get a loan.

Exclusive Plans for Corporates: PayMe India has an exclusive Advance Salary option along with other loan plans for corporates to ensure that they are able to manage all their operations smoothly. You will never have to worry about any delay in payment or missing the due dates for salary payments with this plan.

Upload documents only once: Once you apply for a loan with PayMe India, the next time you need a loan, you don’t need to go through the document upload process again. This makes it an extremely convenient option for customers to avail frequent loans to meet their expenses and unforeseen financial requirements.

Types of PayMe India Loan

PayMe India offers a variety of loan schemes, making it easy for you to get financial assistance.

The different types of loans include:-

Loan name Purpose
Advance salary loan This loan is provided to individuals to help them meet any financial requirement they may have before the salary is credited to their account. It helps you avoid using credit cards to make large payments when you need cash urgently.
Low salary loan The eligibility criteria for these loans are minimal, making it easy even for those who are on their first job and can avail instant personal loans. These loans are provided to individuals whose salary is up to Rs.20,000 per month.
Short term cash loan Get instant cash loan to use for any business or personal purpose. You can avoid unnecessary loan cycles with access to short term loans. These loans are ideal to tackle any immediate cash crunch.

Features and Benefits of PayMe India Loan

  1. You can avail loan amount of minimum 7,000 and maximum 1,00,000.
  2. The repayment period is between 10 days and 31 days.
  3. The interest is charged very little and is calculated on a daily basis. Contact customer care for more details about the interest rate applicable to your profile.
  4. There is no prepayment fee on these loans.
  5. You are not charged for foreclosure of the loan before the stipulated repayment period.

Documents Required for PayMe India Loan

To avail instant loan on Payme India, customers need to upload the required documents on the application. Once you have created an account and applied for the loan, you will receive a list of documents that need to be uploaded. This includes your KYC documents like Aadhar Card, PAN Card, Passport or Driving License. Apart from this, the customer also needs to provide proof of income and employment in the form of his salary slip and latest bank account statement or IT return.

Eligibility Criteria for Payme India Loan

To be eligible for Payme India Loan, the customer needs to fulfill the following conditions:

  • The age of the applicant should be at least 22 years and not more than 55 years.
  • The applicant should be able to form a legal contract as per the Indian Contract Act 1872.
  • The applicant must be employed by a reputed corporate i.e. job in a reputed corporate.
  • The payment history and track record of the individual should be as per PayMe India requirements.
  • In order to process any loan through PayMe India, it is mandatory to have the salary credited in the bank account.
  • Applicant must have PAN card
  • The applicant must have a bank account.

How to calculate EMI for Payme India Loan?

Planning the finances becomes very easy by calculating the EMI on the total loan before the individual applies. It will also tell you whether a certain loan scheme is right for you or not. To calculate EMI, you can check your EMI instantly using our built-in EMI calculator. This tool implements the formula for calculating EMI. All you have to do is enter the loan amount, tenor and interest rate. It is a reliable option and easy to use as well.

What to check after calculating EMI?

After calculating the EMI, it is extremely important to check whether it fits in your budget or not. Subtract all mandatory monthly expenses from your income and choose an EMI that fits the balance. You can also change your repayment tenure to get better EMI every month.

Payme India Loan Charges & Other Fees

PayMe India charges a minimum processing fee of Rs.300 only. Late payment charges are levied as per the loan provided and the profile of the customer.

Other products from Payme India

Apart from providing short term loans, PayMe India also provides credit advisory services to corporate employees.

PayMe India Customer Care Number

To contact PayMe India, you have the following options:

Tel: 9953253545
Fax: 120-428-0000

Questions and Answers about PayMe India Personal Loan ( FAQs )

How much loan can I get through PayMe India?

Customers can get up to 50% of their monthly income as loan, subject to a maximum loan amount of ₹ 1,00,000 each time.

Can I get more than one loan through Payme India?

You can apply for another loan once any existing loan is completely repaid. However, you have to wait for a period of 5 days before applying for another loan.

Can PayMe India services be accessed from any city?

PayMe India services are currently available in Delhi/NCR, Pune, Mumbai, Bengaluru and Chennai.

Is it possible to get a loan if my salary is in cash?

To process any loan through PayMe India, salary entry in bank account is mandatory. In addition, the subscriber should also be able to show the PF deduction in the salary slip. So, if you are receiving your salary in cash, the loan cannot be processed.

What are the repayment options?

The customer can make the payment on the stipulated due date on an account number which is provided on approval of the loan. Alternatively, repayment of loan can also be automatically deducted from the account on the due date through NACH.

How will the customer be informed about the loan approval?

Once the loan is sanctioned, the customer will be informed through SMS on the registered mobile number.

How long will it take for loan disbursement?

The loan will be credited to the customer’s bank account on the same day it is sanctioned or within 24 hours of approval.

What if the customer is unable to make the payment within the stipulated time period?

In case the customer is unable to repay the loan within the stipulated repayment period, they can inform PayMe India 5 days before the due date to make necessary changes. In case of default, the customer will be informed through SMS and notifications. Legal action can be taken against customers who become defaulters and are not available for communication. They will also have to pay late payment fee. This will also have a negative impact on the credit score, making it difficult for the customer to avail any credit in future.

Full details of PayMe India have been told in this post. What is the interest rate of PayMe India personal loan? What are the documents required for PayMe India personal loan? What is the eligibility for PayMe India personal loan? How to apply for PayMe India personal loan? What is the customer number of PayMe India personal loan? Everything is explained in detail.

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