Payme India offers short-term cash loans up to Rs.1 lakh for tenures ranging from 10 days to 31 days. The processing fee is set at Rs.300 and the interest rate varies from 1% of the loan amount to 3.1% of the loan amount depending on the tenure of the loan.
|Lender||Interest Rate||Processing Fee||Max Tenure|
|Payme India||1% of the loan amount to 3.1% of the loan amount based on the tenure*||Rs.300||10 days to 31 days|
*The minimum interest rate is 1% of the loan amount for the lowest tenure, i.e. 10 days. The interest rate increases by 0.1% for each day of the tenure extending up to 31 days, thereby making 3.1% the highest interest rate applicable to the loan.
Payme India works in a very simple manner to provide immediate access to funds for those looking to meet emergency expenses. Here are the steps to apply for and avail a loan from Payme India:
The eligibility criteria for a personal loan from Payme India are determined by the Payme India system depending on the company’s internal lending criteria. Some of the common eligibility criteria include:
Once you have downloaded the Payme India app, you will be asked to submit a few documents that have been mandatory by the Reserve Bank of India for the completion of your KYC. These documents include your PAN details, your bank statement, your salary slips, etc.
Here are the key features and benefits of Payme India personal loans:
Short term loans are offered by banks and financial institutions and other lenders to help borrowers meet their immediate financial needs. They are primarily used to meet your regular expenses or pay for emergency expenses such as payment of overdue utility bills, medical expenses, unexpected repairs to your two-wheeler or four-wheeler, etc.
Payme India currently offers its services in New Delhi, Bangalore, Mumbai, Chennai, Hyderabad, and Pune.
No. Payme India requires applicants to have a salary account to avail a loan. Applicants will also have to submit their bank statement along with their payslips in order for the loan to be processed.
Customers who borrow from Payme India will receive an account number that can be used to repay the loan. The loan amount can also be deducted from the account information you have provided automatically via NACH.
Once you apply for a loan from Payme India, you will get a notification through the mobile app. You will also receive an SMS on your registered mobile number when your loan application is approved.
In case you feel like you will not be in a position to repay the loan before the completion of the tenure, you will have to get in touch with the company at least 5 days before the agreed repayment date.
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