Hello friends, today we will talk about How To Take Loan From Groww App through your mobile phone. With this we will know what is the interest rate for taking loan from Groww Application and when will the loan money be received in our bank account. Also today we will get step by step information about all the remaining loan procedures through the Groww App.
So first of all, if you have not yet opened your demat account on Groww App, then I will share with you the complete process of how to create your account, if you want to know.
Eligibility To Take Loan From Groww App:
As soon as you open the Groww application, you will see the loan option on the bottom right corner, click on it and here you will see what amount of loan you can get as per your account.
If you do trading through Groww app or buy stocks from the stock market or invest money in mutual funds, then there is a high possibility that you can get maximum loan.
So it is certain that if you keep doing transactions on the share market daily with the help of this application, then you will get a good loan and if you create a new account here, then its details will also be visible to you as to how much money you will get as per the loan.
Groww App Loan Document Requirement:
The most special thing about this application is that the loan will be given from here without any document or paper and with zero closure charges. That is, if you create your account on Groww application, for which you have to first verify it by giving your PAN card and bank account, also other verifications after that your account is created.
For which you will not have to give any document again and along with this, if you want to cancel your loan in advance and want to prepay the money, then you will not have to pay any separate money for that.
Loan Interest Rate And Other Charges :
If we wish to go ahead, we can get a loan of upto Rs 5 lakh as per our account, then how much interest will be charged on it and what other charges are going to be made which we will have to pay at the time of repaying the loan or before taking the loan. Let us see all that has to be given with some examples.
So first of all you have to click on the Get Started button and the amount of loan to be taken will be visible here, which you can select as per your requirement. So, we decide that if we have to take a loan of ₹ 500000, then what will be the charge on it. Continue to know what has to be given.
EMI Plan And Duration :
After this, some installment plans will be shown here, like if we select an amount of Rs 5 lakh, out of which Rs 488472 will be received in our bank account. And along with this, there is some plan here like for how many days we want to take this loan, like for 13 months we will have to pay Rs 42500 every month.
Also if we take it for 25 months then we will have to pay Rs 24009 every month or if we take it for 36 months then we will have to pay Rs 17949 every month. Along with this, we can also create a custom EMI which we can change the amount or the time slightly.
So if we select the 36 month plan, then there will be an option of view details next to it, on which you have to click, then here all the interest rates or amount calculation, processing fees and all other dates etc. will be written in details. Which you can calculate.
Loan EMI Details and Charges :
For example, if the loan amount is Rs 5 lakh, then Rs 17949 will have to be paid every month, which is the annual interest rate of 17.49%. That means, on taking a loan of ₹ 500000, we will have to pay interest of ₹ 150173 and for this loan, we will have to pay processing fee for get of ₹ 11528 along with GST.
Along with this, if we talk about the date, then if we take the loan on 22nd April 2024, then its first installment will be deducted on 2nd June 2024 and the last installment date will be 2nd in 2027 that is the period for which is going to be 36 months and 9 days.
Loan Apply Process In Groww App:
So let us now apply for a loan and see the complete process step by step with the help of Groww Application. So first of all you have to go to the loan option and enter the amount of the loan you want to take and then from the EMI Plan list, we select 3 months installment on which we will have to pay Rs 17560 every month.
After this, click on the auto pay option of the select bank and select the bank account which was linked on this application and click on the setup auto pay option.
Also Read: How Much Car Loan Can I Get On 20,000 Rupees Salary
Now you have to fill the Create Mandate form like the money which will be deducted as installment every month, through which medium you want to repay the loan like debit card or net banking which you have to select and then click on the check box. Have to tick and submit.
For example, if we want to make payment through net banking, then after continuing, the internet banking login page and you need login to the account.
Loan Verification Process In Groww App:
After this, you will get a screen to take a selfie photo. For verification, you have to click on Allow Access option so that a photo of yourself can be taken from the screen for identity verification.
After that you will have to confirm your CKYC and your personal details like your name, PAN card, date of birth and address or everything else which you will have to verify and confirm so that the loan amount reaches the right place. There should not be any problem.
And in the end, you will be shown all the details related to the loan like how much loan amount you have taken, how much processing fee you have to pay for it and how much interest rate you have to pay and how much money you have to pay every month as per installment and for how many days. The loan you are taking for and other details will be written here which you have to confirm and click on complete withdrawal.
After this, as soon as you continue, an OTP will come on the mobile number given on your Groww application, which you have to enter and confirm, after that it will be written on the mobile that your money is on the way, that is, your money will be sent to your bank account within some time. Will be given and just like that you can take loan from Groww application and that too within a few minutes without any tension.
I hope you have understood this entire process well. If you are facing any kind of problem or difficulty then you can tell us by commenting below, I will definitely try to help you on this subject.
