PayMe is an online personal loan application developed by Huey Tech Pvt Ltd. in the finance industry. It promises quick disbursal and low-interest rates, making it one of India’s fastest-growing online instant loan apps. With PayMe Online Personal Loan App, salaried and self-employed individuals can access funds anytime, anywhere, with complete safety and security.
Key Features and Benefits of PayMe Online Personal Loan App
Instant Personal Loans Online up to 10 lakhs
PayMe offers instant online personal loans up to ₹10 lakhs with attractive interest rates ranging from 36- 54% p.a. and tenures from 3-24 months. It has a processing fee of 2-10% and APR of 21-156%.
Eligibility Criteria
To avail a loan from PayMe, the applicant must be an Indian resident above 18 years of age with a CIBIL score of at least 650 and a monthly income of at least ₹15,000 after all deductions.
Application Process
The application process is simple and straightforward. A user can install the PayMe loan app, register with their mobile number or email-id, fill in all required details, and upload documents like an Aadhar/PAN card for KYC. Once the application is approved, the loan amount is credited directly to the user’s bank account.
Types of Loan Offerings
PayMe offers three types of loan offerings:
Short-term loan (Bullet loans): Users can avail quick personal loan up to ₹50,000 and make one-time repayments within 15-45 days.
EMI Loan: Apply online instant personal loan up to ₹10 Lakhs with easy repayment tenure of 3 to 24 months.
Empowerment Loan: These are specially personalized loans for women, in which they can avail of personal loans with repayment terms between 3-24 months that can be tailored according to their needs.
Convenience and Transparency
PayMe offers convenience and transparency. There is no physical paperwork required to avail online loan from the app. There are no hidden costs/extra charges and no collaterals required for an instant personal loan. Users can also check their CIBIL score for free.
Example: Term Loan
Let’s take an example of a term loan with the following details:
Loan Amount: 10,000
Tenure: 12 months
Rate of Interest: 36% p.a
Processing Fee: 500 (5%)
Interest accumulated 2,055.45 (on reducing principal balance)
EMI: 1,004.62
Total cost of the loan: 12,255.45
APR: 26% p.a
Final Words
PayMe is an excellent online personal loan application with numerous benefits and features. It offers instant loan approval, easy repayment options, and guaranteed no-collaterals. It is also 100% paperless and transparent with no hidden costs. With its selection process limited to RBI-certified NBFCs and banks, PayMe guarantees high safety and security for its customers. All these features make PayMe one of the best online personal loan applications in India.
