UPI Instant Loan Scheme: If you’re also tired of credit card hassles and constant calls, here’s some relief. The government is rolling out a scheme that will allow you to get an instant loan of ₹5,000 to ₹15,000 through UPI without any documentation. This new system will be a huge help to the general public, small businesses, and those unfamiliar with banking processes.
Loans can be obtained in minutes through UPI, no documentation required
The process of obtaining a loan under this government scheme will be extremely simple. Finance Minister Nirmala Sitharaman announced this feature during a fintech event in Mumbai. She explained that under the UPI Instant Loan scheme, users will not need to submit physical documents. The loan will be approved directly on the UPI platform in a few clicks and will be transferred to your account immediately.
This loan system will work like a credit limit.
Under this government scheme, banks and fintech companies are working together to provide UPI users with a credit limit of ₹5,000 to ₹15,000. This loan will function like a credit card, but without the high interest rates and hassles associated with it. Users can use this loan as per their needs whether it’s for bill payments, small purchases, or unexpected expenses.
Payments will be made even without an internet connection, a major relief for rural areas.
The Finance Minister also stated that the new UPI system will work even without an internet connection. This means that even people in areas with weak network networks will be able to easily make UPI payments using their registered mobile number. This feature will prove especially useful in rural and remote areas where internet access is still limited.
Another Step Towards the Digital Revolution in the Country
India has already become one of the leading countries in the field of digital payments. Now, the launch of loan facilities through UPI will usher in a new era of digital financing. This will not only strengthen small businesses but also help meet the financial needs of ordinary people immediately.
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Disclaimer: This article is for informational purposes only. Please read the terms and conditions of the relevant bank or institution before making any financial decisions. Neither the author nor the publisher is providing financial advice.
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