In India, there are multiple options available to get a loan, including traditional banks, NBFCs, and digital lenders.
However, it would surprise you highly if you came to know of a digital lender that also happens to be one of the leading telecommunication companies in the country!
Yes, one such digital lender is Airtel, which offers loans to its customers.
Airtel, formerly known as Bharti Airtel, is one of the leading telecom majors in India, providing various services like mobile phone communication, broadband, and DTH services.
This article discusses the Airtel loan and the detailed process of obtaining it.
Airtel Loans
Airtel offers a personal loan to its customers called Airtel Money Loan.
This loan is provided by partnering with various lenders.
Airtel Money Loan is an unsecured loan, which means that you do not need to provide any collateral to get the loan.
The loan amount ranges from Rs. 1000 to Rs. 25,000, and the repayment tenure varies from 61 to 90 days.
Eligibility criteria to obtain the Airtel personal loan
To get a loan from Airtel, you need to fulfill the following eligibility criteria.
- You should be a resident of India.
- You should be at least 18 years old.
- You should have a valid Aadhaar card.
- You should have an authentic mobile number linked to your Aadhaar card.
- You should possess a valid Airtel Payments Bank account.
What are the documents required to obtain the loan?
To apply for Airtel Money Loan, you need to furnish the following set of documents.
● Aadhaar Card:
A valid Aadhaar card is mandatory to apply for the Airtel personal loan.
● PAN Card:
Submitting a PAN card is optional, but it can help in the faster processing of the loan.
● Bank Account Details:
You need to provide your bank account details to receive the loan amount.
● Address Proof:
Any document like a driving license, passport, or utility bill can be submitted as address proof.
Steps to apply for the Airtel Money Loan
You can follow the below steps to apply for the Airtel Money Loan:
Step 1: Open the Airtel Thanks App
The first step is to open the Airtel Thanks app on your smartphone. If you do not have the app, you can download it from the Google Play Store or Apple App Store.
Step 2: Click on the ‘Discover Airtel Money’ option
Once you open the app, click on the ‘Discover Airtel Money’ option from the main menu.
Step 3: Click on the ‘Personal Loan’ option
From the Airtel Money menu, click on the ‘Personal Loan’ option.
Step 4: Check your eligibility
After clicking on the ‘Personal Loan’ option, you will be redirected to a page where you need to verify your eligibility.
You need to provide your Aadhaar number and mobile number linked to your Aadhaar to check your eligibility.
Step 5: Choose the loan amount and repayment tenure
If you are eligible for the loan, you can choose the loan amount and repayment tenure.
The loan amount ranges from Rs. 1000 to Rs. 25,000, and the repayment tenure varies from 61 to 90 days.
Step 6: Submit the required documents
After selecting the loan amount and repayment tenure, you need to submit the required documents.
You can submit the documents online, and there is no need to visit any branch or Airtel service centers to submit physical copies of the documents.
Step 7: Accept the loan offer
Once your documents are verified, you will receive the loan offer. You can accept the loan offer and proceed with the loan disbursement process.
Step 8: Receive the loan amount
After accepting the loan offer, the loan amount will be credited to your bank account linked to your Aadhaar number.
Repayment procedure of the Airtel Money Loan
The repayment of the loan is done automatically from your Airtel Payments Bank account.
The amount is deducted on the due date of the loan, which is mentioned in the loan agreement. You can also prepay the loan anytime before the due date.
Benefits of the Airtel Money Loan
1. Quick Disbursal:
The loan amount is disbursed within minutes of loan approval.
2. No Collateral:
Airtel Money Loan is an unsecured loan, which means that you do not need to provide any collateral to get the loan.
3. No Physical Documents:
You can submit the required documents online, and there is no need to visit any branch or submit physical copies of the documents.
4. Flexible Repayment Tenure:
The repayment tenure ranges from 61 to 90 days, which provides flexibility in repaying the loan.
5. Loan Amount Range:
The loan amount ranges from Rs. 1000 to Rs. 25,000, which is suitable for small and urgent financial needs.
Tips for Getting Approved for an Airtel Money Loan
1. Ensure You Meet the Eligibility Criteria:
Before submitting the final application for the loan, make sure that you meet the eligibility criteria. If you do not meet the eligibility criteria, your loan application will be rejected.
2. Provide Accurate Information:
Ensure that you provide accurate information while filling out the loan application form. Providing incorrect information may lead to the rejection of your loan application.
3. Maintain a Good Credit Score:
A healthy credit score can increase your chances of getting approved for the Airtel personal loan. A credit score of 750 or above is considered good by lenders.
4. Keep Your Debt-to-Income Ratio Low:
Debt-to-income ratio is the ratio of your monthly debt payments to your monthly income. Keeping your debt-to-income ratio low can increase your chances of getting approved for a loan.
5. Have a Stable Income Source:
Having a stable income source can increase your chances of getting approved for the Airtel Money Loan. Digital lenders like Airtel prefer borrowers who have a stable source of income.
Other financial services offered by Airtel
In addition to Airtel Money Loan, Airtel also offers other financial services, such as Airtel Payments Bank, Airtel Credit Card, and Airtel Insurance.
- Airtel Payments Bank is a digital savings account that offers various banking services, such as money transfer, bill payment, and online shopping.
- Airtel Credit Card is a co-branded credit card offered in partnership with various banks.
- Airtel Insurance is a term insurance plan offered in partnership with HDFC Life.
To access these services, you need to have an Airtel account.
You can create an Airtel account by downloading the Airtel Thanks app or visiting the Airtel website.
Once you have an Airtel account, you can access all the services offered by Airtel.
Related Article: Different ways to check airtel balance
Conclusion
Getting a personal loan from Airtel is a quick and convenient way to get cash in case of dire financial circumstances.
The Airtel Money Loan is an unsecured loan, which means that you do not need to provide any collateral to get the loan. Simply download the Airtel Thanks app, and establish the Airtel Payments Bank account to proceed with your application.
On meeting the eligibility criteria and the required online documentation, the loan amount will be disbursed to your Airtel Payments Bank account instantly after approval
Airtel Loan Related FAQs
1. What is the interest rate on Airtel Money Loan?
The interest rate on Airtel Money Loan varies from lender to lender.
Airtel partners with various lenders like Kotak Mahindra Bank, Muthoot Finance, etc., to provide the loan, and the interest rate is decided by the lender.
2. How long does it take to get a loan from Airtel?
A: The loan amount is disbursed within minutes of loan approval. However, the loan approval process may take a few hours to a few days, depending on the lender.
3. Can I prepay the loan?
A: Yes, you can prepay the loan anytime before the due date. There are no prepayment charges for Airtel Money Loan.
4. Can I apply for Airtel Money Loan offline?
A: No, you cannot apply for Airtel Money Loan offline. The loan application process is completely online, and you need to submit the required documents online as well.
