In today’s digital age, getting a personal loan has become faster and easier than ever. With Groww, one of India’s leading financial platforms, you can apply for a personal loan online without visiting any bank branch or filling out lengthy paperwork. This article explains step-by-step how to take a personal loan using the Groww app, its eligibility criteria, interest rates, benefits, and other important details.
What is Groww Personal Loan?
Groww, initially known for mutual funds and stock trading, has now introduced Groww Credit, a feature that allows users to borrow instant personal loans directly through its mobile app.
These loans are completely collateral-free, meaning you don’t need to pledge any assets. The entire process, from application to loan disbursal, happens digitally within minutes, making it a convenient option for salaried individuals and self-employed professionals.
Key Features of Groww Personal Loan
100% Digital Process – Apply directly from the app without paperwork.
Instant Approval & Disbursal – Eligible users get funds credited quickly.
No Collateral Required – Completely unsecured loan.
Flexible Loan Amount – Borrow from ₹10,000 up to ₹10,00,000 (depending on eligibility).
Multiple Repayment Options – Choose tenure from 3 months to 60 months.
Transparent Charges – No hidden costs; all fees are disclosed upfront.
Competitive Interest Rates – Rates vary based on your credit score and profile.
Eligibility Criteria
Before applying for a personal loan on Groww, ensure you meet the following basic requirements:
Criteria Requirement
Age Minimum 18 years (some lenders may require 21 years)
Citizenship Indian resident
Employment Salaried or self-employed with stable income
KYC Documents Aadhaar, PAN, and address proof
Bank Account Active savings account for disbursal
Credit Score Higher score improves approval chances
Documents Required
You need to keep the following documents ready for faster approval:
Identity Proof – Aadhaar card, PAN card, Passport, or Voter ID
Address Proof – Aadhaar, utility bill, rental agreement, etc.
Income Proof – Salary slips, Form 16, or last 6 months’ bank statement
Photograph – A recent passport-size photo
Note: In many cases, Groww auto-verifies KYC through your Aadhaar and PAN, reducing manual uploads.
Step-by-Step Guide to Apply for a Personal Loan on Groww
Step 1: Download or Open the Groww App
If you don’t have the Groww app, download it from Google Play Store or Apple App Store. Existing Groww users can directly access the loan section.
Step 2: Complete Registration
Sign up using your mobile number and verify it with OTP. Existing Groww account holders can simply log in.
Step 3: Complete Your KYC
Update your Aadhaar and PAN details for identity and address verification. This step is mandatory to access credit services.
Step 4: Check Loan Eligibility
Go to the Groww Credit section and check the loan offers available. The app will display:
Maximum loan amount you are eligible for
Applicable interest rate
Tenure options
Processing fees (if any)
Step 5: Choose Loan Amount & Tenure
Select the loan amount based on your needs and pick a repayment period between 3 months and 60 months.
The app will automatically calculate your EMI (Equated Monthly Installment).
Step 6: Upload Required Documents
Upload income proof (if required) such as salary slips or bank statements. Many users with pre-approved offers may not need to upload any extra documents.
Step 7: Loan Approval & Disbursal
Once the lender reviews and approves your application:
You will receive a digital loan agreement to e-sign.
After signing, the approved loan amount will be credited directly to your bank account, usually within minutes.
Interest Rates and Charges
The interest rate depends on factors such as your credit score, repayment history, and income level.
Typical ranges are:
Interest Rate: 12% to 24% per annum
Processing Fee: 1% – 3% of the loan amount (plus GST)
Late Payment Charges: Applicable if EMI is delayed
Prepayment Charges: Some lenders allow free prepayment after a few months
Benefits of Taking a Loan from Groww
- Convenient & Paperless – No need to visit a bank branch.
- Quick Disbursal – Money is credited within minutes of approval.
- No Collateral Required – Fully unsecured loan.
- Multiple Tenure Options – Flexible repayment schedule.
- Transparency – No hidden charges or surprise deductions.
- Available 24/7 – Apply anytime, anywhere.
Tips to Improve Loan Approval Chances
Maintain a good credit score (750+ is ideal).
Keep your existing EMI obligations low.
Ensure your income is stable and documented.
Avoid multiple loan applications at once.
Check eligibility regularly in the app.
FAQs About Groww Personal Loan
- What is the maximum loan amount I can get from Groww?
You can get up to ₹10 lakh, depending on your credit profile. - How long does it take for the loan to be approved?
If you are pre-approved, it can be instant, with funds credited within minutes. - Is there any collateral required?
No, Groww personal loans are unsecured. - Can self-employed individuals apply?
Yes, self-employed professionals with proof of income can apply. - What are the minimum and maximum tenures?
Tenure ranges from 3 months to 60 months. - Will applying for a loan affect my credit score?
Yes, a hard inquiry may slightly impact your score temporarily. - How can I check my EMI amount before applying?
Groww displays EMI details before you confirm your application. - Is a PAN card mandatory for loan approval?
Yes, PAN is required for verification and compliance purposes. - Can I repay the loan early?
Yes, many lenders allow prepayment, but charges may apply. - How do I know if I am eligible?
Your eligibility is auto-calculated when you check offers in the Groww Credit section. - Are there any hidden charges?
No, Groww displays all fees clearly before you proceed. - What happens if I miss an EMI?
Late fees and penalties will apply, and it may affect your credit score. - Do I need a high credit score to apply?
A higher score improves your chances, but some users with moderate scores may still qualify. - Can I apply for multiple loans at once?
It’s recommended to apply for one loan at a time to avoid rejections. - How do I track my loan status?
You can track your loan status directly in the Groww app. - Is Aadhaar verification compulsory?
Yes, Aadhaar-based eKYC is compulsory for verification. - Can I use the loan for any purpose?
Yes, you can use it for travel, weddings, education, medical bills, etc. - Is there a processing fee refund if my loan is rejected?
No, processing fees (if charged) are usually non-refundable. - What is the minimum salary required to apply?
Typically ₹15,000–₹20,000 per month, though it varies by lender. - Can I get a loan without income proof?
Only if you have a pre-approved loan offer visible in the app.
Conclusion
The Groww app provides a seamless, paperless way to get instant personal loans. Whether you need emergency funds, want to consolidate debts, or finance big purchases, Groww makes borrowing hassle-free and transparent.
By maintaining a good credit score and understanding the loan terms, you can use Groww to get affordable credit with minimal effort.
