EasyPaisa loan is one of the most convenient lending schemes available to Pakistanis in the least amount of time. The loan business offers small, short-term loans to people who do not have a formal financial history.
This is why Telenor Microfinance Bank launched it under the name EasyPaisa Nano Loan. You can process your loan application in only five minutes. EasyPaisa can transfer the loan money directly to your EasyPaisa account.
You can also refer to it as EasyPaisa Ready Cash. So, how do you acquire an EasyPaisa loan, who can apply for it, and what are the eligibility requirements? Let us find out in this tutorial.
Who can get an Easypaisa loan?
The digital lending feature is exclusively available to Telenor network customers, including prepaid and postpaid SIM cards. You also need an active EasyPaisa mobile account. But this isn’t it. Telenor Bank makes decisions based on particular qualifying criteria. Furthermore, the applicant’s age must be between 18 and 65 years old.
What are the eligibility requirements for Easypaisa Digital Loans?
EasyPaisa does not issue loans to everyone who applies. The company only authorizes applications from consumers who have often used Telenor credit (minutes, data, SMS) or an EasyPaisa mobile account in the previous 90 days. Telenor has not stated the frequency of services they prefer to receive an eligibility badge. So it’s sort of a hidden criterion.
How much of a loan can I get?
You can apply for an EasyPaisa loan of up to PKR 10,000. It is up to Telenor Bank to determine which amounts are appropriate for each applicant.
What are the loan costs (interest rates)?
You can acquire the loan for up to 30 days, with extra charges ranging from 10% to 20% of the loan amount. If the customer does not pay on time, an additional 2.5-5% penalty will be applied to the outstanding balance.
Finally, how can I apply for the Easypaisa loan?
- No documentation is required.
- Dial the EasyPaisa loan code *786*7# from your Telenor SIM.
- If Telenor Bank rejects your loan application, you will receive an apology by text message.
- If authorized, you will receive a text message with information about the loan amount, service costs, due date, late payment fees, interest fees, and total repayment amount.
- After receiving the confirmation message, call EasyPaisa hotline 3737, and the customer care representative will deposit the funds into your EasyPaisa mobile account.
- You will receive the loan money directly to your Easypaisa mobile account.
How do I repay the loan?
- To begin the process, dial *786*7# again.
- Telenor automatically deducts the loan balance on the due date.
- You must have an active EasyPaisa mobile account. If you haven’t already made an account, here’s a step-by-step guide.
How can I open an Easypaisa mobile account?
- Telenor’s EasyPaisa is the town’s oldest banking service, with the largest footprint.
- The simplest method is to download the EasyPaisa mobile app from Google Play, Apple Store, or AppGallery, follow the wizard, and create an account.
- During the EasyPaisa account registration procedure, you will be required to provide your CNIC number and issue date. Later, generate and keep your security PIN safe. The procedure works for both Telenor and non-Telenor mobile SIMs.
- If you have a feature phone or do not wish to install a mobile app on your smartphone, dial *786# from your Telenor mobile number and follow the prompts to set up an account.
- Create your security 5-digit PIN and proceed to contribute funds to your account.
- You can transfer money into your EasyPaisa mobile account using a commercial bank account or by visiting your nearest EasyPaisa Cash Point Locator.
- Non-Telenor mobile customers are unable to complete the operation without using the mobile app.
Why was my Easypaisa loan application rejected?
- EasyPaisa accepts applications based on certain criteria.
- The organization needs to know how you used your EasyPaisa account in the last 90 days.
- If you have used your Telenor SIM and EasyPaisa account frequently during the previous 90 days, your application is more likely to be accepted.