PhonePe, India’s leading payment app, now offers instant personal loans in partnership with banks and NBFCs. These loans are small-ticket, paperless, and get credited within minutes. Perfect for emergencies, but they come at a cost.
PhonePe Loan Interest Rate (2025 Latest Update)
- Interest rate: 16% to 24% annually (depends on credit score & eligibility)
- Loan tenure: 3 months to 24 months
- Loan amount: Starting from ₹5,000 up to ₹5 lakh
This flexibility makes it attractive, but EMI calculation is important before applying.
EMI Calculation for ₹50,000 Loan
1-Year Loan at 18% Interest
- Loan: ₹50,000
- EMI: ₹4,584 per month
- Total Interest: ₹5,008
- Total Repayment: ₹55,008
If you repay within 12 months, you pay only about ₹5,000 extra in interest.
2-Year Loan at 18% Interest
- Loan: ₹50,000
- EMI: ₹2,494 per month
- Total Interest: ₹9,856
- Total Repayment: ₹59,856
If you spread repayment across 2 years, EMI is lighter, but interest doubles.
Which Option Should You Choose?
- Short tenure = higher EMI, lower total interest.
- Longer tenure = smaller EMI, bigger interest burden.
- Always compare with bank loans or credit card EMI options—sometimes they are cheaper than PhonePe personal loans.
Final Verdict
A ₹50,000 PhonePe loan at 18% interest means:
- 12 Months: Pay ₹4,584 EMI, total ₹55,008
- 24 Months: Pay ₹2,494 EMI, total ₹59,856
👉 Quick and convenient loans are great for emergencies, but not always the cheapest. Borrow smart, repay early, and avoid high interest traps.
Disclaimer
This article is for educational purposes only. Loan terms, interest rates, and eligibility depend on PhonePe’s partner banks/NBFCs and may vary for each applicant. Always check official details before applying.
