EasyPaisa loan is perhaps the most convenient loan scheme Pakistanis can avail of in the shortest possible time. The loan service provides small, short-term credit to people who do not have a formal financial record.
And this is why Telenor Microfinance Bank launched it with the name of EasyPaisa Nano Loan.
You can process your loan application in just 5 minutes EasyPaisa can deposit the loan amount directly into your EasyPaisa account.
You can also call it EasyPaisa ready cash.
So how to get an EasyPaisa loan, who can apply for it, and the eligibility criteria? Let’s find out in this tutorial.
By the way, if you want to check out how to get ReadyCash loan from JazzCash, here is the complete tutorial.
Who can apply for an EasyPaisa loan?
- The digital loan facility is only available to Telenor network customers, both prepaid and postpaid SIMs.
- You also need to have an active EasyPaisa mobile account. But this is not it. Telenor Bank decides based on specific eligibility criteria.
- Plus, the applicant’s age must be between 18 – 65 years.
What are the eligibility criteria for EasyPaisa Digital Loan?
EasyPaisa does not grant the loan to everyone who applies.
The company only approves the applications of customers who have frequently used either Telenor credit (minutes, data, SMS) or used EasyPaisa mobile account over the 90 days.
Telenor hasn’t mentioned what frequency of services they prefer to get an eligibility badge. So it’s kind of hidden criteria.
How much loan can I get?
You can apply for an EasyPaisa loan for up to PKR 10,000. It’s up to Telenor Bank which amounts their team find is suitable for the applicant.
What are the charges (interest rate) of the loan?
You can get the loan for up to 30 days, and the extra charges over the loan amount range between 10% – 20% for 30 days.
If the customer does not pay on time, a 2.5 – 5% extra penalty is applicable on the remaining amount.
Home loan and business loan schemes in Pakistan
Finally, how to apply for the EasyPaisa Loan?
- No documents are required.
- Dial Easy Paisa loan code *786*7# from your Telenor SIM.
- If Telenor Bank rejects a loan, you will receive a text message containing an apology.
- If approved, you will receive a text message containing details of the loan amount, service fees, due date, late payment fees, interest fees, and total repayment amount.
- After getting the confirmation message, you will need to call EasyPaisa helpline 3737, and the customer support guy will proceed with the transfer of the amount into your EasyPaisa mobile account.
- You will receive the loan amount directly into your Easypaisa mobile account.
How to repay the loan amount?
- Dial *786*7# again to start the process.
- Telenor automatically deducts the loan amount on the due date.
You need to have an active EasyPaisa mobile account. If you have not opened it yet, here is a step-by-step tutorial for opening the account.
How to open EasyPaisa Mobile Account?
Telenor’s EasyPaisa is the oldest financial service in town which enjoys the most significant footprint.
- The easiest way is to download EasyPaisa mobile app from Google Play, Apple Store, or AppGallery, follow the wizard, and register your account.
- You will need your CNIC number and issue date during the process of EasyPaisa account registration. Later, create your security PIN and keep it safe. The process works for Telenor and non-Telenor mobile SIMs.
- If you have a feature phone or don’t want to install a mobile app on your smartphone, dial *786# from your Telenor mobile number and follow the instructions to create an account.
- Create your security 5-digit security PIN and move on to adding funds to your account.
You can either use a commercial bank account to transfer money into your EasyPaisa mobile account or go to your nearest EasyPaisa Cash Point Locator.
Non-Telenor mobile users cannot do it without the mobile app procedure.
If you want to open a JazzCash account, you can find a step-by-step tutorial on this link.
Why was my EasyPaisa loan application rejected?
EasyPaisa accepts selected applications based on specific criteria.
The company needs to see your EasyPaisa account usage pattern in the last 90 days.
If you have used your Telenor SIM and EasyPaisa account frequently over the 90 days, the chances are better that your application will be accepted.
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