How to Apply for a Personal Loan on Earnipay

How to Apply for a Personal Loan on Earnipay

Loan Eligibility Criteria
To qualify for a personal loan through Earnipay, applicants must meet the following requirements:
  1. Salary Earner: You must be employed and receive a regular salary.
  2. Positive Credit History: Your credit history must be positive, indicating good financial behavior and responsibility.
  3. Tier 3 Earnipay Account: You must have a Tier 3 Earnipay account, which means your account is fully verified and you have completed the Know Your Customer (KYC) requirements.

How to Apply for a Loan on the Earnipay Mobile App
Follow these steps to apply for a personal loan:
  1. Step 1: Log In to Your Earnipay Account
    - Open the Earnipay mobile app on your device.
    - Enter your login credentials to access your account.

  2. Step 2: Navigate to the Loan Section
    - Once logged in, locate the ‘Loan’ menu at the bottom of your homepage and tap on it.

  3. Step 3: Review the Welcome Note
    -Welcome notes will appear, providing an overview of the loan application process. Read it carefully.
    - After reviewing, tap on "Continue."
(Note: At this point, the system will automatically run a credit check. If your credit check is negative, you will not be able to proceed with the loan application.)

  1.  Step 4: Select Your Primary Provider/Bank
    - After the credit check, tap on "Continue."
    - Choose your primary bank from the list provided. (Ensure that this bank account is where your salary is deposited.)

  2. Step 5: Enter Your Bank Details
    - Input your bank account number, your name as it appears on the account, and the phone number linked to your bank account.
    - Once all the details are correctly entered, tap on "Continue."

  3. Step 6: Verify Your Identity
    - You will receive a Ticket ID and an OTP/Password on the phone number linked to your bank account. (Note that your account would be charged a small fee for this. It varies from bank to bank)
    - Enter the Ticket ID and OTP/Password in the respective fields on the app.
    - Tap "Continue" to proceed.

  4. Step 7: Loan Limit Generation
    - After a successful My Bank Statement (MBS) verification, the system will generate your loan limit based on your credit profile and salary information.
    - Tap on "Go Back" to view your available loan limit.
Next Steps
With your loan limit visible, you can decide the amount you wish to borrow, your preferred repayment option, as well as linking your account for direct debit. If everything is in order, your loan will be processed and disbursed to your Earnipay account.

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