An essential component of India’s paperless economy, the UPI has emerged in the dynamic world of online banking. The implementation of the UPI credit line, which builds on this paradigm, makes it possible to include credit facilities in regular transactions in a smooth manner.

What is a UPI Credit Line?
A pre-approved credit facility that links to a user’s UPI account is called a UPI credit line. It enables a person to access borrowed money for a purchase or payment that will be paid back later. This approach provides a more user-friendly and accessible type of credit, doing away with the necessity for a standard credit card that is always available.

Key Features of Credit Line:
1. Easy Access: In this feature, borrowers will have easy access to their funds with just linking their credit line to any UPI app.

2. Repayment Flexibility: Borrowers will have their flexibility to pay back their entire amount of credit used or can pay in parts.

3. Safer Money Transaction: With this feature, there is another layer of protection for each transaction, which will be verified with a unique UPI pin.

4. Easy Usage: The credit line can be used in the business through e-commerce platforms or by scanning QR codes.

Eligibility Criteria:
The potential applicants for this credit line need to be 18 years of age time they apply. Following this, they must have a savings account that can hold a credit line. After these basic steps, there is a credit score assessment and also a KYC process before approving the credit line.

Also Read: Top 6 Credit Cards With Best Shopping Offers: Check the List

How to apply for a Credit line?
Open the UPI-enabled app of your choice, such as Google Pay, PhonePe, or Paytm, before creating a credit line. Proceed to the ‘loan’ or ‘credit services’ area of the app now. Once there, choose to apply for a credit line and fill out the necessary personal and financial information. You must finish the KYC procedure after submitting your application, which usually entails presenting documents and proving your identification. You can begin utilizing your credit line for transactions as soon as it is approved and connected to your UPI account.

Also Read: Top 5 best credit cards with Airport lounge access

Share

• 
• 
• 
• 
• 
•