UPI Transaction: In this era of digitalisation, everyone makes payment through UPI. From big shopkeepers to street vendors also accept UPI transactions. In view of the increasing trend of UPI, recently Pre-Approved Loan facility has been started for the people by UPI. With this facility, you will now be able to make UPI payment even if there is no money in your bank account.

UPI started pre approved loan

RBI has given the green signal to the facility of Pre Approved Loan of UPI. Now customers can make payment without credit card through Pre Approved Loan. Just like you go to the bank and apply for a loan. Similarly, now you can apply for loan through the app. After applying, the bank will give it Pre Approved Credit Line. Now you will be able to make payment through UPI even if there is no money in the account.

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RBI gave permission

Reserve Bank of India has given permission to link RuPay credit card with UPI for making payment through credit. To take a Pre Approved Loan, it will be mandatory for you to follow the terms and conditions of bank credit lines. Banks may set terms and conditions while using credit lines based on their board approved policy. If a person has a pre-approved credit line of Rs 60,000. So he can use it in UPI transactions.

Superfast News Coverage By YuvaPatrkaar.com Team

Publish Date: September 11, 2023

Posted By Rahul Bhardwaj

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