In last ten years the UPI and the online transactions has seen a rise. From the year 2016 the UPI payments has seen a boost.
Nowadays, from a shopkeeper to every other big personalities are using this. Today most of the payments are done using this. People are free from the change issue, where people had to keep change for buying things from the market, especially at the petrol pump.
The UPI offers many features. It makes things easier for the people. The payment is now done in seconds using this. The Unified Payments Interface is getting modified after addition of new features year after year.
UPI has a unique feature which gives user to pay when they don’t have money in the account in the form of credit. This feature is known as Credit Line.
About This Credit Line Feature?
Now most of the people have started using this UPI facility. Under this UPI, comes a credit line feature. Under this Credit Line feature if any individual don’t have feature then also that person can pay to anyone. It will be in a form of credit like a credit card. This works as a pre-approved loan.
How Can You Use It?
For doing this you need to open the application Following this step, you need to tap on the credit line option. After this step you need to select the Bank. Doing this will open a page where you will be able to see the Credit Link of the bank. After this step you need to confirm to link the credit line with the Bank account. In the final step you will have to create a UPI Pin. With that pin you will able to make payment using the credit line. But these services are not for free, for this the bank will charge you particular interest rate.
When you apply for the loan the bank also charge interest there too. Similarly, here also the bank will be putting the charges.
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