Google Pay has partnered with DMI Finance to provide loans to small traders. Not only this, Google Pay in partnership with ePayLater has also started the facility to enable a credit line for merchants.
Recently, Google India has started the facility of giving loan (GPay Loan) through Google Pay application to help small traders. Google India said that merchants in India often need small loans. Under this, small loans of up to Rs 15,000 are also being given to merchants by Google Pay, the minimum amount to be repaid can be up to Rs 111. Under this, a loan up to Rs 1 lakh can be availed, which can be repaid in a period ranging from 7 days to 12 months. Google Pay has partnered with DMI Finance to provide loans to small traders. Not only this, Google Pay in partnership with ePayLater has also started the facility to enable a credit line for merchants. Using this, merchants can buy goods from all online and offline merchants.
How to get this loan?
If you want a loan for business from Google Pay, then first of all you should have an account on Google Pay for Business app. Let us know how you can get a small loan for business through Google Pay in 8 steps.
- First of all open your Google Pay for Business app.
- After this go to the Loans section and click on the Offers tab.
- There you have to select the loan amount you want and click on Get started. As soon as you click, you will be redirected to the lending partner’s website.
- After this login to your Google account. You will also have to give your personal details there. Also, the loan amount will have to be decided and the period for which the loan is being taken will have to be mentioned.
- After this you will have to review your final loan offer and e-sign the loan agreement.
- After all this, you will have to submit some KYC documents, through which your verification will be done.
- After this, for EMI payment you will have to click on Setup eMandate or Setup NACH.
- In the next step you will have to submit your loan application and you will get the loan. You can track your loan in the My Loan section of your app.
Google Pay Vice-President Ambarish Kenghe said that in the last 12 months, a value of Rs 167 lakh crore has been processed through UPI. He told that till now, about half of the loans given by Google Pay have been given to people whose monthly income is less than Rs 30 thousand. Most of these people are from Tier-2 cities or cities in the lower category.
Google India has started many more facilities for small traders in India. Google India said that with the help of AI, Google Merchant Center Next will automatically populate a merchant’s product feed by detecting it from his website. However, merchants will have full control over what is included in their feed and what is not.
Through DigiKavach, Google India is working to provide protection to people from financial scams and frauds. Google Pay has worked to prevent scams worth about Rs 12 thousand crores from happening on Google Pay and has taken important steps towards blocking about 3500 suspicious loan apps.
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