Google Pay introduces hassle-free loans: Borrow up to Rs 15,000 with repayments of just Rs 111 per month

Google Pay Loans: In the 9th edition of Google's 'Made for India' initiative, a significant announcement has been made to support small businesses. Google Pay now empowers small merchants to access loans of up to Rs 15,000 with remarkable ease. This move comes in partnership with DMI Finance, aiming to address the financial needs of small traders. The initiative, known as Sachet Loan, offers a novel approach to small, short-term loans with minimal complications.

Our experience with merchants has taught us that they often need smaller loans and simpler repayment options.

To meet this need, sachet loans on Google Pay with @DMIFinance will provide flexibility and convenience to SMBs, with loans starting at just 15,000 rupees and can be… pic.twitter.com/SehpcQomCA

— Google India (@GoogleIndia) October 19, 2023

Google Pay: Unveiling Sachet Loans

For those unfamiliar with the concept, sachet loans are small, short-term loans designed to cater to immediate financial requirements. Typically pre-approved and easily accessible, these loans range from Rs 10,000 to Rs 1,00,000, with tenures spanning from 7 days to 12 months. Accessing a sachet loan can be as simple as downloading an app or filling out an online application. The key distinction here is the absence of the extensive paperwork and complexities associated with traditional loans.

Google Pay Loans: Affordable Repayments

One of the most appealing aspects of Sachet Loans through Google Pay is the affordability of repayments. Borrowers can repay these loans with monthly instalments as low as Rs 111. This ensures that individuals can meet their financial needs without straining their budgets, making it as affordable as grabbing a quick meal.

Google Pay Loans: Eligibility Criteria

At present, the sachet loan facility is available in Tier 2 cities. Those with a monthly income of Rs 30,000 can easily access these loans. Google Pay aims to reach out to this demographic to provide a financial safety net, making it accessible for those who need it most.

Google Pay's introduction of Sachet Loans is a promising step towards supporting small businesses and individuals in need. The simplicity of application, affordable repayments, and accessibility in Tier 2 cities make it an attractive option for those facing short-term financial challenges.