Gpay Sachet Loan Interest Rate: Google Pay is giving this much loan at EMI of Rs 111 per month, you can apply like this..
Now people will also be able to take loans from Google Pay, the payment app of the giant tech company Google. The company has also signed agreements with many Indian banks and financial companies for this. The company will provide sachet loans to small traders, which will start from Rs 15,000. Their monthly installment will start from Rs 111. Google Pay has joined hands with DMI Finance to offer Sachet Loans.
Google Pay has partnered with ePayLater to provide credit lines to merchants. Its objective is to meet the working capital needs of traders. Apart from this, Google has tied up with ICICI Bank for a credit line on UPI.
At the same time, the company has partnered with Axis Bank to expand its personal loan portfolio. Giving loans to small traders will help Google to enter the financial market of India. Currently, big payment companies like Paytm and BharatPe are already offering such services to merchants.
What are sachet loans?
Sachet loans are very small loans, which are available for a very short tenure. Usually, these are pre-approved loans and you get this loan immediately. Making repayment is also easier. These loans start from Rs 10,000 and their tenure can be from 7 months to 12 months. To take a personal loan, you may have to download a loan app.
Permission to link RuPay card was given last year
In September last year, RBI had given permission to link RuPay credit card with UPI. The objective of the Reserve Bank is to promote the use of low-value loans through the UPI network.
Last month i.e. in September, at the Global Fintech Fest, RBI Governor Shaktikanta Das had announced the launch of credit line for UPI. The benefit of this will be that it will help banks and lenders to offer credit lines on UPI accounts which customers can use for their purchases.