Eligible users are pre-qualified by DMI Finance’s set criteria and the product offer is made available via Google Pay.
The company claims that it leverages the dual advantages of Google Pay’s customer experience and the digital loan disbursal process of DMI, which will help bring new-to-credit users into the ambit.
“We are excited to make our Personal Loan product available on Google Pay in India. Our teams have worked closely together to bring transparent and seamless credit to millions of Google Pay users. We look forward to scaling this new partnership in the years to come and make the promise of financial inclusion a reality for many millions more,” said Shivashish Chatterjee, Co-founder and Joint MD, DMI Finance.
The program will disburse up to Rs 1 lakh per loan, which would be repayable over 36 months.
The benefit of this collaboration is that the users will have their application processed in near real-time with access to the money in their bank accounts.