Google Pay Sachet Loan 2024: Check Scheme Offer, Eligibility Criteria, Documents Required and Application Procedure

Google Pay Sachet Loan 2024:  Google Pay has recently introduced its digital credit services in India to cater to the loan needs of small-scale businesses. They have launched Sachet Loan, a facility that allows small-scale businessmen to borrow up to Rs 15,000. To enhance its financial services in India, the online payment service provider is collaborating with banks and non-banking financial companies (NBFCs) to develop solutions that address the credit gap. Furthermore, Google Pay has enabled merchants to apply for a credit line through ePayLater, which aims to resolve issues related to merchant capital requirements.

What do you mean by a Google Pay Sachet Loan 2024?

  • Sachet loans are small, pre-approved loans with a duration ranging from 7 days to 12 months.
  • These loans are designed to provide quick approval and payout, catering to short-term financial needs.
  • The lending industry’s increasing reliance on fintech has further expedited the loan process by eliminating the need for extensive documentation.

Collaboration with Fintech Giants

  • Google Pay has collaborated with DMI Finance to introduce a sachet loan exclusively for Gpay users. This loan is specifically designed for small business owners and comes with pre-approval.
  • Google India has collaborated with ICICI Bank to introduce credit lines on UPI.
  • Additionally, Google India has partnered with Axis Bank to expand the range of personal loans available on Google Pay.
  • Ambarish Kenghe, the vice president at Google Pay, revealed that a staggering ₹167 lakh crore worth of transactions were processed through UPI in the past year.
  • Kenghe also highlighted that more than half of the loans disbursed through Google Pay were granted to individuals with a monthly income of less than ₹30,000, primarily residing in tier 2 towns and beyond.
  • At the 9th edition of Google for India, Sanjay Gupta, the Vice President and Country Head of the company, expressed their commitment to enhancing the safety of Artificial Intelligence.
  • Moreover, Google India has enhanced its efforts to safeguard individuals from constantly evolving financial scams and fraud through DigiKavach.
  • By utilizing Google Pay, they successfully prevented scams amounting to ₹12,000 crore and implemented measures to block 3,500 predatory loan applications.

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What does this Google Pay Sachet Loan scheme offer?

  • Google Pay Sachet Loan offers a loan amount of up to Rs. 15,000 with an interest rate ranging from 14% to 36% per annum.
  • The loan duration is flexible, ranging from 7 to 12 months.
  • To be eligible for this loan, you need to be at least 18 years old or above.
  • The best part is that there is no income requirement to avail of this Google Pay Sachet Loan.
  • However, there is a processing fee of up to 5% + GST. This loan is specifically designed for self-employed individuals.
  • These loans can be repaid in smaller amounts as low as ₹111.

Google Pay Sachet Loan Eligibility 2024

To qualify for the Google Pay sachet loan, you need to meet the following essential requirements:

  • Indian Citizenship
  • Age: 21 years or older
  • No previous loan defaults
  • The mobile number is linked with the Aadhaar number.
  • The applicant must possess a CIBIL score of at least 750.

Documents required for applying for Google Pay Sachet Loan

  • Google Pay Sachet Loan requires digital documents for the loan process.
  • Hard copies are not necessary as all documents can be uploaded digitally.
  • The required KYC documents include a PAN card, an Aadhaar Card, and other relevant documents.
  • Additionally, a bank account is also required for the loan process.

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How to Apply for a Google Pay Sachet Loan 2024?

To apply for a GPay Sachet Loan, follow these steps:

  • Download or open the Google Pay business app.
  • Access the Loan section within the Gpay application.
  • Navigate to the offer tab and select the loan option.
  • Determine your GPay Sachet Loan eligibility amount.
  • Complete the KYC details and proceed to take the loan.
  • Then review the terms and conditions before submitting the online GPay Sachet Loan application form for a Google Pay Loan. Additionally, you can choose the duration for repaying the loan amount.
  • After submitting all the necessary information, the company will send you an OTP.
  • Enter this OTP into the Google Pay app to successfully submit your loan application.
  • The company will then transfer the loan amount to your bank account within a few minutes, deducting all charges such as processing fees and documentation charges.

Important Points Google Pay Sachet Loan 2024

  • Please note that Google Pay acts as a bridge between you and your lender, providing convenience.
  • However, it does not provide loans or assess Google Pay Sachet Loan applications.
  • The loan offers and the “Loans” section in the Google Pay app are only accessible to eligible users.
  • If you are eligible, you can request a personal loan from participating lenders through the Google Pay app.
  • Your loan payments will be automatically deducted from your selected bank account every month.
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  • Vijayan Samantha

    Hello Friends, I am Vijayan Samantha. I am writing since 2020. I have done MBA in Finance, and worked in one of the top Private Bank. Currently i am fully focusing on writing Finance related information. My aim is to provide correct and useful data to all of you. If You find any mistake or misinformation in my articles then you can contact me at [email protected].

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