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.
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.
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.