In a strategic move, Google Pay has ventured into the world of small loans, known as Sachet Loans, to empower small traders and help them flourish. This exciting development is set to transform the way small businesses operate.
Partnerships for Success
Google Pay has joined forces with major Indian banks and financial institutions, including DMI Finance and ePaylater. These collaborations will provide financial support through sachet loans and credit line facilities, making funds more accessible.
Understanding Sachet Loans
Sachet loans are designed to cater to immediate financial needs. They are small, short-term loans with minimal monthly installments. This approach ensures that small traders can access funds without being burdened by hefty repayments.
- Minimum Loan Amount: ₹15,000
- Initial EMI: ₹111
- Partnered Institutions: DMI Finance, ePaylater, ICICI Bank, Axis Bank
- Availability: Google Pay App
Empowering Small Traders
This new service has the potential to transform the lives of small traders. It offers a financial safety net, enabling them to invest in and expand their businesses without worrying about immediate capital.
With Google Pay’s Small and Sahaj Loans, small traders have a valuable resource at their disposal. This innovation promises to uplift small businesses and contribute to India’s economic growth.