Google Pay, DMI Finance launch personal loan product

DMI Finance Private Limited (“DMI”) today announced the launch of a personal loan product on Google Pay to make reliable credit accessible for pre-qualified users of Google Pay.

This product leverages the dual advantages of Google Pay’s customer experience and the digital loan disbursal process of DMI, according to a press statement. It will also help bring new-to-credit users into the ambit.

Eligible users are pre-qualified using criteria set by DMI Finance and the product offer is made available to them via Google Pay. These users will have their application processed in near real-time with access to the money in their bank accounts, the statement added.

The program will disburse up to Rs 1 lakh per loan which would be repayable over a maximum of 36 months. This partnership is being launched over 15K+ pin codes.

Shivashish Chatterjee, Co-founder and Joint MD, DMI Finance, said: “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.”

Sajith Sivanandan, Business Head, Payments and NBU, Google APAC, LatAm, Africa and EMEA, said: “We are very excited to collaborate with DMI Finance to make this possible for Google Pay users, as it brings to life the promise of financial inclusion enabled by technology.”

Published on: Monday, February 14, 2022, 01:19 PM IST