DMI Finance Private Limited (DMI) on Monday 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 and 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.
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Sajith Sivanandan, Business Head, Payments and NBU, Google APAC, LatAm, Africa and EMEA, said simplified access to reliable credit is critical to economic revival as we emerge from the difficulties posed by the pandemic. “Experiences that can make this available to them within a few taps on their mobile phones will offer incredible convenience,” said Sivanandan. “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.”
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Note: The personal loan programme will disburse up to Rs 1 Lakh per loan, repayable over a maximum of 36 months. The partnership is being launched in over 15,000 pin codes.
About this app :
Join crores of Indians who are using Google Pay for all their payment needs. Google Pay is a simple and secure payments app by Google. Refer friends, get offers and earn rewards as you pay.
All you need to do is link your bank account on this app with your registered mobile number and start the experience.
UPI ID is a unique ID that is used to make UPI payments in place of bank account details.
UPI PIN is a 4 or 6 digit number which needs to be set by you while creating your UPI ID. Please don’t share your PIN.
+ Multiple layers of security from your bank and Google :
Your hard-earned money is kept safely in your bank account and you have control over money leaving your bank account*. With a world-class security system that helps detect fraud and hacking, we are committed to keeping your money safe and we work with your bank to protect your payment information.
Each transaction is secured with your UPI PIN, and you can safeguard your account with a device lock method such as your fingerprint.
- Google Pay works with all banks in India that support BHIM UPI.
- + Conveniently pay DTH, broadband, electricity, FASTag, LPG bills and more
- Link your biller accounts once, we remind you thereon to pay your bill with just a few taps. Google Pay works with billers across the country.
+ Find the latest prepaid recharge plans and easily recharge your mobile
Recharge in fewer steps and at zero extra charges.
+ Check your bank account balance :
No need to visit the ATM to see your bank balance, quickly view it anytime, easily.
+ Get rewarded :
Refer friends, get offers and earn cash rewards into your bank account as you pay.
+ QR code payments : Pay through the QR code scanner at your favorite offline shops and merchants.
+ Book tickets, shop online and order meals : .
Order your favorite food and book your travel within the app or on partner websites and apps like Zomato, redBus, MakeMyTrip etc.
+ Fast & secure payments with your debit and credit cards
Add and link your debit and credit cards** on Google Pay and use them for:
- Online payments (mobile recharges or with online apps)
- Offline payments (at offline shops by tapping your phone on NFC terminals)
* Service is rolling out across bank issuers and card network providers.
+ Buy, sell, and earn 24K Gold
Trade gold securely with rates backed by MMTC-PAMP. Gold is securely deposited in your Gold Locker on Google Pay, or delivered as gold coins to your home. New! You can now earn gold as Google Pay rewards.
+ Send money directly from your bank account to any bank account, including those who are not on Google Pay, via UPI transfers
Using NPCI's (National Payments Corporation of India) BHIM Unified Payments Interface (BHIM UPI), money transfers are simple & secure with Google Pay.
- + Provide loans
- - Lenders: DMI Finance
- - Period for repayment: 3-48 months
- - Maximum Annual Percentage Rate (APR): 34%
- - Processing Fee: 1.5-2.5% of loan amount
Example: For loan amount INR 100000, tenure 12 months, processing fee 2%, interest 15%. Processing fee of INR 2000 is deducted and loan disbursed is INR 98000. Interest of INR 8310. User pays off INR 108310.
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