UPI New Service: Google Pay, a leading digital payments platform, has added a new category to its services – Small and Sahaj Loans. This facility has been started with the aim of providing financial assistance to small traders, so that they can promote their business.
Associate banks and financial institutions Google Pay has signed agreements with many major banks and financial institutions of India for this new initiative. Institutions like DMI Finance and ePaylater are involved, which will provide financial support through sachet loans and credit line facilities.
What are sachet loans? Sachet loans are small and short term loans, usually given to meet immediate financial needs. These monthly installments are very low, and ensure that there is no additional burden on merchants.
Important Information
- Minimum loan amount: ₹15,000
- Initial EMI: ₹111
- Affiliates: DMI Finance, ePaylater, ICICI Bank, Axis Bank
- Availability: Google Pay App
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