In the 9th edition of Google Made for India, the company has made a big announcement for small businessmen. Actually, now small merchants can easily take loans up to Rs 15,000 through Google Pay app. For this the company has partnered with DMI Finance. The company wrote in an ex-post that our experience with small traders has taught the company that they often need small loans and easy repayment options. To meet this need, the company is starting Sachet Loan in collaboration with DMI Finance.
What is this sachet loan?
For those who do not know what a sachet loan is, actually, these are a type of small loans which are given to you for short tenure. Usually such loans are pre-approved and are easily available to you. These loans range from Rs 10,000 to Rs 1 lakh and their tenure is from 7 days to 12 months. To take this type of loan, you either have to download an app or you can fill the application online also. Overall, it does not require much fuss like other loans.
Our experience with merchants has taught us that they often require small loans and easy repayment options.
– Google India (@GoogleIndia) 19 October 2023
Repayment will be Rs 111
The good thing is that you can repay this type of sachet loan from Rs 111 per month. This means that without putting much burden on your shoulders, you can take such small loans from Google Pay at the time of need.
Who will get the loan?
At present the company has started the sachet loan facility in Tier 2 cities. People whose monthly income is Rs 30,000 can easily avail a sachet loan.
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