Google Pay users in India can now apply for and receive a personal loan in their bank account via the payment service’s app.
Eligible prequalified users will be offered the service in Google Pay and can apply for a loan up to a total value of 100,000 rupees (US$1,332) that will be processed in “near real time” and can be repaid over a period of up to 36 months.
Google Pay is rolling out the loan service in partnership with India-based digital finance provider DMI Finance with the aim of bringing “transparent and seamless credit” to Google Pay users.
“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,” DMI says.
“Eligible users are prequalified 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.”
Google Pay began letting users in India share their transaction data for personalised offers and rewards in March 2021 and access personalised information about their spending habits in January 2021.