BharatPe Aims Rs 1,000 Cr Loan Disbursal To Merchants This Fiscal

Merchant payment facilitating network BharatPe on Friday said it has disbursed Rs 80 crore loan in September, and targets Rs 1,000 crore disbursal in 2020-21.

BharatPe has recorded disbursal of over Rs 80 crore in September 2020 and facilitated loan disbursals to the tune of Rs 150 crore through its partners in the September quarter, it said in a release.

"BharatPe has ambitious plans of increasing the number of loan disbursals by 7x this year and would disburse loans worth Rs 1,000 crore in FY21," the release added.

At a time when collateral-free business loans are difficult to avail from other financial institutions, BharatPe's success in lending has been fuelled by its sachet-sized daily repayment mechanism that it enables through its UPI QR codes, the company said.

Existing merchants can avail collateral-free loans of up to Rs 7 lakhs at low-interest rates and with minimal paperwork.

The company said its newly launched BharatLoan product has received an unprecedented response from the merchant community.

"Small and medium-sized retail businesses are bouncing back and prepping for the festive season ahead.

"BharatPe intends to be the fintech partner of choice for Indian merchants and will continue to launch new products that enable them to grow their businesses," said Nishit Sharma, Chief Revenue Officer, BharatPe.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor