DMI Finance To Provide Digital Personal Loans To Google Pay Users

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.

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.”

This launch with Google Pay of an integrated, personal loan journey for its users continues DMI’s focus on building innovative digital financial products in partnership with leading players in the digital finance ecosystem.

The programme will disburse up to Rs 1 lakh per loan which would be repayable over a maximum of 36 months. This partnership is being launched in over 15,000 pin codes.

“Our teams have worked closely together to bring transparent and seamless credit to millions of Google Pay users,” said Shivashish Chatterjee, co-founder and Joint MD, DMI Finance. “We look forward to scaling this new partnership in the years to come and make the promise of financial inclusion a reality for many millions more.”

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