DMI Finance Private Limited (DMI) on Monday announced the launch of a personal loan product on Google Pay to make reliable credit available to pre-qualified Google Pay users.
This product leverages the dual benefits of Google Pay’s customer experience and DMI’s digital loan disbursement process and will also help attract new credit users. Eligible users are pre-selected according to criteria defined by DMI Finance and the product offer is made available to them via Google Pay. These users will have their request processed in near real time with access to money from their bank accounts.
Sajith Sivanandan, Commercial Head, Payments and NBU, Google APAC, LatAm, Africa and EMEA, said easier access to reliable credit is critical to economic recovery as we emerge from the challenges posed by the pandemic. “Experiences that can make this available to them with just a few clicks on their cellphones will provide incredible convenience,” Sivanandan said. “We are very pleased to partner with DMI Finance to make this possible for Google Pay users, as it delivers on the promise of financial inclusion made possible by technology.”
This launch with Google Pay of an integrated personal loan journey for its users continues DMI’s focus on creating innovative digital financial products in partnership with key players in the digital finance ecosystem.
The scheme will disburse up to Rs 1 lakh per loan which would be repayable over a maximum of 36 months. This partnership is launched in more than 15,000 PIN codes.
“Our teams have worked closely together to bring seamless, transparent credit to millions of Google Pay users,” said Shivashish Chatterjee, co-founder and co-CEO of DMI Finance. “We look forward to growing this new partnership in the years to come and making the promise of financial inclusion a reality for many millions more.”