Google Pay to offer loans to Indian users

The service was launched in collaboration with DMI Finance, an India-based digital finance company, aiming to provide transparent and smooth credit to Google Pay users.

The financing scheme can offer loans up to INR 100,000 (approximately USD 1,328), repayable in up to 36 months.

DMI Financial will pre-qualify eligible users base on the company’s internal criteria and approved clients will be able to receive their loan product in their Google Pay app. Users’ applications can be processed in near real time, and the funds will be immediately accessible in their bank accounts.

As the world emerges from the current pandemic and pandemic-linked economic wrestles, people are looking to access trustworthy financing to boost their recovery. Google Pay India, in partnership with DMI Finance, could represent an easy way to access short-term credits and help customers increase their financial inclusion.

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