DMI Finance Private Limited (DMI) announced the launch of a digital personal loan product to make reliable credit accessible for pre-qualified users of Google Pay.
Eligible users are pre-qualified by DMI Finance's set criteria and the product offer is made available via Google Pay.
The company claims that it leverages the dual advantages of Google Pay's customer experience and the digital loan disbursal process of DMI, which will help bring new-to-credit users into the ambit.
"We are excited to make our Personal Loan product available on Google Pay in India. Our teams have worked closely together to bring transparent and seamless credit to millions of Google Pay users. 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," said Shivashish Chatterjee, Co-founder and Joint MD, DMI Finance.
The program will disburse up to Rs 1 lakh per loan, which would be repayable over 36 months.
The benefit of this collaboration is that the users will have their application processed in near real-time with access to the money in their bank accounts.
"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 company said in a statement
Access to reliable credit is critical to economic revival post-COVID-19. To achieve this, the company says that they will make credit available to users on their mobile phones.
"We are very excited to collaborate with DMI Finance to make this possible for Google Pay users. It brings to life the promise of financial inclusion enabled by technology," said Sajith Sivanandan, Business Head, Payments and Payments NBU, Google APAC, LatAm, Africa and EMEA.