BharatPe Launches Gold Loan For Merchant Partners The company has partnered with RBI-approved NBFCs to offer gold loans of up to INR 20 lakh
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BharatPe, a fintech company, has announced the launch of Gold loan for its merchant partners. This marks the entry of BharatPe in the secured loans category. The company has partnered with RBI-approved NBFCs to offer gold loans of up to INR 20 lakh. BharatPe has already launched the Gold loan offering for its merchants in Delhi-NCR, Bangalore and Hyderabad and will be scaling this to 20 cities by the end of 2022. It has set a target of facilitating disbursals of INR 500 crore by the end of 2022.
BharatPe is facilitating gold loans at an extremely competitive interest rate of 0.39 per cent every month. The loan application process is fully digital and the loan is disbursed within 30 minutes of completion of the assessment process. Merchants can see the best offer for them and apply for a gold loan via the BharatPe app.The company is providing doorstep as well as branch collection facility, in partnership with NBFC partners. The merchants can take loans for a duration of 6, 9 and 12 months and have an option to repay the loan via easy daily Installments (EDI). BharatPe will also be launching the EMI option for repayment shortly, said a statement.
"Credit gap is one of the biggest roadblocks in the growth journey of offline retailers. Over the last couple of years, we have been aggressively focussing on solving this by facilitating unsecured loans in partnership with NBFCs. We have been able to facilitate disbursals of over INR 3,000 crore to three lakh merchant partners. With Gold loan, we have ventured into the big-ticket, secured loan category. Gold loans will enable us to further empower our merchant partners and positively impact millions of small businesses," said Suhail Sameer, CEO, BharatPe.
BharatPe was founded in 2018 with the vision of making financial inclusion a reality for Indian merchants. In 2018, BharatPe launched India's first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, BharatPe also launched India's only zero MDR card acceptance terminals – BharatSwipe. Currently serving over 80 lakh merchants across 150-plus cities, the company is a leader in UPI offline transactions, processing 11 crore-plus UPI transactions per month, added the statement.