DMI Finance to provide digital personal loans to Google Pay users

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

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.”