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BharatPe aims Rs 1,000 cr loan disbursal to merchants this fiscal

BharatPe has recorded disbursal of over Rs 80 crore in September 2020 and facilitated loan disbursals to the tune of Rs 150 crore through its partners in the September quarter

bharatpe | loans | financial services

Press Trust of India  |  New Delhi 

bank, credit, growth, loans, funding, capital, cash, m&a, payment

Merchant payment facilitating network on Friday said it has disbursed Rs 80 crore loan in September, and targets Rs 1,000 crore disbursal in 2020-21.

has recorded disbursal of over Rs 80 crore in September 2020 and facilitated loan disbursals to the tune of Rs 150 crore through its partners in the September quarter, it said in a release.

"has ambitious plans of increasing the number of loan disbursals by 7x this year and would disburse worth Rs 1,000 crore in FY21," the release added.

At a time when collateral-free business are difficult to avail from other financial institutions, BharatPe's success in lending has been fuelled by its sachet-sized daily repayment mechanism that it enables through its UPI QR codes, the company said.

Existing merchants can avail collateral-free of up to Rs 7 lakhs at low-interest rates and with minimal paperwork.

The company said its newly launched BharatLoan product has received an unprecedented response from the merchant community.

"Small and medium-sized retail businesses are bouncing back and prepping for the festive season ahead.

"BharatPe intends to be the fintech partner of choice for Indian merchants and will continue to launch new products that enable them to grow their businesses," said Nishit Sharma, Chief Revenue Officer, BharatPe.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, October 02 2020. 19:07 IST