On Thursday, Google India launched sachet loans through the Google Pay app to help small businesses in the country. According to Google India, merchants in India commonly require smaller loans, so the internet giant introduced sachet loans on the Gpay app. Google India also announced that the company will offer loans to small businesses starting at $15,000, with payments as low as 111.
Sachet Loans are a type of nano-credit or bite-sized loan that is granted for a short period of time and is usually approved instantaneously, followed by an instant disbursement of the loan amount.
In conjunction with ePayLater, Google Pay also allowed a credit line for stores, supporting merchants with their working capital requirements. It can be used by merchants to purchase goods and supplies from all online and offline suppliers.
Google India's post on X stating, "Our experience with merchants has taught us that they frequently need smaller loans and simpler repayment options." To satisfy this requirement, DMIFinance's sachet loans on Google Pay will give flexibility and simplicity to SMBs, with loans starting at just 15,000 rupees and repayment amounts as little as 111 rupees."
Furthermore, Ambarish Kenghe, vice-president at Google Pay, stated that 167 lakh crore in value was handled via UPI in the previous 12 months. He further stated that the payment application avoided scams totaling 12,000 crore.
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