New Delhi: Grocery stores or other shopkeepers often have to face the problem of capital to increase their business or meet other business related needs. Now this problem of theirs will be solved by the Fintech platform BharatPe. BharatPe on Monday announced the launch of Gold Loan for its merchant partners. Under this, a loan of up to Rs 20 lakh can be taken within 30 minutes by pledging gold.
The fintech platform, which has been in controversy in recent times, has set a target of disbursing gold loans worth Rs 500 crore by the end of the year 2022. Giving this information, BharatPe CEO Suhail Sameer said, BharatPe has tied up with some non-banking financial companies (NBFC’s) for this. Apart from this, Unity Small Finance Bank is already its co-promoter. With this BharatPe has entered the secured loan segment.
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At present, BharatPe has offered Gold Loan for shopkeepers and businessmen in Delhi-NCR, Bengaluru and Hyderabad. By the end of this year, the company will start offering gold loans to its merchant partners in 20 cities. Sameer Suhail said, We have disbursed gold loans worth Rs 10 crore during the pilot project. The company aims to provide gold loan of Rs 500 crore by the end of this year.
Get loan in 30 minutes
BharatPe will give gold loan at an interest rate of 0.39 percent per month i.e. 4.7 percent per annum. The loan application and disbursement process will be done digitally within 30 minutes. Businesses will be able to take loans for tenors of six, nine and 12 months and repay the loan through easy daily installments (EDI). BharatPe said that it will soon launch EMI (monthly installment) option for repayment as well.
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The fintech platform has been providing unsecured loans up to Rs 7 lakh to offline merchants and kirana store owners. So far, BharatPe has given loans of over Rs 3,000 crore to 3 lakh merchant partners.
Tags: gold loan, Interest Rates
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