Bharat Pe, a fintech platform, announced the launch of a gold loan for its merchant partners on Monday, marking the company’s entry into the secured loans category. The company expects to disburse Rs 500 crore through the new loan offering by the end of 2022.
The company has formed a partnership with non-bank financial companies (NBFCs) that have been approved by the RBI to provide gold loans of up to Rs 20 lakh. It is expected that by the end of the year, the gold loan offering, which is currently available to merchants in Delhi-NCR, Bengaluru, and Hyderabad, will be expanded to 20 additional cities.
“Disbursements totaling more than Rs 3,000 crore to more than 3 lakh merchant partners have been made possible by us. Our entry into the high-value, secured loan market has been facilitated by the Gold loan “Suhail Sameer, the CEO of Bharat Pe, stated the following.
“During the pilot phase, we were able to facilitate Rs 10 crore in gold loan disbursements, and we expect to be able to facilitate Rs 500 crore in gold loan disbursements by the end of the year,” Sameer explained.
Bharat Pe offers gold loans at a competitive monthly interest rate of 0.39 per cent, which is the lowest in the industry. The loan term can be six, nine, or twelve months, and the merchant can choose to repay the loan in convenient daily instalments or over the course of the loan term (EDI).
Bharat Pe has stated that it will introduce an EMI repayment option in the near future. The fintech platform enables offline merchants and Kirana store owners to obtain unsecured loans of up to Rs 7 lakh through a simple online application process.
Published By – Damandeep Singh
Edited By-Kritika Kashyap
