Gold loans for merchant partners launched by BharatPe; targets disbursal of Rs 500 Cr
- ByStartupStory | March 14, 2022
BharatPe, a merchants payments platform launched gold loans for merchants partners, marking their entry in the secured loans category.
In order to offer gold loans of up to Rs 20 lakh, the company has partnered with RBI-approved NBFCs. For its merchants in Delhi-NCR, Bengaluru, and Hyderabad, the gold loan offering has already been launched by BharatPe and by the end of 2022 it will be scaling this to 20 cities.
By the end of 2022, a target of facilitating disbursals of Rs 500 crore has been setted up by the startup.
In partnership with NBFC partners, the company is providing doorstep as well as branch collection facilities. For a duration of six, nine and 12 months the merchants can take loans and they also have an option to repay the loan via Easy Daily Instalments (EDI). The EMI option for repayment will also be launched by BharatPe shortly. With minimal paperwork, the gold loan applications have been made east by the QR code-enabled product offerings.
Suhail said in a statement that gold loans will enable them to further empower their merchant partners and positively impact millions of small businesses. A pilot for the product for two months has been conducted by them, and has also received a very encouraging response. During the pilot phase, they facilitated disbursals of Rs 10 crore. They are confident that by the end of the year, with their lucrative gold loan product that is available at competitive interest rate, industry-best disbursal rate and with the option to pay via EDI, they will be able to facilitate gold loan disbursals of Rs 500 crore.
Unsecured loans of up to Rs 7 lakh, to offline merchants and kirana store owners has been facilitated by BharatPe. The company offers Collateral-free loans for three, six and 12 months duration has been offered by the company.
The increase in its network of POS businesses (BharatSwipe) by 25X to more than 250 cities in the last 12 months has been announced by BharatPe. Over 1.25 lakh BharatSwipe machines have already been deployed by BharatPe across offline shops.
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