BharatPe becomes the top fintech lender for merchants in the pandemic
BharatPe, India’s largest merchant payment network, today announced that it has recorded disbursal of over Rs 80crores in the month of September 2020, making it the largest fintech lender for merchants in India during the pandemic. The company has facilitated loan disbursals to the tune of Rs 150croresthrough its partners in the current quarter. BharatPe also announced that it has ambitious plans of increasingthe number of loan disbursals by 7x this year and would disburseloans worth Rs1,000 croresin the rest of the FY21.
At a time when collateral-free business loans are difficult to avail from other financial institutions, BharatPe’s success in lending has been fuelled by itssachet-sized daily repayment mechanism that it enables through its UPI QR codes. Existing merchants can avail collateral-free loans of upto Rs 7 lakhs atlow interest rates and with minimal paperwork. Additionally, the company’s newly launchedBharatLoanproduct has received an unprecedented response from the merchant community. This new lending productallows creditworthy merchants to avail loansvia a 100% digital and automated process. With BharatLoan, the merchant also has the option to go for a hybrid repayment model with a combination of daily QR/POS collection and weekly payments made directly from the bank account.
Speaking on the success of the lending business, Mr Nishit Sharma, Chief Revenue Officer, BharatPe said, “Small and medium-sized retail businesses are bouncing back and prepping for the festive season ahead. BharatPe is leading from the frontand helping the merchant community with much needed access to credit. Our proprietaryalgorithmdesigned to assess merchant creditworthiness, combined with a multi-modal collection mechanism, is the backbone of our lending product. BharatPeintends to be the fintech partner of choice for Indian merchants and will continue to launch new products that enable them to grow their businesses.”
BharatLoanallows merchants to avail loansin the range of Rs20,000 to Rs7 lakhs for upto 15 months tenure, at competitive interest rates.The merchants can repay the loan in the form of small daily or weekly instalments. The company’s lending products have an end-to-end digital processing – from applying to uploading documents to loan confirmation.Merchants can apply for loans on the BharatPe app without risking venturing out.