BharatPe is making inroads into secured lending; launches a gold loan for partner traders

Fintech platform BharatPe on Monday announced the launch of a gold loan for its merchant partners, marking its foray into the secured lending category with the aim of disbursing Rs 500 crore via the new loan offering by the end of 2022.

The company has partnered with RBI-approved Non-Banking Financial Companies (NBFCs) to offer a gold loan of up to Rs 20 lakh. Now available to traders in Delhi-NCR, Bengaluru and Hyderabad, the gold loan offer will reach 20 cities by the end of this year.

“We have been able to facilitate disbursements of over Rs 3,000 crore to 3 lakh merchant partners. With the Gold Loan, we have ventured into the category of high priced secured loans,” said Suhail Sameer, CEO by BharatPe.

“We facilitated disbursements of Rs 10 crore during the pilot phase and will be able to facilitate gold loan disbursements of Rs 500 crore by the end of the year,” Sameer said.

BharatPe facilitates gold lending at a competitive interest rate of 0.39 per month. Merchants can take out loans for terms of six, nine and 12 months and have the option to repay the loan via Easy Daily Installments (EDI).

BharatPe said he will launch the EMI option for the refund soon. The fintech platform has facilitated unsecured loans of up to Rs 7 lakh to offline merchants and kirana store owners.

(To receive our daily E-paper on WhatsApp, please Click here. We allow the PDF of the document to be shared on WhatsApp and other social media platforms.)

Posted: Monday, March 14, 2022, 3:20 PM IST