Google Pay has joined with L&T Finance to offer personal loan products to eligible users, the NBFC announced on Thursday.
This partnership to give personal loans is in line with L&T Finance’s product diversification strategy and makes loans more accessible for customers in a swift, seamless, and digital manner, L&T Finance said in a statement.
The synergy is set to not only increase convenience but also play a significant role in advancing digital financial inclusion across India, empowering consumers to fulfil their financial aspirations with responsible credit, it said.
Personal loan
A personal loan is unsecured borrowing, which is typically given based on the borrower’s creditworthiness. These loans have a higher rate of interest simply because they are disbursed without having to give something as collateral.
Lately, a number of payment services have joined hands with financial entities to roll out personal loans on their apps. This collaboration between Google Pay and L&T is quite similar to such tie-ups.
In another news, IndusInd Bank has signed a Memorandum of Understanding (MoU) with the National Small Industries Corporation (NSIC), a Government of India enterprise under the Ministry of MSMEs.
Through this strategic collaboration, the bank will work towards accelerating credit delivery and extending comprehensive financial support to over 6.7 crore Udyam-registered Micro, Small, and Medium Enterprises (MSMEs) across the country, IndusInd Bank said in a statement on Thursday.
Under the MoU, the bank will extend customised banking solutions to MSMEs associated with NSIC, including working capital, term loans, and structured credit facilities.
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