BharatPe forays into secured lending category – The New Indian Express

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By Express press service

BENGALURU: Indian fintech company BharatPe, which has drawn attention to feuds between Ashneer Grover and the company’s board, launched a gold loan for its merchant partners on Monday. BharatPe is keen to focus on his business regardless of the various allegations Grover has tweeted since he recently resigned from the company.

The company has made a foray into the secured lending category with the launch of Gold Loan and the company has partnered with Reserve Bank of India approved NBFCs (Non-Banking Financial Companies) to offer a Gold Loan of up to Rs 20 lakh.

It has already launched the Gold Loan offer for its merchants in Delhi NCR, Bengaluru and Hyderabad, and will expand it to 20 cities by the end of this year. The company has also set an ambitious target to facilitate disbursements of Rs 500 crore by the end of 2022.

Suhail Sameer, CEO of BharatPe, said, “The credit gap is one of the biggest obstacles in the growth journey of offline retailers. Over the past two years, we have aggressively focused on solving this problem by facilitating unsecured lending in partnership with NBFCs.

BharatPe facilitated remittances of over Rs 3,000 crore to 3 lakh merchant partners. “With the Gold loan, we ventured into the category of high-priced secured loans. The gold loan will allow us to further empower our merchant partners and positively impact millions of small businesses,” he said.

Prior to the launch, the fintech company had conducted a pilot project for the product for 2 months and facilitated disbursements of Rs 10 crore during the pilot phase. It facilitates lending gold at an interest rate of 0.39% per month. The firm has facilitated unsecured loans of up to Rs 7 lakh, to offline merchants and kirana store owners.

Upcoming gold loan offer in 20 cities

It has already launched the Gold Loan offer for its merchants in Delhi NCR, Bengaluru and Hyderabad, and will expand it to 20 cities by the end of this year. The company has also set an ambitious target to facilitate disbursements of Rs 500 crore by the end of 2022.

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