In a major announcement at the ‘Google for India’ event on October 3, Google Pay has introduced the option for users to easily avail personal loans and gold loans directly through the app. This move is set to bring seamless loan accessibility to millions of users across India.
Partnerships with Muthoot Finance and Aditya Birla Capital
To provide this service, Google has partnered with Muthoot Finance and Aditya Birla Capital Limited, allowing users to apply for personal loans of up to ₹5 lakhs directly via Google Pay.
Get Up to ₹50 Lakh Gold Loan Without Documents
A standout feature of the new offering is the Gold Loan Scheme, introduced in collaboration with Muthoot Finance. Users can now secure a loan of up to ₹50 lakhs against their household gold without the need for any credit report or extensive documentation. The entire process can be done online, offering a convenient, hassle-free experience. However, the exact loan process and interest rates are yet to be disclosed, though the company promises minimal interest rates.
Key Features:
- Personal Loan: Avail loans up to ₹5 lakhs through Google Pay.
- Gold Loan: Get loans ranging from ₹5 lakhs to ₹50 lakhs without documentation, backed by household gold.
- Quick and Easy Processing: Minimal paperwork and hassle-free online application.
UPI Circle Feature Now on Google Pay
In another exciting development, Google Pay has introduced the UPI Circle feature, previously available only on the BHIM App. This feature, launched by the National Payments Corporation of India (NPCI), allows users to create a group or “circle” of family members or friends, making it easier to send and receive payments within a trusted group. This announcement was also made at the Google for India event, promising more convenience in digital transactions.
Overview of New Features on Google Pay:
| Feature | Details |
|---|---|
| Personal Loan | Up to ₹5 lakhs via Muthoot Finance & Aditya Birla Capital |
| Gold Loan | ₹5 lakhs to ₹50 lakhs without credit report or documents |
| UPI Circle Feature | Add family/friends for easier payments on Google Pay |
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