The GPay Personal Loans platform enables partner Financial Institutions to find trusted and reliable loan customers.
GPay identifies users who can be trusted with a loan on the basis of their interactions with Google products, including, but not limited to GPay transactions. These pre-qualified users see a loan offer on their GPay home page, where they only need to enter the information that the partner Financial Institution requires to evaluate their application. With Google's user-friendly UI, this process can take as less as two minutes, and has an industry leading completion rate. After the user submits their application, our partner Financial Institution evaluates the application. If it passes the evaluation process, the user is pre-approved. Pre-approved users are required to complete four more steps:
- Select their loan amount and tenure
- Complete a fully paperless KYC
- Set up standing instructions for paying EMIs
- Accept the final TnCs and enter the OTP, which is an electronic substitute of their wet signature
Thus, a customer completes their loan application in four simple steps and a completely automated process. The Financial Institution disburses the amount once the user completes this process, and their loan account is created.