Google Pay Partners With Muthoot Finance To Provide Gold-Backed Loans to Small Businesses and Consumers

New Delhi, October 6: Google India has reportedly announced a new collaboration with Muthoot Finance to provide gold-backed loans through its payments platform, Google Pay (GPay). The decision is expected to make it easier for small businesses and consumers to access quick financing solutions. Muthoot Finance, a leading non-banking financial company (NBFC) in the country, is known for its expertise in gold loans. As per reports, users of Google Pay will now be able to apply for loans backed by gold assets directly through the app with this partnership.

The integration of GPay with Muthoot Finance will likely streamline the loan application process and make it convenient and accessible for a wider customers. As per a report of Business Standard, Google Pay has partnered with Muthoot Finance to offer a new gold loan service. Muthoot Finance will use Google Pay’s large user base and secure platform to provide easy access to loans. The service will likely benefit small business owners and consumers in rural areas who often rely on gold loans for financial help. YouTube Update: Google-Owned Video Streaming Platform Reinstated All Channels, Videos Removed Due to Technical Glitch.

Gold loans allow borrowers to use their gold jewellery as collateral to access funds. Google Pay is the digital payment service offered by the company. Google has reportedly mentioned that people in India can now use this credit product. It comes with reasonable interest rates and offers flexible options for how it can be used. The partnership will provide borrowers with more choices and convenience while also ensuring that lenders feel secure in their transactions. Google New Feature Update: Tech Giant Testing Verified Check Marks in Search Results; Check Details.

Borrowers can use their gold jewellery or coins as security to get financial support with gold loans. This kind of loan can be beneficial because it allows people to access money quickly. Lenders can easily determine the value of the gold without the need to go through a long credit check process. It can make the process faster and straightforward for everyone involved. Google is also considering to partner with Aditya Birla Finance Limited, which is another NBFC to offer gold loans.

(The above story first appeared on Pune Media on Oct 06, 2024 02:19 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website Pune Media.com).

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