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BharatPe To Offer Micro Loans for Small Businesses
BharatPe an UPI payments app has forayed into small value, short duration loans to merchants. These are also called as Microloans for small businesses. The company is also planning to apply for its own lending licence to lend to merchants who are accepting payments through BharatPe QR codes, showing consistent transactions on the platform for the last three months.
Recently, BharatPe has partnered with Apollo Finvest for such loans and plans to rope in more partners. The loan amount, which ranges from Rs 10,000 to Rs 1 lakh, charges an interest rate of 1.67% per month.
BharatPe is planning to co-lend in collaboration with other financiers and try to keep interest rates under control once it gets a licence.
