“BharatPe has ambitious plans of increasing the number of loan disbursals by 7x this year and would disburse loans worth Rs 1,000 crore in FY21,” the release added.
At a time when collateral-free business loans are difficult to avail from other financial institutions, BharatPe’s success in lending has been fuelled by its sachet-sized daily repayment mechanism that it enables through its UPI QR codes, the company said.
Existing merchants can avail collateral-free loans of up to Rs 7 lakhs at low-interest rates and with minimal paperwork.
The company said its newly launched BharatLoan product has received an unprecedented response from the merchant community.
“Small and medium-sized retail businesses are bouncing back and prepping for the festive season ahead.
“BharatPe intends to be the fintech partner of choice for Indian merchants and will continue to launch new products that enable them to grow their businesses,” said Nishit Sharma, Chief Revenue Officer, BharatPe.