Realme PaySa Offer: Get loans up to Rs 5 lakh at 11-24 per cent interest

By: |
December 18, 2019 6:15 PM

Realme Paysa platform also offers screen damage insurance for both old and new phones with an option of insuring 1 or 2 damages per year.

Realme Paysa to offer loans to individuals, SMEs.Realme Paysa to offer loans to individuals, SMEs.

Realme PaySa Offer: Smartphone brand Realme has entered the financial services sector with the launch of ‘realme PaySa’ platform. The platform will provide quick loans up to Rs 5 lakh to SMEs with interest rate ranging from 11-24 per cent. Individuals can also get loans up to Rs 1 lakh from the platform at 14-36 per cent interest rate. With the new business, the mobile phone maker aims to serve “emerging India” in both metros and tier 2 and 3 cities by offering credit solutions to both individuals and SMEs.

Realme has currently launched beta version of its PaySa app while the full rollout is expected in next six to 12 month, the company said in a statement. It will have four businesses across lending, savings, payment and protection.

What’s on offer

The realme PaySa beta app offers digital personal loans up to Rs 1 lakh and digital SME loans up to Rs 5 lakh. Larger loan requirements for both individuals and SMEs are serviced by the realme PaySa teams present in different cities, the company said.

Interest rate

The interest rate charged on loans availed through Realme PaySa platform will start from 14 per cent. A Realme PaySa representative told FE Online: “The interest rates are based on risk-based, segment-based pricing policies that the partners apply. It ranges between 14-36 per cent on reducing basis for individuals and 11% to 24% for businesses.”

The PaySa platform will give an instant free credit report to users with an easy to understand interface, account-level details and free updates for 3 months.

Screen-damage insurance

Realme Paysa platform also offers screen damage insurance for both old and new phones with an option of insuring 1 or 2 damages per year.

The company has entered into partnerships with Early Salary (for digital Personal Loans), Lending Kart (For digital Business Loans) and Credit Mantri (for Free Credit Report). More tie-ups are expected with the expansion of the platform.

Commenting on the new platform, Madhav Sheth, CEO- Realme India, said “realme PaySa, as the name suggests, has evolved out of a combination of Indian ethos and our relentless pursuit of making our customer’s life easier. We aim to repeat our success in the mobile business and become one of the top five new entrants in financial services in the next 2-3 years. We are evaluating the launch of mobile phone financing and payments in 2020.”

In 2020, Realme PaySa platform aims to disburse loans of approximately 1000 Crores, acquire 3o to 50 lakh new customers, launch multiple new products and take its first step in financial services in India.

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