Bharatpe provides credit to Kirana store owners through their app, enabling them to buy more products and expand their businesses. VisionAI helps the company verify identity and prevent fraud.
Bharatpe’s acquisition will enable it to expand its credit business and assist more small businesses while opening up opportunities for partnerships with other firms.
Getting a loan
Bharat Pe Loan for Merchants is an all-in-one business mobile app that makes managing transactions simple and stress-free. Its features include accepting customer payments without incurring transactional costs, enabling loans, tracking cash flows, and tracking SMS notifications; in addition, getting credit and debit card payments and tracking SMS notifications is possible, too! Plus, there’s free support from the company whenever needed!
BharatPe, until recently unable to acquire an NBFC license, explored various strategies to meet its lending ambitions, such as raising massive debt and deposits and purchasing stakes in other NBFCs. Now, however, according to sources familiar with the matter, BharatPe appears to be reconsidering both strategies: selling its stakes in partner NBFCs while rethinking P2P lending products altogether.
Rethink comes at a time when the company is experiencing tremendous pressure to comply with RBI regulations on peer-to-peer lending (P2P) and unsecured borrowing. Earlier this year, the RBI rejected applications from several fintech companies like 12% Club that raised funds by asking retail investors to purchase debt-cum-investment products that carried a greater risk.
According to the company, an integral component of its strategy is helping more kiranas and small offline merchants gain access to credit. This will allow them to grow their businesses while creating more employment opportunities in local communities. Furthermore, PostPe will soon launch as a consumer product that allows customers to buy now but pay later.
BharatPe has expanded its product offering through acquisitions such as Payback’s multi-brand loyalty management company and is working toward the establishment of a small finance bank. Furthermore, they have invested in multiple startups offering digital banking solutions.
Trillion Loans’ acquisition will further the company’s ability to facilitate access to capital for underserved and unbanked businesses and expand its footprint within the unsecured personal loan market, where it already holds significant shares.
Applicant Eligibility
The eligibility requirements for a bharat pe loan depend on several factors, including your type of business and credit score. If you meet these requirements, fast approval can occur, and your loan can arrive as soon as a few days later. Applying online through either their app or website makes the application process seamless; verification documents (business registration copy, bank statement copy, identification card copy, etc) must also be provided if requested; alternatively, you could ask friends or family members for copies instead.
PostPe and 12% Club are two lending products offered by the company that cater to consumer credit needs, respectively. While PostPe is a standard NBFC that facilitates loans for merchants, 12% Club was explicitly designed to address consumers’ credit needs by using its payment infrastructure as collateral to underwrite loans with low delinquencies – helping the company expand its reach while giving merchants consistent cashflow to pay back loans on time.
During its pilot period for 12% Club, the company disbursed loans totaling over Rs 2.5 crore to nearly 10 lakh merchants across various sectors – this included working capital loans as well as asset finance loans. Furthermore, during this time, they absorbed MDR charges for these merchants, which later became the industry standard once the government announced this measure in its budget speech.
To qualify for a Bharat Pe loan, you must be an active merchant who has successfully conducted enough transactions on the app, be an Indian national with a permanent address within India, and satisfy specific other criteria. Once your request has been approved and verified by Bharat Pe, they’ll transfer the funds directly into your bank account so you can use it however you please – expansion of business operations or purchasing of vehicles among them!
If you’re considering applying for a Bharat Pe loan, make sure that you read all the terms and conditions carefully. Many factors could determine your application for approval, including how much money you wish to borrow and for how long. In addition, check your credit history regularly in order to maintain good standing with lenders.
Applicant verification
Before applying for a loan from Bharat Pe, specific requirements must be fulfilled in order to qualify. These requirements include identity proof, address proof, and bank account details – providing all of this information will enable the bank to verify your identity and address and determine whether you qualify for a loan and how much it will cost.
Bharat Pe employs machine learning to quickly make and approve loans with minimal manual intervention, using PAN card verification, image recognition matching with storefront images or stock held within stores, and fuzzy logic to overcome spelling variations – thus shortening loan turnaround times from weeks to days.
Bharat Pe stands out in the industry with a repayment rate of 96%, one of the best in its category. They achieve this feat by automatically deducting loan installments from merchant transactions before they settle into banks – this method is faster and more efficient than traditional forms of lending to small businesses. Bharat Pe also offers consumer lending via their 12% Club app, where consumers can invest up to Rs 10 lakh while earning daily interest payments backed by collateral such as fixed deposit accounts or home loans.
BharatPe’s acquisition of Trillion Loans will bolster its presence in the digital credit space and allow it to offer more customer loans while improving risk assessment models; it won’t, however, affect existing partnerships with NBFCs and financial institutions.
BharatPe is more than just a merchant lending platform; it also operates India’s first interoperable UPI QR and offers consumer fintech products. Their poster app allows people to get instant credit for buy-now-pay-later purchases; machine learning identifies shopping patterns to predict future spending patterns; withdraw their investments with no fees attached and deposit or cancel investments without charges connected – goals the company plans on meeting within six months! They aim to expand investment AUM by $50 million while lending AUM reaches $100 million over that same period.
Applicant approval
Approval for a Bharat Pe Loan is a straightforward process and can be completed entirely online. Provide several documents, including proof of ID, address proof, and PAN card number. Afterward, your loan will be deposited within days based on how many payments come through through Bharat Pe QR scanners.
Bharat Pe’s 12 Club app provides small businesses with unsecured loans at very competitive interest rates and saw record loan disbursals during its inaugural quarter, helping more than 1.2 lakh merchants and processing payments worth Rs 3,600 crore during that timeframe.
BharatPe not only offers its famous 12% Club app but also provides consumer lending through Postpe. Their goal is to reach an investment AUM of $100 million and lend an AUM of $50 million by the end of this financial year – this should help offset their lower margins when providing payment services.
LiquiLoans and LendenClub, two P2P non-bank financial companies, power both products. BharatPe is used as a merchant database. By collecting information about merchant income and spending habits, BharatPe can collect enough data on them for machine learning to assess creditworthiness automatically and approve or decline loan applications accordingly.
To enable rapid processing, the platform utilizes Cloud Composer and BigQuery to build data pipelines in the background, matching names using FuzzyWuzzy logic or applying other machine learning algorithms in real-time to names or addresses; additionally analyzing transaction data to assess whether merchants pose reasonable risks or not.
BharatPe is taking steps to streamline its processes and provide users with an enhanced user experience. Their new version of the platform will be fully scalable and should be launched across India within several months. Android and iOS devices will have access to BharatPe Wallet; merchants will enjoy additional benefits like cashbacks and rewards from BharatPe.