BharatPe on Friday launched a new lending product that would be offering instant liquidity to distributors, wholesalers, traders and dealers. This product would focus on small and medium enterprises.
Named as Distributor to Retailer (D2R) Finance, it would offer collateral-free loans of up to Rs 50 lakh for a period of seven days to 30 days.In its official communiqué, BharatPe stated that it already facilitated D2R loans of Rs. 50 crores in the first month of unveling and it is aiming to facilitate disbursals of around Rs. 2500 crores through this new product in the next fiscal year (FY22).
“BharatPe has already facilitated D2R loans of Rs 50 crore in the first month of launch and aims to facilitate disbursal of Rs 2,500 crore via this new product in the next fiscal year 2021-22,” it said in a statement.
The facility is available across 10 cities and has around 2,000 SME registrations in just one month of launch.
The official statement further stated that the loan is available at a low interest rate, with zero processing fees and involves minimal paperwork.
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“We aim to provide this offering in all 100 cities where we are present,” said Suhail Sameer, Group President, BharatPe.
BharatPe is India’s third-largest player in UPI payment acceptance space