SMFG India Credit partners with Google Pay to offer collateral-free personal loans

In a significant move for India’s digital lending landscape, SMFG India Credit (SMICC) has announced a strategic partnership with Google Pay to offer collateral-free personal loans to users nationwide.

The collaboration aims to provide a seamless financial solution for Google Pay’s vast user base, allowing individuals to address diverse financial requirements through a fully integrated digital experience.

Eligible users can now apply for loans directly within the Google Pay app, with the potential for funds to be disbursed in just a few minutes. This end-to-end digital process is designed to be fast, safe, and flexible, catering specifically to the needs of India’s increasingly “digital-savvy” population.

Beyond convenience, the initiative is positioned as a tool for financial inclusion, aiming to bring formal credit to underserved and emerging customer segments who may have previously lacked access to such banking facilities.

Ajay Pareek, Chief Business Officer at SMFG India Credit, commented on the alliance, saying, “As part of its long-term strategy, SMFG India Credit continues to strengthen its leadership in the digital lending ecosystem by leveraging technology and forming strategic alliances with fintech platforms. These efforts reflect the company’s focus on expanding reach, promoting financial empowerment, and supporting the nation’s vision of a digitally inclusive economy”.

The partnership reinforces SMICC’s position within the digital ecosystem by utilising innovative technology to expand its social impact.