Bharatpe loan: BharatPe is an Indian fintech company with the goal of simplifying the digital payment ecosystem for businesses. It currently holds the position of the fourth-largest UPI merchant in India. Offering various financial services such as QR, investments, and BharatPe Easy Loans, the company aims to support small and medium-sized businesses facing challenges in obtaining loans from traditional banks, which often involve strict eligibility criteria, lengthy application processes, high-interest rates, and credit history scrutiny.
In this article, we will delve into BharatPe’s loan eligibility criteria and provide a step-by-step guide to the application process.
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BharatPe addresses the challenge by providing loans with straightforward eligibility criteria. The more shop owners accept payments through BharatPe QR, the higher their chances of loan approval. Collaborating with RBI-approved NBFCs, such as Lenden Club, Liqui Loans, Trillions Loan, and Arth mate, BharatPe has facilitated loans for over 1.2 lakh merchants in Q1 FY23. This partnership has significantly benefited millions of small-scale businesses in India. Here are the eligibility criteria for BharatPe loans.
Bharatpe loan eligibility Criteria
Providing swift loans to businesses utilizing BharatPe QR for payments, BharatPe ensures a streamlined process with minimal documentation, attractive interest rates, and loan amounts reaching up to 10 lakh. While the eligibility criteria for BharatPe Easy Loans share similarities with other financial institutions, there are specific requirements tailored for business applicants:
- You should be 18 years of age.
- The business should utilize BharatPe QR for payment receipts.
- Indian citizenship is a prerequisite.
- Attaining a minimum credit score of 700 is crucial for loan approval.
How many documents are required for Bharatpe loan approval
- You must have an Aadhaar Card, PAN Card, Driving License, or Voter ID Card.
- Selfie for KYC process.
- Bank account details for each process.
Bharatpe loan interest rate
BharatPe loans typically have an annual interest rate between 21% and 30%, which is equivalent to a monthly interest rate of 1.75% to 2.5%. The specific interest rate you receive may vary based on factors such as the loan amount, repayment period, your credit history, and the documentation available. If you require a loan for a shorter duration, the interest rate is generally lower.
How to apply for a Bharatpe loan online
After checking BharatPe loan eligibility, it is time to apply for the loan. The BharatPe loan process is simple and can be done directly through the merchant app. Follow the steps given below to apply for a BharatPe loan.
- Download the BharatPe app for merchants from the Google Play Store or App Store in IOS.
- Check on Easy Loan and tap on the homepage. To apply for a loan through BharatPe, follow these steps:
- Click on the “Get Loan Now” button and provide your PAN details and PIN code for your business address.
- Choose the desired loan amount, and tenure, and provide other necessary details such as your business address.
- Complete the KYC (Know Your Customer) process by uploading a selfie along with photographs of your PAN card and Aadhar card.
- Next, upload your shop photo, confirm the loan agreement, and verify through the OTP received on your registered mobile number.
- In the final step, link your debit card and account to complete the eNACH process and application.
Frequently Asked Questions
Does BharatPe offer loans?
Yes, BharatPe offers loans to eligible businesses.
What are the criteria for a BharatPe loan?
The criteria for a BharatPe loan include having a business that uses BharatPe QR to receive payments, Indian citizenship, a minimum age of 18 years, and a credit score of 700.
How long does it take to get BharatPe loan approval?
BharatPe can approve your loan in just 30 minutes.
Which bank has tied up with BharatPe?
BharatPe has entered into a partnership with Axis Bank to offer financial services.
What is the maximum loan limit for BharatPe?
You will get a loan of up to 10 lakhs
What is the interest rate of BharatPe?
The interest rates for BharatPe loans generally range from 21% to 30% per annum.