BharatPe is a UPI payment application and digital money lender for merchants. Its app is specially designed for merchants, and it tracks their transactions to assess their creditworthiness. The company provides micro-loans to small businessmen without the need for CIBIL checks.
Consumers can acquire collateral-free loans on the 12% Club app at their leisure and without paying processing or prepayment charges, the company said. They can withdraw their investments at any time, partially or entirely, without any withdrawal fees.
BharatPe is a fintech company that primarily focuses on merchant payments. Its products enable Kiranas and small offline merchants to access credit that they can use to grow their businesses. However, for many of these merchants, obtaining a loan is difficult due to their lack of credit history. This is why BharatPe launched a P2P lending product to help them get loans from investors.
Recently, the company has expanded its consumer offering with the launch of 12% Club, which allows consumers to borrow or invest their finances through the app. The platform offers a competitive interest rate of up to 12% and uses machine learning to speed up approvals, eliminating the need for human intervention from loan officers.
To ensure that the app is secure, 12% Club has adopted several security measures. These include a strict authentication policy and a data-driven approach to lending. The company also employs a dedicated team to review applications. This ensures that the application is free from any fraudulent activity and that the company is meeting all regulatory requirements.
Moreover, the platform uses a combination of cloud services to manage its massive volumes of data. Its central database is stored on Amazon Web Services (AWS), while it uses the BigQuery data warehouse to store other data sets. Additionally, it uses Cloud Composer and Dataflow to create complex data pipelines and automate data processing. It also uses BigQuery’s fuzzy logic to overcome spelling variations in names and addresses.
The Bharatpe loan eligibility criteria are based on a number of factors, including the consumer’s credit score, shopping history using the PAYBACK loyalty system, or payments made through the company’s BharatPe QR code. Customers can withdraw their money at any time, wholly or partially, without paying withdrawal fees. In addition, the company’s lending platform is backed by a variety of reputable RBI-approved NBFCs such as Lending Club, Liquiloans, and Trillions Loan. These partnerships have helped Bharatpe offer loans to millions of small businesses in India.
If you’re a merchant who regularly uses the Bharat Pe app to receive payments, you may be eligible for a Bharat Pe loan. This service was designed specifically for merchants, and it has several benefits over traditional banks. It also offers a hassle-free and quick application process. To qualify for a Bharat Pe loan, you must be an Indian citizen and operate a store or business that utilizes the Bharat Pe app QR scanner. Additionally, you must have a steady source of income from your shop or business. The amount you can borrow depends on the number of payments received via the app.
The idea for the service was based on co-founder Ashneer Grover’s observations that local merchants and kiranas often struggle to get loans due to strict eligibility criteria and lengthy application processes. He wanted to simplify the process and make it accessible to small businesses. The resulting product is collateral-free and has competitive interest rates. It also allows borrowers to repay in daily installments.
This is a new product for the company, and it already has a number of customers in its portfolio. The company plans to expand its offerings in the future, including lending products to other types of businesses. It also plans to add an investment marketplace for users to buy and sell funds. It will likely do this by acquiring existing companies.
Bharatpe is a fintech that simplifies the digital payment ecosystem for businesses. Its services include UPI payments, micro-credit, remittances, and lending. It is headquartered in Delhi and has over 100 million registered users. Its platform supports over ten languages and has a variety of features that allow users to manage their finances. It also has a number of security measures, including 2-factor authentication and a password lock. Its data processing infrastructure is powered by Cloud Composer and Dataflow, which can handle complex and data-intensive workflows. This allows Bharatpe to keep up with the demands of its growing customer base.
Bharatpur loans are easy to get and require minimal documentation. To qualify for a Bharatpur loan, you must have a bank account, valid address proof, and an identity document such as a passport or voter ID card. You also need to provide a photograph of yourself for verification purposes. Depending on the type of business, you may also need to submit other documents to complete your application.
The loan process is straightforward, and it only takes a few days to be approved. The Bharatpur app provides you with the necessary information to complete the application, including the required documents. After you have submitted all of the required documents, the bank will verify them and approve your loan. The loan amount will then be credited to your account within a few days. Upon approval, you can use the money to start your new business.
To facilitate this, BharatPe has partnered with several RBI-approved NBFCs, such as Lenden Club, Liqui Loans, and Trillions Loan. These partnerships have enabled the company to offer unsecured business loans to millions of small-scale businesses. In Q1 of 2022-23, the company facilitated loan disbursals of over Rs 3,600 crore for more than 1.2 lakh merchants.
These loans are an excellent way for businesses to fund expansion or grow their current operations. BharatPe also offers a referral program, which allows merchants to earn cashback or rewards for every friend they refer. This incentive program is a great way to encourage customers to use the platform.
Unlike many other lenders, Bharat Pe is unique in that it has a product dedicated to merchants. Its Bharatpur credit product is an alternative to the traditional business credit cards. The Bharatpur credit product uses machine learning to identify patterns in consumer payment behavior and offers instant credit for buy-now-pay-later purchases. In addition, it also enables merchants to track customer spending.
Despite the challenges, Bharatpe is still on its growth path. In fact, the payments giant is focusing on expanding its presence in India and making investments abroad. Earlier this year, Bharatpe raised $84 million in debt from a number of leading financial institutions, including ICICI Bank and Northern Arc. In addition, it plans to launch a P2P lending service for consumers in the coming months.
The processing time for Bharatpur loans depends on the size of your business and how many payments you receive. Once you have enough evidence, you can submit your application and be approved in a few days. You will need to provide your business details, a valid bank account, and your KYC documents to complete the process. Once the paperwork is completed, you can borrow money and start using it immediately.
The more transactions you make through the Bharat pe QR scanner, the higher your credit limit will be. Typically, you can borrow up to 10 lakh rupees, which is a great way to expand your business. The company also offers low-interest rates, so you can pay off your loan faster and save money.
Bharatpe is a fintech company founded in 2018. The company simplifies the digital payment ecosystem for merchants and small businesses by providing a suite of easy-to-use fintech products, including payments and loans. The company has more than 13 million merchants and is the fourth largest UPI merchant in India.
In addition to its payment offerings, Bharatpe has an extensive network of NBFCs that offer loans for small businesses. These partnerships allow BharatPe to provide loans to local merchants and shopkeepers, especially during times of crisis. In Q1 of 2022-23, BharatPe facilitated more than 3600 crore in loan disbursals and benefited 1.2 million merchants.
Unlike traditional banking, Bharatpe uses machine learning to streamline the loan approval process and improve the credit accessibility of merchants. The company’s loan platform, postpone, uses the information from the BharatPe QR payment system to calculate a merchant’s credit profile. NBFCs then use this data to approve or reject loans. Moreover, it uses VisionAI to detect and verify the store name on photographs to minimize identity fraud.
The company’s technology platform uses Cloud Composer and BigQuery to create a flexible data pipeline that can scale as the company grows. This enables the company to quickly deploy machine learning models as microservices, reducing overall development costs and speeding up decision-making. Using these tools, the company has been able to reduce processing time from two days to five seconds.