Google has re-branded their UPI based payment application ‘Tez’ to ‘Google Pay’. The improved version of Google Pay application will host a new line of features such as pre-approved loans.
Google has teamed up with HDFC Bank, ICICI Bank %, Federal Bank and Kotak Mahindra Bank to provide pre-approved loans. Customer will have option from only these banks for any lending through Google Pay. There is no paper work process involved in lending.
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How To Get an Instant Loan through Google Pay ?
- Download the Google Pay apps or update the existing ‘Tez’ app
- Register on app through and linked your bank account of any bank
- To get a loan from Google Pay, customers just need to accept the bank’s terms and the money will be deposited into their bank account.
- EMI will also be automatically deducted through app itself.
Google plans to enable payments at retail locations like Big Bazaar and FBB by the end of the year.