Realme PaySa offer: The Realme smartphone brand entered the financial services industry with the launch of the “realme PaySa” platform. The platform will provide quick loans of up to Rs 5 lakh to SMEs with interest rates ranging from 11-24%. Individuals can also obtain loans of up to Rs 1 lakh from the platform at an interest rate of 14-36%. With this new activity, the mobile phone manufacturer aims to serve “emerging India” in subways and cities of level 2 and 3 by offering credit solutions to individuals and SMEs.
Realme has currently launched the beta version of its PaySa app while full deployment is expected within the next six to 12 months, the company said in a statement. It will have four activities in the areas of loans, savings, payments and protection.
What’s on offer
The beta realme PaySa app offers digital personal loans up to Rs 1 lakh and digital loans to SMEs up to Rs 5 lakh. The larger loan needs for individuals and SMEs are being taken care of by realme PaySa teams in different cities, the company said.
The interest rate applied on loans granted through the Realme PaySa platform will start from 14%. A representative from Realme PaySa told FE Online: “Interest rates are based on risk-based and segment-based pricing policies that partners apply. It varies between 14 and 36% on the reduction basis for individuals and between 11 and 24% for companies. “
The PaySa platform will provide free and instant credit report to users with easy to understand interface, account level details and free updates for 3 months.
Screen damage insurance
The Realme Paysa platform also offers screen damage insurance for old and new phones with the option to insure 1 or 2 damage per year.
The company has partnerships with Early Salary (for digital personal loans), Lending Kart (for digital business loans), and Credit Mantri (for free credit report). Further reconciliations are expected with the extension of the platform.
Commenting on the new platform, Madhav Sheth, CEO of Realme India, said that “realme PaySa, as the name suggests, is the result of a combination of Indian ethics and our relentless pursuit of making life of our customers easier. We aim to repeat our success in the mobile industry and become one of the top five new entrants in financial services over the next 2-3 years. We are evaluating the launch of financing and mobile phone payments in 2020. ”
In 2020, the Realme PaySa platform aims to disburse loans of around 1000 crore, acquire 30-50 lakh new customers, launch several new products and take its first step in financial services in India.