SMFG India Credit (SMICC) has partnered with Google Pay to offer collateral-free personal loans to millions of users on the digital payments platform, marking a significant push towards expanding formal credit access through digital channels.
Under the partnership, eligible Google Pay users will be able to apply for personal loans directly within the app, with loan approvals and disbursals completed within minutes. The offering follows a fully digital, end-to-end process aimed at delivering a fast and frictionless borrowing experience without the need for physical documentation or collateral.
The collaboration comes at a time when NBFCs and FinTech platforms are increasingly leveraging large digital ecosystems to reach underserved and emerging credit segments. By integrating its lending capabilities with Google Pay’s extensive user base, SMFG India Credit aims to scale its personal loan portfolio and strengthen its presence in India’s rapidly evolving digital lending landscape.
According to the company, the partnership aligns with its broader strategy of using technology and data-driven underwriting to make formal credit more accessible, particularly for customers with limited engagement with traditional banking channels. The initiative is also expected to support financial inclusion by enabling easier access to short-term credit for consumption, emergencies and other personal financial needs.
“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,” said Ajay Pareek, Chief Business Officer, SMFG India Credit.
He added, “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 further highlights the growing role of large consumer technology platforms such as Google Pay in India’s financial services ecosystem. With digital payments deeply embedded in everyday transactions, these platforms are increasingly emerging as key distribution channels for credit, insurance and wealth products.
SMFG India Credit, a wholly owned subsidiary of Japan-headquartered Sumitomo Mitsui Financial Group (SMFG), has been operating in India since 2007. Along with its housing finance arm, SMFG India Home Finance Co. Ltd. (SMFG Grihashakti), the company has built a pan-India presence across more than 670 towns and over 70,000 villages. It operates through a network of over 1,000 branches and employs more than 22,000 people.
The company offers a wide range of lending products, including loans to small and medium enterprises, commercial vehicle and two-wheeler financing, home and home improvement loans, loans against property and shares, personal loans and rural livelihood advancement loans, with a focus on underserved and unserved customer segments.
Parent company SMFG is among the world’s largest banking and financial services groups, offering commercial banking, leasing, securities and consumer finance services.
With the Google Pay partnership, SMFG India Credit is expected to further accelerate its digital lending ambitions, while Google Pay continues to expand beyond payments into a broader range of financial services for Indian consumers.
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