Realme has today forayed into financial services with the launch of its new applications, Realme Paysa. The latest service comes loaded with a host of interesting features. The company has introduced the Beta version of the application and it is available starting from today.
The company says that the new application will be a one-stop solution for financial needs. The App comes with lending service. The brand says that it will provide instant loans to individual and Small & Medium Enterprises (SME). For individuals, one can take loans from Rs 8,000 to Rs 1,00,000 through the app and it comes with flexible repayments from 3 months to 12 months. The loan service is partnered with EarlySalary.
For a business loan for micro and small businesses, one can avail from Rs 50,000 to 5 lakhs instant digital loan up to 5 lakh and repayments can be made from 12 to 60 months. Business loans are covered at 90 per cent PIN codes. It also offers screen insurance for old and new smartphones. With the new application, users can also make payments. The company has revealed that all the data is stored in India with transparent permission and more.
One can also use financial service like saving and protection with the Realme Paysa service. Users will get to save money by investing in digital gold, mutual funds, life insurance and more. Lastly, the app will offer different financial tools. With the new services, users will get a free credit report. The company says that it will provide updated credit report for free for 3 months. The report is made with a partnership with CreditMantri.
With this, Realme Paysa service is all set to give a stiff competition to other lending platforms, especially Xiaomi. The Chinese brand recently introduced its Mi Credit lending service in India. The company has revealed that the platform will provide loans ranging from Rs 5,000 to up to 1 Lakh and it is valid for customers above the age of 18.
Xiaomi has partnered with different lending partners including Aditya Birla Capital Personal Finance, Money View, EarlySalary, CreditVidya and ZestMoney for Mi Credit. It also supports all major banks in India.