Loan – India leads the world in digital payments, and new features are constantly being introduced in this area, proving beneficial for citizens and small businesses. At Asia’s largest fintech event in Mumbai, Finance Minister Nirmala Sitharaman made a significant announcement, allowing users to obtain loans up to Rs 15,000 in seconds and make payments through UPI, even without an internet connection.
Easy loan up to Rs 15,000
Under this new feature, select banks and fintech companies will offer UPI users a credit limit of Rs 5,000 to Rs 15,000. This credit limit will essentially act as a short-term loan, available immediately. There will be no paperwork or long waiting times required. This will make it easier for the general public and small businesses to access financial assistance, especially when they need immediate cash.
Payment will be possible even without internet
The Finance Minister also stated that the new system will allow users to make UPI payments from their mobile phones even without an internet connection. This feature will be especially helpful in areas with poor internet connectivity or sudden outages. This technology will facilitate digital transactions and bring more people into the digital payments fold.
Digital payments are rapidly expanding in India. These new features will help make the Digital India mission a success. Small businesses and ordinary citizens will now be able to easily access digital loans to meet their financial needs. Furthermore, this will promote a cashless economy.
This loan facility will also benefit those who are uncomfortable with traditional banking processes or find it difficult to handle paperwork. A loan disbursed in seconds will provide them with financial relief. Furthermore, UPI payments, without the need for internet, will ensure seamless financial transactions.
These announcements made by Nirmala Sitharaman at a fintech event in Mumbai mark a revolutionary step in India’s digital payments landscape. With simple, fast, and seamless loan processes, and the convenience of making payments without internet, every citizen will now be able to take full advantage of modern digital financial services. This will mark a new milestone on India’s path to economic prosperity and digital empowerment.