After Mi Credit, realme, another smartphone company has come up with its financial service app called realme Paysa. This app provides financial services like loans, investment options in mutual funds or other saving schemes, payments for shopping, get a personal credit report and free scree insurance. The loans and credit report services are in partnership with Early Salary and Credit Mantri respectively and the screen insurance is provided by ICICI Lombard.
One can borrow personal loan and business digitally via the app. The amount of personal loan ranges from Rs 8,000 to Rs. 1,00,000. It offers flexible repayment options ranging from 3-12 months. The business loan amount ranges from Rs. 50,000 to Rs. 500,000 with an interest rate of 1.6% per month. In 2020, realme aims to provide 5,00,000 loans to customers. realme has partnered with Lending Kart for business loans.
With the screen protection insurance, one can raise a claim twice a year. This is also done via the app and realme targets to insure 1 million customers in 2020. Screen insurance can be taken for old and new phones both.
realme Paysa is currently in beta and can be downloaded from here.