SMFG India Credit ties up with Google Pay to offer instant collateral-free personal loans

SMFG India Credit (SMICC), a leading non-banking financial company (NBFC), 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 will follow a fully digital, end-to-end process, aimed at delivering a fast and frictionless borrowing experience to customers without requiring any physical documentation or collateral.

The collaboration comes at a time when NBFCs and fintech platforms are increasingly leveraging large digital ecosystems to tap into underserved and emerging credit segments. By integrating its lending capabilities with Google Pay’s vast user base, SMFG India Credit aims to significantly scale its personal loan portfolio while deepening its presence in India’s rapidly evolving digital lending landscape.

According to the company, the partnership is aligned with its broader strategy of using technology and data-driven underwriting to make formal credit more accessible, particularly to customers who may have 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. “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 reinforces the growing role of large consumer technology platforms such as Google Pay in India’s financial services ecosystem. With digital payments now deeply embedded in everyday transactions, such platforms are increasingly becoming key distribution channels for credit products, insurance, and wealth offerings.

SMFG India Credit, a wholly owned subsidiary of Japan-headquartered Sumitomo Mitsui Financial Group (SMFG), has been operating in India since 2007. The company, along with its housing finance arm SMFG India Home Finance Co. Ltd. (also known as SMFG Grihashakti), 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. Headquartered in Japan, SMFG is listed on the Tokyo Stock Exchange and the New York Stock Exchange (via ADRs), with a market capitalisation of approximately $108.5 billion as of September 30, 2025. The group is designated as a global systemically important bank and holds strong credit ratings from global rating agencies.

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 suite of financial services offerings for Indian consumers.