New Delhi, Oct 1 (IANS): Aiming to disburse loans worth Rs 1,000 crore in the rest of the financial year 2021, merchant payment network BharatPe on Thursday said it disbursed loans worth over Rs 80 crore in September alone, making it one of the largest fintech lenders for merchants during the pandemic.

The company facilitated loan disbursals to the tune of Rs 150 crore through its partners in the current quarter and aims to increase the number of loan disbursals by seven times this year.

"Our proprietary algorithm designed to assess merchant creditworthiness, combined with a multi-modal collection mechanism, is the backbone of our lending product. BharatPe intends to be the fintech partner of choice for the Indian merchants," said Nishit Sharma, Chief Revenue Officer, BharatPe.

The company has already facilitated disbursement of over Rs 400 crore to its merchants since launch.

BharatLoan allows merchants to avail loans in the range of Rs 20,000 to Rs 7 lakh for up to 15 months tenure at low interest rates and with minimal paperwork.

The merchants can repay the loan in the form of small daily or weekly instalments.

The company said its 'BharatLoan' product has received good response that allows creditworthy merchants to avail loans via a 100 per cent digital and automated process.

The merchants also have the option to go for a hybrid repayment model with a combination of daily QR/POS collection and weekly payments made directly from the bank account.

Currently serving over 50 lakh merchants across 35 cities, the company has grown business 30 times in 2019, having processed over 5 crore UPI transactions a month.

BharatPe has raised $142.5 million to date. The company's list of investors includes Beenext, Sequoia, SteadView Capital, Ribbit Capital, Coatue Management LLC, Insight Partners, and Amplo.