Google has removed all the personal loan applications for India from its play store. Furthermore, it has prepared some strict guidelines for the developers who have prepared these loan apps for the people.
All the developers associated with these kinds of loan apps have to follow all the guidelines that will come up by September 15, 2021. Moreover, they want their apps to stay in the play store follow the eligibility criteria accordingly.
The app developers have to complete the declaration formalities regarding the Personal Loan App Declaration for India. Then, their app will make available to download on Google Playstore for India.
After completing these formalities and then loan app developers must submit all the declaration documents to Google for review purposes. Additionally, Google has considered not all these apps have directly involved in money lending purposes.
These personal loan applications have only one purpose in their mind to provide a lending platform to the people registered with the Non-Banking Financial Companies (NBFC). Google explains in detail in its blog regarding personal loans.
Some additional details have been covered in the blog related to loan promotion, app security, and safety. All the developers have to take the decision on the declaration part and start with the formalities.