Google has updated its developer policy for Google Play. The tech giant has announced that it now requires personal loan apps in India to complete the additional proof of eligibility requirements. The updated policy comes into effect from May 11. According to Google Play Store policies, a personal loan app is defined as one which “lends money from one individual, organization, or entity to an individual consumer on a nonrecurring basis, not for the purpose of financing the purchase of a fixed asset or education.” These additional proof requirements are applicable to India, Indonesia, and the Philippines.
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Complete the Personal Loan app declaration for India
The new rules make it essential for these apps to complete the Personal Loan App Declaration for India, and provide necessary documentation to support their declaration.
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Submit copy of the license for Google’s review
If an app is licensed by the Reserve Bank of India (RBI) to provide personal loans, it must submit a copy of the license for Google’s review.
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Need to clearly share the nature of activity
If you are not directly engaged in money lending activities and are only providing a platform to facilitate money lending by registered Non-Banking Financial Companies (NBFCs) or banks to users, you will need to accurately reflect this in the declaration.
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Names of NBFCs and banks highlighted in app’s description
In addition, the names of all registered NBFCs and banks must be prominently disclosed in the app’s description.
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Developer account name should match that of the associated registered business
The guidelines further say: Ensure that the developer account name matches the name of the associated registered business name provided through your declaration.