I want to know about GEMSAHAY account ON GEM portal.Will any bank provide finance to fulfill government orders?

Get a collateral-free loan against your GeM orders on GeM-Sahay App

Step 1: Opt in for Sahay Program and give consent to share your GeM data with the GeM Sahay App. Login > Company Profile > Click on Yes to opt in for SAHAY Program

Step 2: Download and install the GeM-Sahay App which will be shared with you and complete the following:

GeM-Sahay App Flow

Create Account

• Enter your Mobile number and verify with OTP (One Time Password)

• Enter your GST details and complete GST verification with OTP

1. Share GeM Purchase orders

• Share all your GeM purchase orders (POs) in one shot to get loan offers from multiple lenders

2. Select the best loan offer

• Select a PO and check the offers received by lenders

• Choose the best offer on the POs (you can take a loan only on one PO at a time)

Note: The amount that you will receive as a deposit will be calculated by deducting the interest from the loan amount.

3. Complete KYC verification

• Enter your Aadhaar number and complete personal KYC verification through OTP or TOTP (sent to your Aadhaar registered mobile number)

• Enter your Udyam number and mobile number, and complete the entity KYC verification through OTP (sent to your Udyam registered mobile number or email ID)

Note: If you are an existing customer of the lender, then the KYC process will happen automatically

4. Share Loan Deposit Bank Account

• Share the details of your bank account in which lender will deposit the loan amount

• You can set your Cash Credit (CC) or Overdraft (OD) account as the deposit bank account

• In case you do not have a CC or OD account, please set your operative account as the deposit bank account.

5. Set up Auto-repayment

• GeM Sahay will create a virtual bank a/c with a GeM authorized collection agent

• This account will be used to facilitate the auto-repayment of loans

6. Agree to Loan Terms

• Please read the loan terms carefully and confirm the acceptance by OTP verification

• Loan will be disbursed into your selected deposit account immediately after lender has verified your details

Source: This answer is provided by GeM Helpdesk