Google has informed that from today onwards their payment app Tez will be known as Google Pay. In addition to that google pay offer instant Bank Loan for the pre-approved customer. This feature will provided by few of India's top banks -HDFC bank, ICICI bank, Kotak Mahindra bank and federal bank

Company says that it will take few seconds to enter desired amount, choose repayment terms and receive money in their bank account, this feature will roll out in next week.

The users have to decide how much they want to borrow and how quickly they have to repay. Finally after reviewing the terms and condition Bank will deposit the loan amount instantly to their account.

In coming weeks google will expand the region where Google pay can be used to pay in Stores and Online gateways.

Google launched the Tez app in India last year on September and since over 55 million people have downloaded the app, more than 22 million people used the app for digital transaction every month.