Paytm offers Instant Loan approval service: Click to know more
The qualified customers can avail of the benefit through the ‘Personal Loan’ tab under the Financial Services section and can manage their loan account straightforwardly from their Paytm app.
Paytm – one of the country’s digital financial services -- has recently introduced the 'Instant Personal Loans’ highlight on its platform. This service, Paytm said, can be profited 24X7, round the year even on public holidays and ends of the week.
The loans would be prepared and dispensed by NBFCs and banks. This move will bring 'new to credit' customers into the ambit of the formal financial market, and will moreover engage people from small cities and towns who don't have access to traditional banking institutions.
Paytm has digitized the complete process for loan application and disbursal with no physical documentation requirement. This one of a kind benefit suggestion is built on Paytm's cutting-edge tech platform which empowers banks and NBFCs to process loans end to end in less than 2 minutes.
It moreover comes with adaptable reimbursement tenure of 18-36 months and EMI has decided appropriately. The qualified customers can avail of the benefit through the ‘Personal Loan’ tab under the Financial Services section and can manage their loan account directly from their Paytm app. The company has collaborated with different NBFCs and banks to facilitate this service.
During the beta stage, Paytm disbursed personal loans to over 400 selected customers. The company is presently aiming for over 1 million users by financial year-end to avail the personal loan services from the platform.
Commenting on this, “Bhavesh Gupta, CEO - Paytm Lending said, "We aim to form Instant Personal Loans available to the self-employed, new to credit individuals and young professionals who require brief to medium term personal loans to manage urgent expenses so that need of assets does not come in their way to fulfill dreams and ambitions. Our aim is to become a growth enabler for India's aspiring youth and youthful professionals to assist them to become self-reliant. We'll proceed to improve and digitize as many services that offer assistance in bringing 'new to credit' users into the formal economy."