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Paytm’s New Instant Personal Loans Service Will Provide Loans of Up To Rs 2 Lakh Within 2 Minutes

Paytm’s New Instant Personal Loans Service Will Provide Loans of Up To Rs 2 Lakh Within 2 Minutes

Paytm’s New Instant Personal Loans Service Will Provide Loans of Up To Rs 2 Lakh Within 2 Minutes.

Paytm, India’s leading digital finance services platform has launched new Instant Personal Loans on its platform to facilitate access to credit services to its 1 million customers. The service, that is active 24×7, for 365 days a year, allows users to get a loan in less than 2 minutes. The service can also be availed on public holidays and weekends, Paytm said during the announcement. “Paytm is the technology & distribution partner for non-banking financial companies (NBFCs) and would help them expand the reach and adoption of loan services to salaried individuals, small business owners, and professionals,” Paytm said during the launch.

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The loans in Paytm’s Instant Personal Loans initiative would be processed and disbursed by NBFCs and banks.

This, according to the company, will bring ‘new to credit’ customers into the ambit of the formal financial market, and will also empower individuals from small cities and towns who do not have access to traditional banking institutions. Paytm has digitised the entire process for loan application and disbursal with no physical documentation required. This service proposition is built on Paytm’s tech platform that enables banks and NBFCs to process loans end to end in less than 2 minutes. Under the new Instant Personal Loan scheme, Paytm will offer instant loans of up to Rs. 2 lakhs to salaried individuals, small business owners, and professionals.

Further, Paytm said that its loan service comes with a flexible repayment tenure of 18-36 months and EMI is determined according to the tenure. Eligible customers can avail the service through the ‘Personal Loan’ tab under the Financial Services section and can manage their loan account directly from the Paytm app. The company has partnered with various NBFCs and banks to facilitate this service. During the beta phase, Paytm disbursed personal loans to over 400 selected customers.

 The company is now aiming for over 1 million users by fiscal year-end to avail the personal loan services from the platform. paytms

Bhavesh Gupta, CEO – Paytm Lending said, “We aim to make Instant Personal Loans accessible to the self-employed, new to credit individuals and young professionals who need short to medium term personal loans to manage urgent expenses so that lack of resources does not come in their way to fulfil dreams and ambitions. Our aim is to become a growth enabler for India’s aspiring youth and young professionals to help them become self-reliant. We will continue to innovate and digitise as many services that help in bringing ‘new to credit’ users into the formal economy.” paytms

સંપૂર્ણસમાચાર ગુજરાતીમાં વાંચો

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You can get a loan of up to Rs 2 lakh in just 2 minutes
Under Paytm’s personal loan service, you can get a loan in just 2 minutes at any time of the year 365 days. It can get an instant loan of up to Rs 2 lakh. The loan will be based on credit score and purchase pattern. You can repay this loan in 18-36 months EMI. paytms

Agreed with banks and NBFC
Paytm has entered into agreements with several banks and NBFCs for this service. The company is now planning to have more than 1 million users by the end of the financial year to avail personal loan services from the platform. paytms

Paytm will provide a loan of Rs 1,000 crore to MSME till 2021. In addition, Paytm is also providing financial assistance to MSME. Under this, the company aims to provide a loan of Rs 1,000 crore by 2021. The company is offering collateral-free loans to customers on the Paytm for Business app under the Merchant Lending Program.

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