Paytm is India’s leading e-commerce financial platform that lets you move cash into an integrated wallet. The tech company is easily the country’s largest card and UPI payment gateway.
In addition to all the benefits Paytm has in store for us, the platform has launched a new ‘instant personal loans’. With this feature, you can avail credit services, active for 24×7 for the whole year. That’s right, you can avail this feature to get a loan in under 2 minutes, accessible all year round!
How does it work?
Since the service is available for 24 hours, all year, that means that this service is possible to avail even on public holidays and over the weekends. NBFCs will process and disburse the loans under this scheme. Accordingly, there is no need for a physical document for the application or disbursal of loans. Everything is conveniently digitised!
The greatest advantage of this newly equipped service will allow smaller town folks to get loans without the need of a physical bank. Digitisation of the entire process is extremely helpful and less pain-staking. The service is built in a manner that enables processing of loans in less than 2 minutes.
Under this scheme, small business owners and other professionals can get instant loans of up to Rs. 2 lakhs. Further, this service has a flexible repayment tenure of 18-36 months and EMI is determined for the same. For quick services, you can download the Paytm app to manage a loan account under ‘personal loans’ tab.
The company is collaborating with multiple banks and NBFCs to make this service work. The goal is to have over 1 million users to avail the loan services by fiscal year-end. Bhavesh Gupta, CEO of Paytm says this personal loan service can aid those in desperate need of urgent expenses “so that lack of resources does not come in their way to fulfil dreams and ambitions.”
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