Paytm introduces the instant loan approval service.
Paytm introduced instant personal loans on its platform to facilitate access to credit services to the masses. The service is available 24/7, all year round even on holidays and weekends. Loans would be processed and disbursed by NBFCs and banks. This initiative will bring “new to credit†clients into the formal financial market, and also allow individuals in small towns and villages who do not have access to traditional banking institutions to access.
Paytm has digitized the entire loan application and disbursement process without any physical documentation requirements. This unique service proposition is built on Paytm’s cutting-edge technology platform that enables banks and NBFCs to process end-to-end loans in less than 2 minutes.
It also comes with a flexible repayment term of 18-36 months and the EMI is determined accordingly. Eligible customers can benefit from the service through the “Personal Loan†tab in the Financial Services section and can manage their loan account directly from their Paytm application. 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 clients. The company is now targeting more than one million users by year-end to take advantage of the platform’s personal loan services.
Commenting on this, “Bhavesh Gupta, CEO of 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 and medium term personal loans to manage. urgent spending so that the lack of resources does not prevent them from achieving their dreams and ambitions. Our goal is to become a growth catalyst for young and aspiring Indian young professionals to help them become self-reliant. We will continue to innovate and digitize as many services that help integrate “new to credit†users into the formal economy. “
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