Paytm has introduced Instant Personal Loans on its platform to make it easier for the masses to access credit services. The service can be used 24 hours a day, 7 days a week, all year round, even on holidays and weekends. Loans would be processed and disbursed by NBFCs and banks. This move will bring ‘new to credit’ customers into the formal financial market and also empower people in small towns and villages who do not have access to traditional banking institutions.
Paytm has digitized the entire loan application and disbursement process with no requirement for physical documentation. This unique service proposition is powered by Paytm’s industry-leading technology platform that enables banks and NBFCs to process loans end-to-end in less than 2 minutes.
It also comes with a flexible repayment term of 18 to 36 months and the EMI is determined accordingly. Eligible customers can avail the service through the “Personal Loan” tab under the Financial Services section and can manage their loan account directly from their 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 targeting more than one million users by the end of the fiscal year to benefit from the platform’s personal loan services.
Commenting on this, “Bhavesh Gupta, CEO – Paytm Lending said, “We aim to make instant personal loans accessible to the self-employed, new creditors and young professionals who need short to medium term personal loans to manage expenses. so that the lack of resources does not prevent them from realizing their dreams and ambitions. Our aim is to become a growth catalyst for India’s young and aspiring young professionals to help them become self-sufficient. We will continue to innovate and digitize as many services that help bring “new to credit” users into the formal economy. »
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