You have used Paytm to make a payment, to make purchases or to receive payments. But now you can use Paytm to get a loan up to Rs 2,00,000 in just two minutes. Whereas this personal loan service of Paytm will be operational 365 days and 24 hours.
If you want a personal loan on holidays like Sunday or Saturday or even on the festive holiday, then you can apply on Paytm for the loan up to Rs 2 lakh and get it in 2 minutes. You have to repay this loan through EMI of 18 to 36 months. Paytm has tied up with many banks and NBFCs for this personal loan service.
How to apply for the loan?
There will be an option of “Personal Loans” in the Paytm app itself, from where the loan you can apply for the loan and the loan account can also be maintained from here. Paytm has said that the entire process will be 100% digital i.e. no paperwork will be required. In this entire process, loans will be provided by banks and NBFCs while Paytm will remain in the role of a digital platform.
Who will get the loan?
This loan will be applicable for small businessmen and professionals apart from job occupation people. In the bank case, the loan amount will be approved based on the pattern of the buyer in addition to the credit score of the borrower. After the loan approval, the customer will be able to choose the duration of this loan as per his need. With this entire process, on one hand, banks and NBFCs will get new borrowers, on the other hand, customers will also be able to get loans on the digital platform in just 2 minutes.