If you are looking for personal loan then we have a great news for you. India’s leading digital finance services platform, Paytm has launched a new Instant Personal Loans service on its platform to facilitate access to credit services to its one million customers that includes farming community as well.
The best part of this personal loan facility is that it is active 24×7 and for 365 days a year. In addition, it allows customers to get a loan in just 2 minutes.
It must be noted that last week State Bank of India had announced 'SBI door banking' service for all its customers.
According to available information, Paytm’s personal loan facility can be availed on weekends as well as public holidays. The credit in Paytm’s Instant Personal Loan service will be processed and paid by NBFCs and will bring ‘new to credit’ consumers into the ambit of the formal financial market.
Moreover, Paytm’s new service will also empower those from small cities & towns who do not have access to traditional banking institutions. Therefore, it has digitised the whole process for loan application and disbursal with no physical documentation requirement.
According to Paytm, under the new Instant Personal Loan service, it will give instant loans of up to Rs 2 lakhs to small business owners, salaried individuals and professionals within 2 minutes.
Additionally, Paytm said its loan service has a flexible repayment tenure of 18 to 36 months and Equated Monthly Installment (EMI) is determined according to the tenure. Eligible individuals can take benefit of the service through ‘Personal Loan’ tab under the Financial Services section. They can also manage their loan account directly from the Paytm app.
To kick off the service, Paytm has collaborated with various NBFCs as well as banks to facilitate this facility. During the beta phase, the company disbursed personal loans to more than 400 selected customers.
Now, Paytm is aiming for over one million users by fiscal year-end to avail this new personal loan services from the platform.
