Nowadays, people of almost all ages in India make small digital payments! Especially in India after this lockdown, people’s confidence in digital payments seems to have increased a lot. Bigger than that, many people in the country had to face severe financial problems due to corona and lockdown, which has significantly increased the demand for loans in this country.
Looking at that demand, Paytm has launched a loan service for its customers, which is called Instant Personal Loan Service. The company is coming up with this special service to extend Paytm’s credit service to all parts of the country. Any customer can avail this personal loan service of Paytm at any time of the year. Customers can apply for this loan even on any holiday.
What is Paytm’s Instant Personal Loan Service –
At the launch of this special service, the company said, ‘Paytm is a technology and distribution partner of non-banking financial institutions (NBFCs). The new system will help expand loan services for salaried individuals, small businesses and professionals. Under this service of the company, loans will be given to the customers by NBFC and banks. Paytm added that this special initiative will further empower people in small towns and remote areas who cannot access any banking institution at all.
Customers will get the loan in 2 minutes –
Paytm has digitized the whole process of this loan application. And that’s why users don’t need to give any hard copy of documents to apply for a loan. Customers can create applications in less than 2 minutes with the help of this service bank and NBFC built on Paytm’s tech platform. With the help of this new instant personal loan, Paytm has come up to Rs 2 lakh for loan services, salaried, small business and professionals.
Bhabesh Gupta, CEO of Paytm Lending, says, “The purpose of providing instant personal loan services is to provide quick and easy access to loans to employees and small business owners to cover their expenses in case of emergency. We have come up with this special arrangement to ensure that there are no obstacles in their way to make their dreams come true. This service will help the youth and professionals of the country to become self-reliant.
Paytm Instant Loans
Paytm also said that the new loan service has a flexible repayment system of 18 to 36 months. And EMI will also be determined according to that period. Eligible customers considered for the loan will get this service by clicking on the Personal Loan tab inside the Financial Services option in the Paytm app. Paytm has tied up with various NBFCs and banks to make it easier for customers to get loans. During the beta phase of this service, the company has given loans to at least 400 selected customers. At the same time, Paytm further claims that their only goal now is to reach at least 1 million users through this new loan service.
Very recently Paytm has also rolled out their postpaid service. This postpaid service allows customers to pay from grocery stores to other smaller locations. Bill payment is also going to be easier with this sophisticated system. Online payments have been extended to various apps ranging from Paytm Mall to Dominos, Tata Sky. The company has also introduced Paytm postpaid credit limit.
Paytm Instant Loans
Now with whom there are so many questions, so much talk, what is Paytm, many may not know. Paytm is an Indian e-commerce payment system. This app is available in at least 12 languages. With this Paytm app, customers can make digital payments ranging from mobile recharge to bill payment, movie or event ticket booking, store payments, restaurants, parking, tolls and more. According to Paytm, at least 7 million people in India send or receive payments directly from their bank accounts. In that place, with the help of Paytm QR code, customers can pay the bill in various cases.
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