Paytm, India’s leading digital financial services platform has introduced Instant Personal Loans to facilitate access to credit services to the masses. The service can be availed 24X7, round the year even on public holidays and weekends. This move will bring ‘new to credit’ customers into the bounds of the formal financial market. It will also empower individuals from small cities and towns who do not have access to traditional banking institutions.
Paytm has digitised the entire process for loan application and disbursal with no physical documentation requirement which enables banks and NBFCs to process loans end to end in less than 2 minutes. It comes with a flexible repayment tenure of 18-36 months and EMI is determined accordingly.
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 and aims for over 1 million users by fiscal year-end to avail the personal loan services from the platform.
Recently, the company has expanded its Paytm Postpaid service to a large set of use-cases such as payments at neighbourhood Kirana and popular retail destinations.