The online financial services giant Paytm has launched 24*7 instant personal loan services. Paytm aims to offer loans to around 1 million customers by the end of the financial year. During its beta phase, Paytm has already disbursed personal loans to more than 400 favored customers. Those customers who are in need of a loan can avail of this facility from the ‘Personal Loan’ option under the financial services section of the app. Paytm has partnered with several banks and NBFCs to process and disburse loans in less than two minutes. The customers have the advantage of repayment tenure of 18-36 months and EMI will be determined accordingly. India’s leading digital financial services platform has launched its new facility of Instant Personal Loans on its platform to facilitate access to credit services to its 1 million customers. It’s a 24 hours service, for 365 days a year, that allows users to get a loan in less than 2 minutes. The services are also availed on public holidays and weekends, as Paytm announced “Paytm is the technology & distribution partner for non-banking financial companies (NBFCs) and would help them expand the reach and adoption of loan services to salaried individuals, small business owners, and professionals.”
Those people or customers who are eligible can make use of the service through the ‘Personal Loan’ tab under the Financial Services section and can manage their loan account directly from the Paytm app. The company has already partnered with various NBFCs and banks to facilitate the loan service.
Bhavesh Gupta, CEO of Paytm Lending had stated, “We aim to make Instant Personal Loans accessible to the self-employed, new to credit individuals and young professionals who need short to medium term personal loans to manage urgent expenses so that lack of resources does not come in their way to fulfill dreams and ambitions.”
He further added by sharing the objective of this feature to become a catalyst for India’s self-reliance story. Gupta said, “Our aim is to become a growth enabler for India’s aspiring youth and young professionals to help them become self-reliant. We will continue to innovate and digitize as many services that help in bringing ‘new credit’ users into the formal economy”.
Vijay Shekhar Sharma who is the CEO and founder of the Paytm app has expanded its postpaid services to payments at Kirana stores and retail outlets. By looking at this the loan facility has also been extended to shopping on Paytm Mall and online payments on apps like Pepperfry, Domino’s, Patanjali, HungerBox, Tata Sky, and Spencer’s.
Paytm has brought a new year gift for its users that will offer instant loans of up to Rs 2 lakhs. A good opportunity for salaried individuals, small business owners, and professionals to apply for loans within 2 minutes.