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Wednesday, January 6, 2021

Paytm launch loan system


Paytm's New Instant Personal Loans Service Will Provide Loans of Up To Rs 2 Lakh Within 2 Minutes.

Paytm's New Instant Personal Loans Service Will Provide Loans of Up To Rs 2 Lakh Within 2 Minutes. 

Paytm, India's leading digital finance services platform has launched new Instant Personal Loans on its platform to facilitate access to credit services to its 1 million customers. The service, that is active 24x7, for 365 days a year, allows users to get a loan in less than 2 minutes. The service can also be availed on public holidays and weekends, Paytm said during the announcement. "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," Paytm said during the launch.
Further, Paytm said that its loan service comes with a flexible repayment tenure of 18-36 months and EMI is determined according to the tenure. Eligible customers can avail 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 partnered with various NBFCs and banks to facilitate this service. During the beta phase, Paytm disbursed personal loans to over 400 selected customers.

 The company is now aiming for over 1 million users by fiscal year-end to avail the personal loan services from the platform.
Bhavesh Gupta, CEO - Paytm Lending said, "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 fulfil dreams and ambitions. 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 digitise as many services that help in bringing 'new to credit' users into the formal economy."

credit' users into the formal economy."


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