Paytm Instant Loan: Now, Avail Quick Loan of Upto Rs 2 Lakh In 2 Minutes Based On Credit Score

The company's cutting-edge tech platform which enables banks and NBFCs to process loans will help customers in processing loans in less than two minutes.

Paytm Instant Loan: The country's leading digital financial services platform Paytm has launched instant personal loans on its platform to facilitate access to credit services to the masses. The service can be availed 24X7, round the year even on public holidays and weekends. Paytm, which is already a technology and distribution partner to NBFCs, would now help them expand the reach and adoption of loan services to salaried individuals, small business owners, and professionals. The loans would be processed and disbursed by NBFCs & banks.

What is on offer?

This move will bring 'new to credit' customers into the ambit of the formal financial market, and will also empower individuals from small cities and towns who do not have access to traditional banking institutions.

The personal loan service will be available 365 days of the year and any time. The company claims that the loan of up to Rs 2 lakh will be approved in just two minutes. Loan approval will be based on credit score and customer buying pattern.

Loans can be repaid in 18-36 months through installment. The company has digitised the entire process of loan application and disbursal with no physical documentation requirement. The eligible customers can avail of the service through the ‘Personal Loan’ tab under the Financial Services section and can manage their loan account directly from their 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.

The company aims 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.