Paytm Launches Instant Personal Loans to Offer Credit to 1 Million Customers

India’s indigenous digital financial services platform Paytm introduces Instant Personal Loans on its platform to facilitate access to credit services. This service can be availed 24x7x365, even on public holidays and weekends.

Paytm who is the technology & distribution partner for NBFCs, is all set to help them expand the reach and adoption of loan services to salaried individuals, small business owners and professionals. The loans will be processed and disbursed by NBFCs and banks. Such moves will attract more customers into the ambit of the formal financial market. This means people from small cities and towns who do not have access to traditional banking institutions will now have access to instant loans.

Paytm has digitized the entire process for loan application and disbursal with no physical documentation requirement. This service feature stands on the company’s cutting-edge tech platform which enables banks and NBFCs to process loans end-to-end in less than two minutes. It comes with a flexible repayment tenure of 18-36 months and EMI is determined accordingly.

Eligible customers can avail the service through the Personal Loan tab under the Financial Services section. They can even directly manage their loan account from their Paytm app.

During the beta phase, Paytm disbursed personal loans to over 400 selected customers. It now aims for one million users by financial 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.”