On Paytm, India’s most popular digital payment service, users will now also get the option to take a loan.
Paytm has brought instant personal loan service, which will benefit more than 10 lakh customers.
With this new service available all the days of the year and 24 hours, users can get a loan of up to two lakh rupees in just two minutes.
Let us know more about this new feature.
Paytm gave information about the facility
Paytm gave information about the new instant personal loan service and said that users will get this facility even on vacation days.
The company said, “Paytm has become the distribution partner of Non-Banking Financial Companies (NBFCs). With this help professionals, small business owners and other users will be able to avail loan related services.”
Loans with Paytm’s instant personal loan service will be processed by NBFCs and banks and users will get.
Loan will be available in few minutes
The company says that users living in small towns and remote villages will be able to connect with the financial market with the help of this service.
Paytm has made the entire loan taking process digital so users will not have to go anywhere and do not have to submit hard-copies of any document.
Paytm will act as a platform, with the help of which banks and NBFCs will be able to process loans for the customer in less than two minutes.
Time will be available for 18 to 36 months
Paytm has said that after the loan related facility, customers will get 18 to 36 months for EMI payment.
You can start the process of taking a loan by going to the Financial Services section of the app.
Currently, Paytm had given loans to more than 400 customers at the beta testing level and in the next one year, the company wants to provide loan services to more than 1 million users using the platform.
Paytm KYC must be
If you want to take a loan with the help of Paytm app, then your documents should be saved in the app. This means that you must be a KYC (No Your Customer). In this way, your loan will be processed without uploading any document.
