Paytm is offering instant loan up to Rs 2 lakh to its customer in just 2 minutes. The non-banking financial company has digitised the entire process for loan application. There is no physical documentation or verification of customer required to obtain the loan. The fund is disbursed as soon as it is approved.
Paytm launched new Instant Personal Loans on its platform earlier this year. With this, Paytm expects to expand its reach to more people. Paytm’s loan service is available to salaried individuals, small business owners and professionals.
The service is available 24×7 for 365 days a year including on public holidays and weekends. Anyone can apply to get a loan up to Rs 2 lakh. The company claims that it takes less than 2 minutes to complete the process for disbursal of the loan amount.
The new Instant Personal Loan scheme by Paytm is likely to attract new customers and increase the pool of users. The company is offering a flexible repayment tenure of 18-36 months to return the loan amount. The equated monthly instalment will be determined according to the selection of tenure by the borrower.
How to apply for loan on Paytm
Customers can apply for loan from Paytm through the Personal Loan option. The option is provided under the Financial Services section.
Paytm has partnered with several banks and NBFCs for its loan service. Customers can manage their loan account directly from the Paytm app.