New Delhi: Now you can get a personal loan on Paytm in just two minutes. The company has introduced the facility of instant personal loan for people on its platform. The service will be available 24X7 throughout the year, including holidays and weekends. It will take less than two minutes to get a loan. It takes 18 to 36 months to pay the loan and EMI is assessed accordingly.
Eligible customers can avail this service through the ‘Personal Loans’ tab under the Financial Services option and can manage their loan account directly through the Paytm app. The company has tied up with several NBFCs and banks to provide this facility. The company will provide instant loans up to Rs 2 lakh to individuals, small businessmen and professionals who get salary. Paytm said in a statement that it has distributed personal loans to more than 400 selected customers during the beta phase. Now the company has a target of giving personal loans to more than 1 lakh users through its platform during this financial year.
At the launch, Paytm Lending CEO Bhavesh Gupta said that his goal is to extend instant personal loans to self-applied. With this, loans are to be provided to young professionals who need personal loans for short to medium term. This is so that they can manage the necessary expenses and there is no shortage of resources in the way of fulfilling their dreams and goals. Their mission is to help India’s aspiring youth and young professionals become self-reliant. They will continue to innovate and digitize services, which can help in bringing new credit users in the formal economy.
