Machi Navi
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If you’re looking for a personal loan, we’ve got great news for you. The leading digital financial services platform in India, Payment launched a new instant personal loan service on its platform to facilitate access to credit services to its one million customers which also includes the farming community.
The best part about this personal loan facility is that it is active 24/7 and 365 days a year. Plus, it allows clients to get a loan in just 2 minutes.
It should be noted that last week, the State Bank of India announced a “SBI door banking†service for all its clients.
According to the information available, Paytm’s personal loan facility can be used on weekends as well as holidays. Paytm’s instant personal loan service credit will be processed and paid by NBFCs and bring “new to credit†consumers into the formal financial market.
In addition, the new Paytm service will also empower those in small towns and villages that do not have access to traditional banking institutions. Hence, it digitized the entire loan application and disbursement process without any physical documentation requirement.
According to Paytm, under the new instant personal loan service, it will provide instant loans of up to Rs 2 lakhs to small business owners, salaried individuals and professionals within 2 minutes.
Additionally, Paytm said its loan service has a flexible repayment term of 18-36 months, and the Equal Monthly Payment (EMI) is determined based on the term. Eligible persons can benefit from the service via the “Personal loan†tab in the Financial services section. They can also manage their loan account directly from the Paytm app.
To launch the service, Paytm worked with various NBFCs as well as banks to facilitate this setup. During the beta phase, the company provided personal loans to more than 400 selected clients.
Now, Paytm is targeting more than one million users by year-end to benefit from these new platform personal loan services.
