Paytm had started giving service "PAYTM Instant Personal Loans".

Paytm started Instant Loan service which Will Provide Loans of Up To Rs 2 Lakh Within a Minute...

Under this new Service of  Instant Personal Loan scheme, PAYTM will give instant loans to the people of up to Rs. 2 lakhs to salaried individuals, professionals , small business owners , Entrepreneurs.

PAYTM is  India's Top digital finance leading service platform which has launched new Instant Personal Loans to the people's , business owners ...on its platform to facilitate access to credit services to approx  1 million customers of the Paytm. The service, that's active 24x7, for three hundred and sixty five days a year, allows users to provide a loan in 2 minutes. The service also can be available on public holidays and the weekends, Paytm told during the announcement. "Paytm is the technology and distributing partner for non-banking financial companies (NBFCs) and they would help them to expand the reach and adoption of loan & services to salaried individual, small business owners, and professionals," Paytm said during the launch Event.

The PAYTM'S Instant Personal Loan initiative would be processed and disbursed by NBFCs and leading banks. This, consistent with the corporate Banks , will bring 'new  credit' customers into the financial market, and can also empower individuals from small cities and towns who don't have access the  traditional banking institution. Paytm has discuss the whole process for application with no physical documentation required for verification. This service proposition is made on Paytm's technical platform that permits banks and NBFCs to do  process loans end to finish in the  few minutes. Under the new Instant consumer loan scheme, Paytm will offer instant loans  up to Rs. 2 lakhs in just few minutes to salaried individuals , small businesses owners, and other  professionals.

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Further, The Paytm said that its loan service comes with a flexible repayment within 18 to 36 months and the EMI is calculated according to the tenure. Eligible customers can avail this services through the ‘Personal Loan’ tab under the Financial Services section and they  can manage the loan account directly from the official  PAYTM app. The company has partnered with various NBFCs and banks to give facilities within  this service. During the beta phase, Paytm gave personal loans to over 400 selected customers in Trial Beta phase . The company is now Targeting to over 1 million users by this  year-end to avail the personal loan services from PAYTM app  platform.

Bhavesh Gupta, CEO - Paytm Lending ,  said "They aim to make Instant Personal Loans Easily access to the self-employed, new to credit individuals and young professionals who need short term loans to medium term loans to manage urgent expenses so the  lack of problem does not come in their way to fulfil dreams and achieve  ambitions. Our aim is to become a growth Rising company  for India's aspiring youth and young professionals to help them to become self-reliant. We will continue to innovate and provide as many as  services so that  they help in bringing 'new to credit' users into the formal Rising economy."