Paytm New Instant Personal Loans Service Will Provide Loans of Up To Rs 2 Lakh Within 2 Minutes
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. 
                       
Paytm, India's leading digital finance services platform has launched new Instant Personal Loans on its platform to facilitate access to credit services to its 1 million customers. The service, that is active 24x7, for 365 days a year, allows users to get a loan in less than 2 minutes. The service can also be availed on public holidays and weekends, Paytm said during the announcement. "Paytm is the technology & distribution partner for non-banking financial companies (NBFCs) and would help them expand the reach and adoption of loan services to salaried individuals, small business owners, and professionals," Paytm said during the launch.

Tata Capital Financial Services Limited ("TCFSL") is a subsidiary of Tata Capital limited. TCFSL is a Non Banking Financial company (NBFC).A trusted and customer- centric, one-stop financial services provider, TCFSL caters to the diverse needs of retail, corporate and institutional customers, across various areas of business namely the Commercial Finance, Infrastructure Finance,Wealth Management, Consumer Loans and distribution and marketing of Tata Cards.

The loans in Paytm's Instant Personal Loans initiative would be processed and disbursed by NBFCs and banks. This, according to the company, will bring 'new to credit' customers into the ambit of the formal financial market, and will also empower individuals from small cities and towns who do not have access to traditional banking institutions. Paytm has digitised the entire process for loan application and disbursal with no physical documentation required. This service proposition is built on Paytm's tech platform that enables banks and NBFCs to process loans end to end in less than 2 minutes. Under the new Instant Personal Loan scheme, Paytm will offer instant loans of up to Rs. 2 lakhs to salaried individuals, small business owners, and professionals.

Further, Paytm said that its loan service comes with a flexible repayment tenure of 18-36 months and EMI is determined according to the tenure. Eligible customers can avail the service through the ‘Personal Loan’ tab under the Financial Services section and can manage their loan account directly from the Paytm app. The company has partnered with various NBFCs and banks to facilitate this service. During the beta phase, Paytm disbursed personal loans to over 400 selected customers.
 The company is now aiming for over 1 million users by fiscal year-end to avail the personal loan services from the platform.

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

Paytm, India's leading digital finance services platform has launched new Instant Personal Loans on its platform to facilitate access to credit services to its 1 million customers. The service, that is active 24x7, for 365 days a year, allows users to get a loan in less than 2 minutes. The service can also be availed on public holidays and weekends, Paytm said during the announcement. "Paytm is the technology & distribution partner for non-banking financial companies (NBFCs) and would help them expand the reach and adoption of loan services to salaried individuals, small business owners, and professionals," Paytm said during the launch.

The service is available 24x7 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.

The loans in Paytm's Instant Personal Loans initiative would be processed and disbursed by NBFCs and banks. This, according to the company, will bring 'new to credit' customers into the ambit of the formal financial market, and will also empower individuals from small cities and towns who do not have access to traditional banking institutions. Paytm has digitised the entire process for loan application and disbursal with no physical documentation required. This service proposition is built on Paytm's tech platform that enables banks and NBFCs to process loans end to end in less than 2 minutes. Under the new Instant Personal Loan scheme, Paytm will offer instant loans of up to Rs. 2 lakhs to salaried individuals, small business owners, and professionals.

FAQs on Paytm Business Loan
Q. What is the loan amount offered by Paytm for its business loan?
Ans. The minimum loan amount offered is Rs. 10,000 and the maximum loan amount is Rs. 2 lakh.

Q. What is the repayment period offered for its business loan?
Ans. The maximum loan repayment period is 180 days.

Q. Do I need to submit any collateral, if I take a business loan from Paytm?
Ans. No, there is no need to provide any collateral in case you want to take business loan from Paytm.

Q. What is the Paytm business loan customer care number?
Ans. 0120-4440440