Paytm is giving a loan of Rs 5 lakh without guarantee, what has to be done to take it?  Learn

Paytm is giving a loan of Rs 5 lakh without guarantee, what has to be done to take it? Learn

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New Delhi. If you are a small businessman then this news is of great use to you. Paytm has introduced a great offer for small traders to give loans up to ₹ 5,00,000. You do not have to give any kind of guarantee to take this loan. Moreover, to pay it off, Paytm has also given a daily EMI option. Paytm has partnered with scheduled commercial banks and NBFCs in this regard.

If you want to take this loan, then you have to go to ‘Merchant Lending Program’ in Paytm for Business app. Paytm’s algorithm will check the credit-worthiness on the basis of your or the merchant’s daily transactions.

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With a completely digital loan application process, no additional documents are required. Loan repayment is mainly done through daily settlement of the merchant with Paytm. There is no pre-payment charge for this if you choose to pay the loan ahead of time in one go.

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Follow these 5 steps for loan

1. Tap on the “Business Loan” icon on the home screen of the Paytm for Business app and check the offers available to you. You can also increase or decrease the loan amount as per your requirement.
2. Once you select the amount, you can view the details of the loan amount, disbursed amount, total payable, daily installment, tenure, etc.
3. Now you have to confirm your details. Click on the check box and tap on “Get Started” to proceed. You can consent to get your KYC details from CKYC to complete your loan application expeditiously.
4. On the next screen, you can verify the details like your PAN card data, date of birth and e-mail address. If these fields are not filled then fill them and confirm. Once this is done you can proceed with the confirmation of the offer. After the PAN details are verified, your credit score will be verified and KYC will be verified.
5. After submitting your loan application, the loan amount will be sent to your bank account. Therefore, you should fill your bank details etc. very carefully.

The company had reported in its Q3 FY22 report that the number of merchant loans disbursed on the platform grew by 38% year-on-year, while the value of merchant loans grew by 128% year-on-year. More than 25% loans were disbursed to new borrowers.

Tags: business loan, Paytm

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