Here’s how merchants can benefit from instant business loans from Paytm
One97 Communications Limited is branded Paytm, India’s leading digital payments and financial services company, is one of the country’s largest merchant lending facilitators, helping millions of its merchant partners get instant credit at commercial purpose. The company has partnered with regular commercial banks and NBFCs to offer collateral-free instant loans up to ₹500,000 at low interest rate and also offers a unique daily EMI product customized for small traders.
Loans can be obtained from the “Merchant Loan Program” in the Paytm for Business app. The algorithm determines the merchant’s creditworthiness based on their daily transactions and arrives at a prequalified loan offer.
With a completely digital loan application process, no additional documents are required. Loan repayment is primarily collected from the merchant’s daily settlement with Paytm and there are no prepayment charges on these loans.
So, whether it is a business expansion in terms of increasing the square footage of your store or increasing the stock in the store, lack of cash will no longer hold you back from growing your business.
Get a business loan through Paytm in these 5 easy steps:
- Tap the “Business Loan” icon on the home screen of the Paytm for Business app and check the offer available to you. You can also increase or decrease the loan amount according to your needs.
- Once you have chosen the amount, you will be able to see details such as loan amount, amount to be disbursed, total to be paid, daily installment, tenure duration, etc.
- Confirm your information, click the checkbox and press “Get Started” to continue. You can also provide consent to obtain your KYC information from CKYC to quickly complete your loan application.
- On the next screen you can confirm or fill in details such as your PAN card data, date of birth and email address. Once done, you can proceed to confirm the offer. Once the PAN details are verified, your credit score will be verified and the KYC details will be verified.
After submitting your loan application, the loan amount will be disbursed to your A/c bank. Please ensure that before final submission all details are correct.
In its FY22 third quarter report, the company said the number of merchant loans disbursed on the platform increased 38% year-on-year, while the value of merchant loans increased 128% year-on-year. . More than 25% of loans were granted to new borrowers. The average ticket size continues to increase with scale, now between ₹120,000-140,000 with an average term of 12-14 months. Repeat loans saw good take-up, with 25% of merchants taking out a loan more than once.
((The views expressed in the article are those of Paytm. The responsibility for the article lies solely with the author. The content has not been verified by Indian TV Channel and IndiaTVNews.com)