Paytm offers collateral-free business loans | Fusion - WeRIndia

To offer instant loans for business growth, Paytm announced collateral-free business loans for small merchants up to ₹5,00,000. For this, Paytm recently partnered with scheduled commercial banks. The loan is beneficial for small merchants with its daily repayment option.

From the application of a loan to repayment, everything is done digitally. It is completely paperless. There is no need for documents to avail of the digital loan. To obtain the loan, customers shall have the Paytm for Business app.

They can apply from the Merchant Lending Program in the app. The loan will be disbursed based on the creditworthiness of a merchant. The algorithm determines whether a merchant has creditworthiness or not, as per his/her daily transactions. If the merchant is approved or qualified for a loan offer, the loan will be disbursed.

The loan repayment will be done from the app itself. The money will be collected from the daily settlement of the borrower. There are no pre-payment charges on the loan.

If you want to apply for a business loan through Paytm, then follow the below mentioned process:

Open the Paytm for Business App. You will find the Business Loan icon on the home screen. Tap on it to check whether you are eligible to avail of the loan.

If you are eligible to get the loan, then choose the amount you require. After choosing the loan amount, other details will be displayed on the screen. These include loan amount and amount to be disbursed. Total payable amount, daily instalment for the loan, loan tenure etc., will also be shown.

Confirm all your details and click on the check box. Also, click on ‘Get Started’ to continue. You have to give your consent to get your KYC details from the CKYC for the faster completion of the loan process.

Next, fill in your PAN card details, date of birth and email id and confirm. Your PAN details will be verified and your credit score will be checked.

After verification of your KYC details, you can submit your loan application. Then, the loan will be sanctioned. The amount will be disbursed in your bank account.

Image by Kundan Kumar from Pixahive (Free for commercial use / CC0 Public Domain)

Image Reference: https://pixahive.com/photo/indian-currency-notes/