Paytm has also partnered with a few scheduled commercial banks and NBFCs to offer a product with collateral-free loans of up to Rs 5 lakh and special daily EMI at a lower interest rate. The special thing is that the company has brought this offer for small merchants. These loans can be availed under the 'Merchant Lending Program' in Paytm's Business App. This is going to help small merchants to grow their businesses. Based on the merchant's daily transaction, the loan limit is going to be fixed and a pre-qualified loan is to be offered.
The loan process will be completely digital:- With the fully digital process of applying for the loan, no additional documentation is going to be required. The loan amount is to be mainly from the daily settlement of the merchant on Paytm and there is no pre-payment charge for this loan.
You will get a loan through these 5 easy steps-
1. To view the offers available to you, you need to click on "Business Loan" on the Paytm for Business App. You will also be able to increase or decrease the loan amount depending on your need.
2. Once the amount is selected, you can post the loan amount, the amount received, total payment, daily instalment, period, etc.
Confirm your details, click on the check box and start the loan process by clicking on "Get Started." You can also provide your consent to take KYC details from CKYC for faster completion of your loan application.
On the next screen, you have to confirm or fill in details such as PAN card data, date of birth and e-mail address. Once the PAN details are verified, your credit score will be checked and KYC details are about to be verified.
After the loan application is submitted, the loan amount will come into your bank account. However, before submitting the application, check all your details.
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