Paytm and PhonePe updates 2021

Paytm and PhonePe updates 2021

         At a time when the pandemic as  accelerated  digital  adoption, a slew of start-ups in the fintech space is disrupting the financial  services  and  banking industry. 

          Alibaba  and  SoftBank-bac-ked Paytm has introduced ‘Instant Personal Loans’ on its platform to facilitate access to credit  services  to  the  masses. This services can be availed 24X7,round the year, even on public  holidays  and weekends.  Paytm is  the  technology and  distribution partner  for  NB-FCs.
         It would help them  expand 3 & adoption of loan service to salaried individuals, small business owners and professionals. The  loans  would  be  processed and disbursed by NBFC sand banks. This move will bring ‘new to credit’ customers in-to the ambit of the formal financial   market. 

           It will also empower individuals from small cities towns or cities who do not  have  access  to  traditional banking institutions. We are aim to make Instant Personal Loans accessible to the self-employed, new to credit individuals  and young professionals who need short to medium term person-al   loans   to   manage   urgent expenses,” said Bhavesh Gupta, CEO, Paytm Lending. “We will keep continue to innovate and digit as many services that help in bringing ‘new to credit’ users into the formal economy.”Paytm has digit the entire process for loan application  and  disbursal  with  no physical  documentation  requirement.  

            This  unique service proposition is built  on Paytm' cutting-edge tech platform   which enables     bank sand    NBFCs    to process  loans  end to  end  in  less  than two minutes. It comes with  a  flexible  repayment tenure  of  18-36  months  and EMI is determined accordingly.
             During  the  beta  phase,  Paytm disbursed  personal  loans  to over 400 customers. The firm is aiming for over 1 million users by  fiscal  year-end  to  avail  of personal loan services from the platform. Paytm is offering instant loans up to ~2 lakh to salaried individuals, small business owners, and professionals.

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