Here’s how merchants can avail instant business loans from Paytm
In Q3 FY22, merchant Loans disbursed through Paytm grew 38% Y-o-Y, while the value of Merchant Loans grew 128% Y-o-Y.
One97 Communications Limited owns the brand Paytm, India’s leading digital payments and financial services company, is one of the largest enablers of merchant loans in the country, supporting millions of its merchant partners to avail instant credit for business purposes. The company has partnered with scheduled commercial banks and NBFCs to offer collateral-free instant loans of up to ₹500,000 at a low-interest rate and also offers a unique daily EMI product customized for small merchants.
The loans can be availed from the 'Merchant Lending Program' in the Paytm for Business app. The algorithm determines the creditworthiness of the merchant based on his daily transactions and arrives at a pre-qualified loan offering.
With a completely digital loan application process, there are no additional documents 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’s a business expansion in terms of increasing the area of your shop or increasing stock in the shop, lack of liquidity will no longer stop you from growing your business.
Get a business loan through Paytm in these 5 simple steps:
- Tap on the “Business Loan” icon on the Paytm for Business App home screen & check the offer available for you. You can also increase or decrease the loan amount as per your requirement.
- Once you choose the amount, you will be able to see details like loan amount, amount to be disbursed, total payable, daily installment, tenure & more
- Confirm your details, click on the check box & tap on “Get Started” to proceed. You can also give your consent to get your KYC details from the CKYC to complete your loan application quickly.
- On the next screen, you can confirm or fill in details like your PAN card data, date of birth & E-mail address. Once done, you can proceed with offer confirmation. Once PAN details are verified, your credit score will be checked & KYC details will be verified.
After submitting your loan application, the loan amount will be disbursed in your Bank A/c. Please ensure that before the final submission all details are correct.
The company in its Q3 FY22 report had shared that the number of Merchant Loans disbursed on the platform grew 38% Y-o-Y, while the value of Merchant Loans grew 128% Y-o-Y. More than 25% of loans were disbursed to new to credit borrowers. Average ticket size continues to increase with scale, now at ₹120,000-140,000 with an average tenure of 12-14 months. Repeat loans have seen a healthy take-up, with 25% of merchants have taken a loan more than once.
((Views expressed in the article are of Paytm. The liability for the article solely rests with the author. The content has not been verified by the India TV channel and IndiaTVNews.com)