Paytm gift to small businessman! Loan up to 5 lakhs will be available immediately on reduced interest
new Delhi. On festive season Paytm Giving gifts to customers one by one. In this series, the company is considering to provide easy loans for business up to Rs 5 lakh to small businessmen at a low interest rate. This will benefit such businessmen, who are having difficulty in taking loans from regular bank to start employment. Paytm plans to give loans up to Rs 1,000 crore to MSMEs by March 2021.
Earlier, the company provided Rs 550 crore as loan to MSMEs in the financial year 2019-20. Now Paytm has increased its budget for the next financial year. Since Google Pay (Phone Pay) and Phone Pay (PhonePE) are also giving loans to small merchants in association with many license banks and NBFCs. In such a situation, the company has increased the loan budget to get ahead of its rivals.
How to get loan
Under the Merchant Lending Program, customers can easily take a loan on the Paytm Business app. The decision of who is eligible for the loan and who is not will be based on the algorithm of the Paytm app. This pattern will be decided by the merchant based on the settlement settled on Paytm. This will decide whether the person taking the loan is able to repay the loan or not.
The entire process will be digital
Small businessmen have no problem in taking loans and they do not have to wander around, so the entire process has been kept digital. Applicants can apply online through the Paytm Business App. It will not require any additional document. Because Custer’s KYC and the necessary information will be already fed into the app.