Paytm Personal Loan- Apply Online

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Paytm Personal Loan- Apply Online

Paytm is widely used everywhere and almost everyone knows about it. Its features are amazing and it is used to send and receive money. Payments with Paytm are with different merchants, cab drivers, restaurants, theatres, and many others.

Digitization has boomed the use of this payments app over time and hence it is very popular. People now do not prefer carrying cash with them, they are happy carrying this app on their phone that can assist them with payments anywhere and everywhere.

Other than its impeccable payments services, Paytm also gives the benefit of taking loans to its users. If there is any financial urgency, a user can apply for a loan from Paytm. The minimum amount for the loan is 10,000/- and can go up to 2,50,000/-. There are easy EMI options and the loan amount is flexible. It does not ask for any collateral.

The best part about getting a loan from Paytm is that there is no limit on availability, for instance, if you urgently need a loan, you can apply anytime and 24 X 7. And if you already are out of your financial crisis and have the whole repayment amount at hand, you can repay it whole whenever you wish to. This is why it is a great option to choose when in financial trouble.

Also, it gives you a chance to improve your credit score. When you submit the EMIs on time, you improve your credit score, which eventually makes you eligible for higher loan amounts. The interest rates or the ongoing offers for the loans are disclosed while filling out the form.

The whole process of loan application is online and there is no need to go to the bank or fill out bulky forms. There is no need for a signature as well. All you will have to do is fill out the application form that essentially asks for basic information and you are all set to get a loan in no time.

The application process for a loan through Paytm can be done through its app. All you have to do is to go to the ‘Personal Loan’ under the ‘Financial Services’ section and check your eligibility there. People who have a valid source of income are easy applicants as the chances of returning the loan are good.

Also, if you fall in the age group of 23-60, you are eligible to take a loan from Paytm. The repayment tenure is 18-36 months. The loans are approved and generated by partnering banks and NBFCs. Paytm has already catered loans to a lot of its customers and it continues to gain popularity in this venture.

What Are The Details Asked In The Application Form Of Paytm?

The form that leads you to the loan has basic requirements. It asks if the user or borrower is self-employed or a salaried individual. Depending upon that, different information is needed to be filled out. It will generally ask for monthly income, loan amount required, age, credit score, bank details, current city, and mobile number.

What Are The Documents Required For Paytm Personal Loan?

  • Income and employment proof.
  • Documents for KYC like Aadhar or PAN card.
  • Bank account details.

Fees And Other Charges Applicable On A Paytm Loan Amount

  • Processing fees + GST
  • Late fee- In case of delayed payments.
  • Bounce charges- In case of an auto-debit bounce of EMI installment from the bank account.

The charges or fees are explicitly described in the loan agreement. Read the loan agreement carefully before moving ahead.

So this was all about personal loans from Paytm. If you think you need immediate funds and you are short of money, you can anytime, apply for a personal loan from the Paytm app.

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