New Delhi: Giving a good news from the beginning of the new year, Paytm, India’s leading digital finance services platform, has launched new Instant Personal Loans on its platform to facilitate access to credit services to its 1 million customers. Interestingly, this personal loan service which is active 24×7 and for 365 days a year, allows users to get a loan in less than 2 minutes.Also Read - RBI’s Increased Repo Rate Will Impact Home, Car And Personal Loan EMIs. Check Here How

As per latest updates, Paytm’s personal loan service can be availed on public holidays and weekends. The loans in Paytm’s Instant Personal Loan service will be processed and disbursed by NBFCs and will bring ‘new to credit’ customers into the ambit of the formal financial market. Also Read - Google Pay Rolls Out 'Hinglish' Support For Android, iOS Users: Know How To Switch

This new service of the Paytm will also empower individuals from small cities and towns who do not have access to traditional banking institutions. It has hence digitised the entire process for loan application and disbursal with no physical documentation required. Also Read - Google Pay Allows Users To Block People On Its App | Here's How It Works

Issuing a statement, Paytm said that under the new Instant Personal Loan scheme, it will offer instant loans of up to Rs 2 lakhs to salaried individuals, small business owners, and professionals within 2 minutes.

Moreover, Paytm said its loan service comes with a flexible repayment tenure of 18-36 months and EMI is determined according to the tenure. Eligible customers can avail the service through the ‘Personal Loan’ tab under the Financial Services section and can manage their loan account directly from the Paytm app.

To initiate the service, the company has partnered with various NBFCs and banks to facilitate this service. During the beta phase, Paytm disbursed personal loans to over 400 selected customers. The company is now aiming for over 1 million users by fiscal year-end to avail the personal loan services from the platform.