Paytm Business Loan Get Rs 5 Lakh Loan Instantly To Start Your Business

Paytm, one of the leading digital payment companies in India,  partnered with scheduled commercial banks and NBFCs in February 2022 to provide collateral-free instant loans of up to ₹5 Lakhs at low interest rates. It also offers a unique daily EMI product designed for small merchants. The loans can be availed from the 'Merchant Lending Program' in the Paytm for Business app.

The merchant’s credit-worthiness is evaluated based on his daily transactions and then a pre-qualified loan offering is set. The loan application process is completely digital and there are no additional documents required. Loan repayment is collected as the merchant’s daily settlement with Paytm, and there are no prepayment charges on these loans. 

Let us know the details on how to apply for the business loans offered by Paytm

Steps to Apply for a Paytm Business Loan

Step 1: Download the Paytm application on your mobile phone

Step 2: The application has a tab called a business loan. You can visit the given tab.

Step 3: After filling this out, you can go to the next page where it asks for the loan amount.

Step 4: Select the loan amount from the slider and choose the repayment period for the loan

Step 5: After selecting the loan amount, start your loan application.

Step 6: The KYC has to be completed by visiting the nearest KYC center

Step 7: After KYC is completed, the loan process will be started by the representative

Step 8: Once all the documents are verified and approved, the Paytm loan will be disbursed into your Paytm account.

Paytm Loan Latest Interest Rate and Details
 

Paytm Loan Fees and Charges
 

Benefits of Paytm Business Loan

• The loan is available for the applicant without any collateral.
• The loan can be used for various expenses like paying utility bills and other regular expenses.
• The loan is available to individuals and businesses
• The approval for the applicant is instant and is not a tedious process
• The repayment tenure of the loan is flexible and can be chosen by the applicant.
• Customized passbook
• Feasible tracking options
• Get cash discounts from suppliers with upfront payment
• Merchants with no defaults are eligible for higher loans once the current period exhausts

Top Tips to get Business Loan from Paytm

Here are 4 important tips to get business loans from Paytm

Tip 1: Maintaining a good balance on Paytm

There should be a minimum transaction that you should maintain on Paytm. This transaction is for a month-to-month basis. In this way, getting a loan will become easier.

Tip 2: Collections to be active

Collections from your account have to be active for availing of this loan. Consistency level should be maintained in the case of daily collections. This adds to the credit score of the merchant and loans can be earlier than the others. Maintaining the same amount for at least 3-5 months is necessary.

Tip 3: Growth of Customer Base

If the customer base is consistent with new as well as old customers, then it is a sign that the business is growing and will grow in the future. Therefore, the loans can be availed easily.

Tip 4: Paytm transaction history to be clean

The relationship of the merchant with Paytm should be clean with no defaults. The track record must be good. 

Why Opt for a Paytm Business Loan?

• Get easy and scalable working capital in the business
• Cash discounts and offers from the merchants are a plus point when it comes to getting loans
• Loans are available for various options like upgrading machinery and introducing new machinery etc.

How to Check Settlements on Paytm loans?

For the business application, all the transactions are settled by the end of the next day. So, for example, if you take a customer payment on Monday then it will be settled by Tuesday. The application has an advanced system that notifies you. The loan settlement notifications can also be received via SMS by the applicant.

Paytm Customer Care for Business Loans

Follow the below-mentioned process to register a transaction-related complaint in Paytm mobile application.

• Visit the Paytm application
• There is an option of 24x7 support
• Click on view all services
• Select the UPI payments and money transfer
• You can talk to 24x7 customer support to lodge a complaint related to UPI transaction.

Conclusion

The Paytm business loans are an excellent option as compared to the traditional loan application process that is followed by the banks. It serves as a good source of emergency funds and also when the business or working capital is needed by any enterprise. 

The Paytm application, since it has introduced the business loan option has catered to small and medium-sized businesses. It has solved the problem of cash flow which is one of the major concerns for these businesses. It is one of the easiest and quickest ways to gather finances for your business needs.

FAQS of Paytm Business Loan Get Rs 5 Lakh Loan Instantly To Start Your Business

1:What are the minimum and maximum loan amounts offered by Paytm as a business loan?

The minimum amount is Rs. 10,000 and the maximum amount is Rs. 2,00,000.

2:What is the repayment period for the business loans?

The repayment period for a business loan is a maximum of 180 days.

3:Is collateral needed for a Paytm loan?

No, no collateral is needed for availing a Paytm business loan.

4:What is the approval time for Paytm business loans?

The loan amount is disbursed via Paytm to the customer's account within minutes. The loan amounts start from Rs 10,000 and up to Rs. 5,00,000. The KYC-registered customers can get a loan in minutes and if not registered then the loan process might need up to 2 days for disbursement.