Paytm Personal loan Apply: Paytm is offering instant loan up to Rs 2 lakh to its customers in just 2 minutes. The non-banking financial company has digitalized the entire loan application process. No physical documents or verification of the customer is required to avail the loan. The funds are distributed as soon as they are approved.
Paytm launched new instant personal loans on its platform earlier this year . With this, Paytm hopes to expand its reach to more people. Paytm’s loan service is available to salaried individuals, small business owners and professionals.
| Paytm Personal Loan Details | |
|---|---|
| loan amount | Minimum: Rs. 10,000, Maximum: Rs. 2 lakhs |
| repayment period | 18 to 36 months |
| paytm 2 lakh loan interest rate | 9% to 30% |
| late payment fee | up to Rs 500 |
Features and benefits of Paytm Personal loan
- 24 Hour Service: Personal loan from Paytm can be availed 24×7 throughout the year.
- Online Process: No physical documents are required due to the digital loan process.
- Anyone Can Apply: Paytm Instant Personal Loan can be availed by any salaried individuals, small business owners and professionals.
- Quick Disbursement: According to the company, you can get a personal loan in just 2 minutes.
- Flexible Tenure: Loan repayment tenure varies from 18 to 36 months.
- Dedicated Support: Paytm customer care provides dedicated support to its customer at any time.
Paytm Personal Loan Eligibility
Paytm personal loan eligibility is different for salaried individuals and self-employed/entrepreneurs.
So, you can check your eligibility from the table given below.
| for salaried | For self-employed or businessmen | |
| Paytm Personal Loan Age Limit | Between 21 to 60 years. | Between 25 to 65 years. |
| Income | “Monthly salary” should be more than Rs 25,000 | “Annual profit” after tax should be more than Rs 1.5 lakh per year |
| Experience | at least 1 year | at least 2 to 3 years |
| CIBIL Score | must be more than 750 | must be more than 750 |
Documents required for Paytm Personal loan
Here you can find the documents required for Paytm Instant Loan.
For salaried individuals:
- PAN card
- ID Proof (Passport, License, Voter ID Card)
- three months bank statement
- three months salary slip
- 2 passport size photographs
For self-employed or businessman:
- PAN card
- Documents for KYC (ID Proof, Birth Proof)
- six months bank statement
- Income ratio
- residential proof
- office address proof
- Proof of Business Continuity
Paytm Personal Loan Online Process
If you want to know the “Apply Paytm Personal Loan Online” process, you can follow the steps given below.
Step 1: Open your Paytm app and click on the “Personal Loan” icon in the “My Paytm” section. Or you can search “Personal Loan” in the search bar.
Step 2: Enter your basic details like PAN Card, Date of Birth, Email ID etc. then click on Proceed.
Step 3: Enter additional details like your business type, employer name, annual income etc.
Step 4: Choose your loan amount as per your requirement.
Step 5: Take your selfie and verify your identity through Aadhaar based OTP verification method.
Step 6: Add a bank account in which you want to deposit the loan amount. This account will also be used to debit your monthly EMI.
Step 7: The loan amount will be transferred to your bank account within 1 to 2 working days.
Thus you can get a personal loan from Paytm through the above Paytm personal loan process.
How to check Paytm Personal loan application status
If you have already applied for Paytm Payment Bank Personal Loan, you can check the status of your application by clicking on the “Personal Loan” icon in the Paytm app.
If you don’t find this icon, you can also search in the search box.
How to pay Paytm Personal loan EMI
During the loan application process, the lender collects an eNACH mandate form from its customers.
This eNACH mandate form helps in auto-debit of EMI from the customer’s bank account at regular intervals for a fixed period.
Due to unavoidable reasons, if your EMI is not paid from your bank account through auto-debit eNACH mandate on the due date, you can access the “Pay Now” section of the loan passbook in the Paytm app .
Paytm Personal Loan Other Charges
You can check the additional charges and fees on personal loans from the table below.
| processing fee | Up to 6% of loan amount |
| EMI bounce charges | Rs.200/- to Rs.1000/- |
| Pre-closure Charges | 2% to 6% |
| partial-prepayment fees | about 2% |
Paytm Personal loan foreclosure charges
You can close the Paytm Personal Loan through the “Pay Now” section, as per the terms and conditions of the lender.
Choosing foreclosure will incur additional fees, which may vary from lender to lender.
You can check the foreclosure charges in your lender’s “Loan Agreement” .
Generally, loan pre-closure charges vary between 2% to 6% from lender to lender.
Paytm Personal Loan Interest Rate
The interest rate depends on several factors like your lender, CIBIL score, loan amount, and loan tenure.
The interest rate is shown to you during the loan application process before you take the loan.
Paytm Loan Interest Rate 9% to 30%
Paytm Personal Loan Customer Care Number
Paytm customer care number is available 24×7 but they contact you between 10 am to 8 pm.
| Official website | Click here |
FAQ
Does Paytm offer personal loans?
Paytm offers personal loans to salaried and self-employed individuals. You can visit the personal loan icon on your app and check your eligibility.
Is Paytm Loan interest free?
No, Paytm Business Loan is not interest free. Like any other loan, it comes with an interest rate on the loan amount.
How long does it take to get Paytm loan approved?
Complete Paytm Loan 100% digital application process. The loan amount is transferred instantly, although in some cases it may take up to 24-48 hours.
How can I close my Paytm loan early?
Yes, it is possible to repay your loan in full through Paytm before the repayment period ends. If you have a loan with a lender that allows payments through Paytm, you can use the platform to make payments on your loan and pay it off in full before the repayment period ends.
What is the CIBIL score required for Paytm Loan?
The minimum CIBIL score to get a loan is between 720-750.