If you are running out of money and need some instant personal loan without visiting anywhere then you are at the right article. In this article, I’m going to share about the Paytm Personal Loan where you can take an instant loan up to INR 2,00,000 within five minutes.
There could be several reasons why you want to take a loan whether it could be to finance your emergency, to buy some products, etc. like most applications, Paytm doesn’t take so much time to process your loan request. If your credit score is good then you can avail of the loan up to INR 2,00,000 within 5 minutes.
Several applications provide you with an instant personal loan but most of them are fraud and in case of late repayment of the loan amount they charge heavy percentages on the loan amount and make you bankrupt.
Out of these applications, you can trust Paytm for a personal loan because it provides loans on easy EMI with full disclosure of their charges or late repayment charges. Now, let’s see below some features, and eligibility criteria of the loan process.
What is a Paytm Personal Loan?
Paytm Personal Loan is a recently released service by Paytm in which you can avail the loan of up to INR 2,00,000 direct in your bank account by completing a few loan-related formalities online.
The loan process of Paytm Personal Loan is online and you don’t have to visit any bank or nearest shop for KYC or document verification purposes. You can use the loan amount to pay several expenses like electricity bills, telephone bills, rent, etc.
Eligibility Criteria for Paytm Personal Loan
To avail of the Paytm Personal Loan, you must meet the below-mentioned criteria. Paytm only offers loans to those customers who are using Paytm for a long time and who used to do transactions on regular basis on Paytm. But, still, there are some eligibility criteria to avail of the Paytm Personal Loan.
- You must be 25 years old at least and less than 60 years old.
- You must have an active bank account. (Paytm Bank highly recommended).
- And the rest of the details you can check through the Paytm application.
Benefits of Paytm Personal Loan?
There are several benefits of taking a Paytm Personal Loan like, you don’t have to pay heavy interest rates and if you pay your amount on time then it charges a 0% interest rate. You don’t need any physical document to avail of the loan.
- No Activation fee: to avail of the Paytm Personal Loan you don’t have to pay any activation fee.
- Credit Score: if you pay your loan amount on time then this will help you increase your credit score while will help you to take big loans in the future like home loans, car loans, etc.
- Flexible repayment: you can repay your loan amount from 18 to 36 months which is enough for the loan of INR 2,00,000.
- Process: the process of Paytm Personal Loan is online you don’t need to visit any bank or shop for any kind of verification.
- Customer Care Service: the customer care service of Paytm Personal Loan is available 24×7 for your help.
How to apply for Paytm Personal Loan online?
Before this, make sure that your Paytm account is fully verified or not. And also make sure that you have completed your KYC.
- Connect your bank account with your Paytm (if already connected then ignore).
- Make sure to update your Paytm application to the latest version if already updated then follow the below step.
- Now, open your application and then go to your profile section. Where you will find Paytm Postpaid you have to click on it.
- After that, click on the Next button, then fill in your basic details in the form. After that, verify with a one-time password agree to all the terms and conditions, and click on Submit button.
- This verification process will take some time and after checking all the details by Paytm, the loan amount will be credited to your account.
Documents required
Like other Personal loan applications, Paytm doesn’t ask for several documents for verifications. Only below mentioned documents are enough to avail of the Paytm Personal Loan.
- Aadhar Card
- Pan Card
- Income proof (bank account statement).
The lender can ask for other documents also along with the above-mentioned documents because of the time-to-time process of loan-taking changes.
Quick recall with table
| Interest Rate | 0% up to 30 days |
| Loan Period | 18 – 36 months |
| Loan Amount | INR 10,000 to INR 2,00,000 depending on your credit score |
| Late payment charges | Up to INR 500 |
| Minimum and Maximum age | 25 and 60 years old |
| Activation charges | No charges |
If in case you are not eligible for the Paytm Personal Loan then you must first take the offline loans to increase or strengthen your credit score. Note: paying a loan’s EMI on time or before the time, improves your credit score and this will help you to take a big loan in the future.
Now let’s see some frequently asked questions.
Frequently asked questions
What is the Interest rate of the Paytm Personal Loan?
On Paytm, Personal Loan interest rates start from 1.66% per month and also depend on the loan amount.
Is it good to take a Paytm Personal Loan?
Because it is a trusted and old company you can take a loan from Paytm Personal Loan and the charges and documentation process for Paytm Personal Loan is comparatively less than other loan provider applications.
Is it compulsory to have Paytm Payment Bank to avail loan?
According to me, it is not compulsory to have a Paytm Payment Back account to avail of the Paytm Personal Loan, if you have a bank account then you can apply for Paytm Personal Loan. But it is highly recommended to have a Paytm Payment Bank in case of instant approval.
This is all about this article, if you have any questions regarding Paytm Personal Loan then you can contact us or you can comment below your question.
