Mumbai: Digital financial services platform Paytm announced its partnership with Suryoday Small Finance Bank to empower MSMEs with instant digital loans.
The company is furthering financial inclusion by offering instant microloans to businesses that are unable to access financial services from traditional banking players. The company aims to disburse loans to over 1 lakh small businesses in the next 12 months to 18 months through this partnership.
This is the first lending partnership for Paytm with a small finance bank to seamlessly help merchants get loans.
Paytm has made the entire process of availing loans completely digital and hassle-free so that merchants can transact with the bank and take loans with just a tap on the phone. Merchants will not have to visit the bank branch as the entire journey from application to approval will be completed on the Paytm app itself.
The company said that underwriting would be done as per an agreed credit policy of the bank within seconds, and post-approval, the customer will be disbursed by Suryoday. The systems are designed for real-time approval and disbursement, thereby guaranteeing a superior customer experience.
The company said that the entire process of applying for loans is completely seamless. Merchants have to log on to the Paytm for Business app, opt for the loan offer & go through a concise and simple process of the bank. After they complete the process, the loan amount is disbursed directly into their bank accounts.