Paytm has announced its partnership with Suryoday Small Finance Bank to empower MSMEs with instant digital loans.
The company is offering instant microloans to businesses that are unable to access financial services from traditional banking players.
This is the first lending partnership for Paytm with a small finance bank to help merchants get loans seamlessly.
About Company
Paytm is an Indian e-commerce payment system and financial technology company, based in Noida, Uttar Pradesh, India.
Paytm is currently available in 11 Indian languages and offers online use-cases like mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies and educational institutions with the Paytm QR code.
Loan disbursing Aim
The company is aiming at disbursing loans to over 1 lakh small businesses in the next 12 to 18 months.
High efficiency
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.
Short Process
Merchants have to log on to the Paytm for Business app, opt for the loan offer & go through a very short and simple process of the bank.
After they complete the process, the loan amount is disbursed into their bank accounts.
Comment from Suryoday Small Finance Bank
“This tie-up will help us deliver credit on click for small business owners and ensure access to it whenever they want,” Baskar Babu, MD & CEO
Comment from Paytm
“Our partnership aims towards democratizing access to loans for small businesses, merchants & promote financial inclusion.”
“With our collateral-free instant loans, we aim to give MSMEs adequate liquidity to grow and expand,” Bhavesh Gupta, CEO
Press the Bell Icon for notifications of all updates
