Paytm business loan 2023: Features, Eligibility, Documents. Paytm had recently started providing business loans to all its customers, who are eligible and are having a good time with the app. As we all know, Paytm is India’s one of the most extensive online banking systems, and it has created a sensation since its inception. Millions of Indians have downloaded the app until now, and they are pretty satisfied with its services. Now Paytm is also providing easy and hassle-free loans. In this article, we will give all the details related to Paytm Business Loan.
Features of Paytm Business loan
With Paytm, everything is online, and you can get a loan through an online process. As the process is entirely online, that makes it even more convenient and hassle-free. We can get a business loan amount from 10,000 to 2 lakhs within minutes. It barely takes 5 to 10 minutes if you are already registered with the app, although if you are not a member, then it may take up to 2 days in KYC and all. The interest rate and processing fee are also very reasonable and affordable. You don’t need to submit any collateral as well, which makes the process even more accessible.
| Processing fee | The processing fee is only 2 % plus additional GST |
| Launched By | Paytm is one of the most extensive online banking systems in India, and it has recently started providing business loans to every individual of India who is eligible for it. Paytm business loan is one of the cleanest and safest options to take. You can have the freedom to do anything you want from the app, and you don’t have to put a step out. |
| Eligibility criteria | The applicant must have to be an Indian citizen to take a business loan from Paytm. It would help if you were either equal to 25 or more than that, but you should not go beyond 60 years. You need to have a perfect credit score and a good relationship with Paytm. |
| Application process (Online) | Download the app first from any app store. After that, make an account and submit all the relevant details and your phone no. Now you can fill the application form and do a simple KYC to take a loan. |
| Documents Required | Documents like pan card, Aadhaar card, passport, driving license, etc., are required to take a business loan from Paytm. |
Eligibility criteria
There are some eligibility criteria that we must need to know before applying for a Paytm business loan. These criteria are essential for the customers as well. Paytm verifies everything about the applicant from these eligibility criteria.
We have mentioned all the eligibility criteria below:
- The applicant must have to be a citizen of India to be able to take a business loan from Paytm.
- You need to have a regular source of income to be eligible for a business loan from Paytm. Also you need to maintain a good amount of money in your Paytm account.
- You need to be either equal to 25 years or more than that, but you shouldn’t be above 25 years.
- A good credit score and relationship with Paytm is required to be able to get the loan. The better your credit score is, the more your chances are of getting a good amount in loan.
Application process (Online)
The application process to take business loans from Paytm Is relatively easy and convenient as well. You can apply for the loan within minutes, and you can expect the amount to be transferred to your account within minutes as well. The entire process of using and taking a loan runs online, so you don’t have to struggle.
The online process to take a business loan from Paytm is mentioned below:
Step I – first of all, you need to download the Paytm app either from the play store or any other store.
Step II – You need to get yourself registered on the application and open an account on it. If you already have an account, then you can take out a loan within minutes.
Step III – now, you need to fill the form for a business loan. You need to fill all the data appropriately and with utmost care. You also need to choose the loan and loan amount from the pre-approved ones.
Step IV – once the form is filled, you can upload the documents required, and you can do a small KYC to make sure that your identity matches.
Step V – now, you can expect the loan to be transferred to your account within minutes.
Documents required
The documents required to take a business loan from Paytm are mentioned below:
- Identity proof – Aadhaar card, passport, voter ID card, etc.
- Address proof – Aadhaar card, passport, driving license, etc.
- Income proof, for that you can either use the bank statement of the last few months or the most recent salary slip. You also need to submit some documents related to your business and for how long it is running. Your income tax return and form 16 is also required in some cases.
- Pan card for a successful KYC.
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Frequently asked questions
Does a business loan require experience in business as well?
Yes, business loans do require experience of at least three years. It also needs to check if the business has any future or the annual income and total turnover.
Can we manage all our loan related stuff directly from the Paytm app?
Yes, that’s the best part of taking a loan from Paytm. You can do all kinds of things directly from the app. You can check your remaining balance, tenure, interest, and many more.
What is the maximum tenure to repay the loan?
The maximum tenure is 180 days, Although you can also increase the assignment after taking the loan.
Are there any rules for taking a business loan from Paytm?
Yes, there are rules related to Applicants Age Limit, Business Income, Turnover and details of Co-applicant.
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