How to take personal loan from Paytm Rs 10 thousand to Rs 2 lakh

How to take personal loan from Paytm : Friends, in this article, you will learn how to take a personal loan from Paytm, which you can avail ranging from ₹10,000 to ₹3,00,000 and can transfer it immediately to your or someone else’s bank account. Sometimes, we suddenly need money, but our saved funds may not be sufficient, so the idea of ​​taking a loan comes to mind.

If you are also considering taking a loan, Paytm can help you. Paytm is an Indian mobile application through which you can not only transfer money, pay bills, or recharge mobile phones, but also avail personal loans. Depending on different situations, you can avail personal loans ranging from ₹10,000 to ₹3,00,000.

During the loan application process, you will need PAN Card, Aadhaar Card, and bank details. Therefore, keep these documents with you beforehand. Now let’s understand how to take a loan from Paytm.

How to take personal loan from Paytm

To take a loan from Paytm, follow these steps:

  • Install the Paytm app from the Play Store and open it. Then create a Paytm account using your mobile number.
  • After creating the account, click on the “Loans and Credit Cards” option in the app.
  • A pop-up window will appear, click on “Personal Loan”.
  • In the next interface, enter your PAN Number, Date of Birth, and Email. Then select your occupation. It’s better to select “Salaried” if you’re applying as an employee. Tick the checkboxes below and click on “Continue”.
  • Now, enter your PIN code and current address. After entering the address, click on “Proceed”.
  • After a loading time of about a minute, you will be prompted to select the loan amount. Choose your desired loan amount, select the type of EMI, and click on “Accept & Continue with KYC”. (Note: While taking the loan, a processing fee of 4.5% plus 18% GST is deducted.)
  • Next, upload a selfie. Click on “Take a Selfie Now”, capture a selfie, and upload it.
  • Now, enter the bank account number where you want to receive the loan amount. You can enter any bank account number. IFSC code is optional, so you don’t need to enter it. Click on “Proceed”.
  • Finally, after deducting the processing fee and GST, the remaining loan amount will be transferred to the bank account you provided. You can see the loan transfer in progress in the screenshot.

It’s essential to ensure that your CIBIL score and payment history are good because loan approval depends on these factors. If these two aspects are not satisfactory, your loan application may get rejected.

Eligibility to take loan from Paytm

As you know, there are certain eligibility criteria for taking loans from lending apps. These criteria may not be the same for all banks. Similarly, to avail a loan from Paytm, you must meet certain eligibility requirements. If you fail to meet any of these criteria, your loan application may be rejected. Below are the eligibility criteria:

  • The applicant’s age (as per PAN card) should be between 23 to 60 years.
  • The applicant must be a citizen of India.
  • The applicant should be an active user of Paytm.
  • A good CIBIL score and payment history are required.
  • The applicant’s annual income should be at least 3 lakhs.
  • The applicant should have a good record in the bank for the last 6 months. (Lenders can check this using your PAN card)
  • These are the eligibility criteria you need to fulfill to apply for a loan through Paytm.

Documents required to take loan from Paytm

To avail a loan from Paytm, you need certain essential documents, which are outlined below:

  • You must have a PAN card as a KYC document.
  • Your PAN card should be linked to your mobile number.
  • A selfie of yourself is required for ID proof.
  • You should have a bank account to receive the loan amount.
  • You must have an active account on the Paytm app.

Why should you take loan from Paytm app only?

Benefits of Taking a Loan from Paytm:

  • Online Process: The biggest advantage of taking a loan from Paytm is that the entire process, from applying for the loan to receiving the loan amount in your account, is completed online. There’s no need to visit any bank or company office. Online medium ensures convenience without any hassle.
  • Cashless Transaction: When you take a loan through Paytm, the loan amount is directly transferred to your desired bank account. This eliminates the hassle of dealing with cash transactions and handling the repayment manually. You can easily manage expenses like medical treatment, education fees, or purchases by directly depositing the loan amount into the respective account.
  • Instant Approval: Unlike traditional loan approval processes that may take 3 to 7 days, loans applied through the Paytm app receive instant approval. This ensures that you can access the funds when you urgently need them, without any delay.
  • Best Loan Offer: Paytm offers the flexibility to select the loan amount according to your requirements. Whether you need a small amount or a larger sum, you can choose the desired loan amount ranging from ₹10,000 to ₹3,00,000 through the Paytm app.
  • Less Documentation: Paytm requires minimal documentation for loan approval. With just your PAN card and a selfie, you can apply for a loan without the need for extensive paperwork. This streamlined process saves time and effort compared to traditional loan applications.
  • Overall, taking a loan from Paytm offers convenience, speed, and flexibility, making it a preferred choice for many borrowers.

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