Acche Din Aagye! No kidding as now you will get instant online credit on Paytm. Paytm has joined hands with ICICI bank to provide short term credit to all Paytm users. This is a benison for all Paytm users as they can earn an extra credit of upto Rs 20,000 and that too interest-free.
First time in the history of Digital India
It is for the first time in the history of Indian digital era that an online bank is providing this facility to its users. The use of this credit is not limited by any means. It can be used for several purposes like movie tickets, electricity payments, booking flights and other chores.
The postpaid offer which is being provided to the Paytm users is an integration of a digital setup which will be collaborated by Paytm and ICICI bank. Initially, this offer is only available to ICICI bank account holders. However, if the offer is successful, the offer will be extended to Non-ICICI bank users.
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Paytm Bonanza: Interest-free for 45 days
The amount of upto Rs 20000 will remain interest-free until 45 days of the loan sanctioning. Thereafter, an interest of 3% will be levied on the unpaid amount.
The best part about this credit is that it requires no documentation. The process of earning a credit amount of Rs 20000 is extremely hassle-free and seamless. Neither there is any requirement nor there is the requirement to visit a branch.
Real Time Credit to Customer
The loan credit can be availed 24*7 and the amount is credited real-time. A brand new algorithm named Big Data has been deployed for the operations. It is an amalgam of artificial intelligence which tracks purchase patterns, frequency of purchase to ascertain the credit and credit bureau checks. Customers are required to pay their bills by the 15th day of the next month. The repayment can be done by using Paytm Wallet, debit card or internet banking of any bank.
“We believe our customers are sincere with their payments and Paytm Postpaid will play a major role in helping them pay for their daily expenses on time. This will democratise access to credit including those with less disposable income,” said founder and CEO – Paytm, Vijay Shekhar Sharma.
