Paytm Post-paid Mini for Insta Loans between INR250/- to INR1,000/-

  

Paytm Post-paid Mini for Insta Loans between INR250/- to INR1,000/-

Introducing Paytm Post-paid Mini — small ticket instant loans to help you manage your monthly expenses

            Paytm in an endeavor to bring new-to-credit folks into the formal credit system is launching ‘Paytm Post-paid Mini’.

            Aditya Birla Finance Ltd is the finance partner for ‘Paytm Post-paid Mini’

            PM is an extension of Paytm popular ‘Buy Now, Pay Later’, service. Here the target audience is New-to-credit. Basing on the repayment behavior, the micro borrowers may be eligible for the full suite of its ‘Buy Now, Pay Later’, features.

                        The microloans are designed to give flexibility and also help borrowers to manage their household expenses and maintain liquidity during the ongoing pandemic.

With the launch of Post-paid Mini, borrowers can access loans ranging from Rs 250 to Rs 1000. This will help Paytm users, pay for monthly expenses, including mobile & DTH recharges, gas cylinder booking, electricity & water bills, shop on Paytm Mall and more.

With this service, Paytm Post-paid is offering a period of up to 30-days for repayment of loans at 0% interest.

There are no annual fees or activation charges, only a minimal convenience fee.

Through Paytm Postpaid, Paytm users can pay at online and offline merchant stores across the country and not have to worry about upsetting one’s monthly budgets.

Paytm Postpaid is currently accepted at thousands of petrol pumps, neighborhood kirana stores or pharmacy shops, popular chain outlets (such Reliance Fresh, Apollo Pharmacy, etc.), internet apps (such as Myntra, Firstcry, Uber, Dominos, Ajio, Pharmeasy, etc.) and popular retail destinations (such as Shoppers Stop, Croma, etc.) among others.

Paytm Postpaid is available in over 550 cities in India.

Bhavesh Gupta, CEO — Paytm Lending said, “We want to help new-to-credit citizens start their credit journey and develop a financial discipline.

Through Postpaid we are also making sincere attempts to help drive consumption in the economy.

Our new Postpaid Mini service helps users manage their liquidity by clearing their bills or payments on time.”

            The application process is completely digital and users have to apply for the Micro Loan facility through their Paytm app.

            Basis via few background checks, the user is informed of his/her ‘Paytm Post-paid Mini’ eligible loan amount and the applicable convenience fee

            Users need not pay interest up to 30 days of the loan disbursed. Post the 30 days, the interest meter kicks in.

            The repayment is through Paytm app only. Repayment outside the Paytm App is not yet available.

            All transactions will be on the Paytm ecosystem only. No transaction can take place outside the Paytm ecosystem.

            Cash withdrawal of this ‘Paytm Post-paid Mini’ is not allowed. Bill Payments, or goods and services available on Paytm Mall or Paytm QR Scan options are the eligible transactions.

            As Paytm Postpaid is available in 550 cities/towns across India, the reach is vast. This should enable a high number of Paytm users spread across India to avail the benefits of ‘Paytm Post-paid Mini’.

            ‘Paytm Post-paid Mini’ is also an opportunity for Paytm users to climb up the credit cycle i.e avail the Paytm Post Paid Loan up to INR60,000/-     

            There are no accurate numbers on the size of the Micro Loans in India. The participants i.e Lenders, Borrowers, FinTech companies are on a learning curve.

Disclaimer: These are my personal opinions only. The bottom line is Mission #LessCashNotCashLess