New Delhi: Paytm, India’s digital financial services platform, today announced its partnership with Suryoday Small Finance Bank to enable MSMEs to benefit from instant digital loans. The company advances the cause of financial inclusion by offering instant microloans to businesses that do not have access to the financial services of traditional banking players. The company, through this partnership, aims to provide loans to more than 1 lakh of small businesses over the next 12-18 months.
This is Paytm’s first loan partnership with a small finance bank to help merchants seamlessly obtain loans.
Paytm has made the entire process of obtaining loans completely digital and hassle-free so that merchants can transact with the bank and take out loans with a single tap on the phone. Merchants won’t have to go to the bank branch, as the entire journey from request to approval will be done on the Paytm app itself. The company said the subscription will be done according to a credit policy agreed by the bank within seconds and after approval the customer will be disbursed by Suryoday. The systems are designed for real-time approval and disbursement, ensuring a superior customer experience.
Baskar Babu, Managing Director and CEO of Suryoday Small Finance Bank, said: “As a small corporate finance bank, we are focused on delivering products with great customer experience. They want. Our partnership with Paytm on the loan side is API-based, which will bring a secure, smart and connected digital experience. “
Bhavesh Gupta, CEO of Paytm Lending, said: “We are pleased to welcome Suryoday Small Finance Bank as a partner to enable MSMEs to benefit from instant loans. Our partnership aims to democratize access to credit for small businesses, traders and promote financial inclusion. With our instant unsecured loans, we aim to give MSMEs enough liquidity to grow and grow. “
The company said the entire loan application process is completely transparent. Merchants have to log into the Paytm for Business app, opt for the loan offer, and go through a very short and straightforward process from the bank. Once the process is completed, the loan amount is paid directly to their bank accounts.