Merchants can take business loans from Paytm and the repayment becomes easy with EMI installments. This amount shall be deducted from the total payout amount which is given to customers. In this section, we will explain all the details about getting a business loan with the help of Paytm. All of these loans are short term loans and payment can be on a daily basis.
Eligibility criteria which need to be followed for getting Paytm business loan
- The minimum amount in the case with Paytm amounts is Rs. 5000 which is to be maintained with merchant bankers and it can be collected within 3 months of review payments.
- Merchant bankers have to accept both new and old customers alike.
- Paytm tries to make it a point to maintain a hassle-free record for any of the services availed from Paytm.
Things which are required to avail Paytm business loan
- The residential address and the proof of identity are required from the person and also of the area in which the shop is situated.
- Live image of the account holder can be taken using your Smartphone selfie
- Live photo of the front side of your shop is required
- Photo of PAN card from Gallery or also from the Live counter
- The Address proof either Adhar Card, Driver’s license, Voter’s card, etc. should be provided
- Bank statement of the last 6 months
These documents are required only for one time and from next time, you can avail the loan easily.
Steps which are required for availing of the loan
- As the first step, open a business with the help of Paytm app and choose the option Instant Business loan from the dashboard.
- At the same page, you will find the procedure to know your eligibility check and then you need to click.
- Go through the loan amounts of different vendors to know which one suits you better.
- There is a criterion of “Notify Me” and if you find that in your page then you are not eligible for the loan and you will have to wait for more weeks to get one.
If you are eligible for a business loan, then you need to proceed with the following steps:
- Select your gender and DOB in the Loan screen.
- Select your address which you are living in currently
- If you are living in any other city than the one provided in your residential form, then you have to enter manually.
- Provide a screenshot of your shop and also enter the address of your shop in the place given in the page.
- All other documents should be provided for verification. After loading of all the documents, you will get the confirm loan disbursal button and you have to choose according to your requirement.
- Reading of loan agreement is mandatory.
- By proceeding onto the next page, you will be given an OTP number in your registered mobile number from which you have to accept the loan agreement.
Important points to remember about Paytm business loans
- Is it necessary to get a good credit score in order to get a business loan from Paytm?
The merchant who is dealing with the business loan should have a good relationship with Paytm. He should have a clear track record and the process should be hassle-free. A credit score does play an important role as if you are continuously late in repayment of a loan, then chances are that you might not get a loan. The behavior of the merchant is also necessary.
- How can you pay back money after taking a loan from Paytm?
The charge will be taken automatically from Paytm payout business. If there is no amount available as balance, then you can link your UPI to Paytm and scan the barcode of the merchant and in this way, the loan will be adjusted.
- What will happen if the money is not repaid back within time?
If the amount is not repaid in time, then after the end of the month, a chargeback will be given to your bank account and the amount will be deducted from your Paytm payments bank. All information is provided in the loan agreement, so read it carefully before applying for a loan.
Advantages of using Paytm business loan
- The process is paperless and it is fully digital
- There is no need to visit the branch
- Daily installments can be paid right with the help of an app
- No hidden costs are associated with the same
- There are no beforehand charges or locking period and the amount can be repaid at the end of the loan
- If you pay before the actual date, then you can get incentives which are linked to your bank account from Paytm
The facility is available only to selected merchants but it will be extended depending on the regular transactions and payment schedule. Some tips to get a business loan from Paytm are listed as under:
- Maintain a good balance on Paytm: There should be a minimum transaction which you should maintain with Paytm on a monthly basis. In this way, getting a business loan will become easier.
- Collections from your account should be active: The consistency level should be managed and if there are daily collections, then it adds to the credit score of merchants and loan can be availed earlier than others. Maintaining the same amount on a 3 months basis can be considered as a consistency.
- Growth of customer base: The customer base should also be consistent one with both new and returning customers maintained. These are signs that business is growing and it will grow more in the near future.
- Paytm relation should be clean: The relation of a merchant with Paytm should be a clean one with no kind of defaults. There should not be complaints and the records should be tracked free as much as possible.
The access of business loan from Paytm is available on apps of Androids and iPhones and there is easy availability of the same.
FlexiLoans Terms and conditions to avail Paytm Business loan
- The credit limit is up to Rs. 1 crore
- The tenure for repayment of the loan is up to 36 months
- The loan should be repaid at the rate of 15 % per annum monthly
- The operational vintage is up to 1 year
- The partner payment is for 6 months
- Monthly turnover should be 2 lakhs and not less than that
Connect with us and we will guide through the process as well provide you with Paytm business loan to become a preferred merchant for Paytm.