Paytm announces partnership with Piramal Finance to offer loans
This collaboration will increase the availability of merchant loans in India's smaller cities and villages.
New Delhi: India's Largest mobile payments platform Paytm announced the partnership with Piramal Capital & Housing Finance. This collaboration will increase the availability of merchant loans in India's smaller cities and villages.
Mumbai-based Piramal Capital and Housing Finance Limited is a non-deposit-taking housing finance company. According to Paytm, personal loans would soon be included in this partnership, which will help the financial inclusion to bring ease of credit to small business owners.
Paytm has acquired a large number of merchants from big and small cities across the country, amassing a large base which Piramal Finance plans to leverage and bring ease of credit to small business owners through data-driven underwriting along with credit sanctions based on business income. Additionally, this partnership will be expanded soon to include personal loans, where Piramal Finance brings its deep understanding of risk and customer segment.
Paytm's lending business has seen massive adoption and this partnership will further bring new-to-credit merchant partners to the platform. It will allow them to seamlessly avail loans and meet the capital requirements for their business. Merchant partners will be able to avail loans of up to 10 lakh with a tenure of 6-24 months. To drive convenience, Paytm will enable a completely digital onboarding process with minimum documentation.
With 309 active branches, Piramal Finance continues to invest in its expansion plans to be present in 1000 towns and cities in the country over the near term. Piramal Finance has built a new-age, innovative, multi-product retail lending platform and through its digital strategy, the company aims to serve Bharat at scale. The company has leveraged Al and Machine Learning tools to offer personalized experiences for individuals and businesses, thereby transforming the way lending works for unserved consumers.
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