Every business needs sufficient working capital to ensure smooth operations. Typically, small businesses turn to traditional avenues like banks and NBFCs when seeking financial assistance. Opting for a bank loan or exploring government MSME loan schemes are common initial choices. In contrast, Merchant loan from Paytm’s Lending Partners provides a streamlined alternative for small-scale business owners to access loans easily. Paytm merchants can apply for a Merchant Loan online with the opportunity to secure up to ₹10 lakh.
Paytm Merchant Loan Eligibility Criteria
Key eligibility criteria for Paytm merchant loans from Paytm’s lending partners
- Indian Residency and Age Requirement: Applicants must be Indian residents, at least 18 years old, to qualify for a merchant loan.
- Paytm Merchant account: Register yourself as a Paytm Merchant on Paytm for Business app. This ensures the legitimacy of the business seeking the loan.
- Transaction Balance on Paytm: Maintaining a consistent and satisfactory transaction volume on Paytm QR is crucial. Applicants with a good balance over a month-to-month basis increase their chances of loan approval.
- Active Collections: The number of transactions accepted via Paytm QR play an important role. It indicates the merchant’s financial stability.
- Customer Base Growth: The chances of getting eligible are higher for applicants who accept payments from more customers. This means merchants should accept payment through Paytm QR as much as possible.
- Credit History: A positive credit history and good CIBIL score increase trust and increase chances of loan approval.
- Activity on Paytm App: Using the Paytm app for different services like bill payments, recharges, movie ticket booking, travel etc works as a positive indicator and improves chances of loan approval.
Advantages of Paytm Merchant Loan
The Paytm merchant loan offers a host of advantages that cater to diverse financial needs without the burden of collateral. Here are the main benefits:
- Collateral-Free: Applicants can access funds without providing any collateral, which makes it easy to avail funds.
- Versatile Usage: The loan can be used for many financial needs. For example, merchants can use it to renovate their shops, buy supplies, pay rent, pay salaries etc.
- Instant Approval: The approval process is streamlined, offering instant disbursal. Merchants can get a loan in just 1 hour.
- Flexible Repayment Terms: Merchants can pay in Easy Daily Instalments so that there’s no burden of huge monthly installments on them and the loan is paid on time easily.
- Enhanced Loan Limits: Merchants who repay their loans timely without any defaults can become eligible for higher loan amounts in the future.