How to Apply Paytm Personal Loan: Complete Process

Paytm’s loan service is instant and available through a 100% digital process. This allows users to get their funds quickly without requiring any hard copies of documents. In this article, we have included the eligibility criteria along with interest rate and also a step by step process on how to apply for a paytm personal loan.

Step-by-Step Process to Apply for a Paytm Personal Loan

1. Open the Paytm App

• Make sure your app is updated to the latest version.
• Log in using your registered mobile number.

2. Go to the ‘Get Loan, Invest Money’ Section

• From the homepage, scroll down to ‘Get Loan, Invest Money’.
• Then tap ‘Get Loan’ under the loan options.

3. Enter Basic Details

• Fill out the required fields, including:
  
  • PAN number
  • Email address
  • Date of birth
  • Gender

4. Get Loan Offer

• After submitting your information, Paytm will check your eligibility.
• If eligible, you’ll receive a personalised loan offer with:
  
  • Sanctioned loan amount
  • Interest rate

5. Proceed with Verification

• Confirm the details and tap on ‘Proceed’.
• Complete KYC, which may include:
  
  • PAN and Aadhaar validation
  • Bank specifications 
  • Other minor verifications as per the NBFC partner’s requirement

6. Provide Bank Account Details

• Add your active bank account where the loan amount should be disbursed.
• Ensure that the account matches your name and is linked to your mobile number.

7. Set Up Auto-Repayment

• Choose how you’d like to pay EMIs each month.
• Options typically include:
  • UPI AutoPay (via UPI handle and OTP authentication)
  • eNACH Mandate (auto-debit via bank account)

8. Review and Accept the Loan Agreement

• Carefully read the loan agreement terms.
• Accept the digital agreement by ticking the required consent boxes.

9. Loan Disbursement

• Once verification and mandate setup are completed:
  
  • Your loan is instantly disbursed to the provided bank account.
  • You’ll receive a confirmation via SMS and within the app.

Eligibility Criteria for Paytm Personal Loan

To qualify for a Paytm personal loan, applicants must meet the following criteria:

• Age: Between 23 to 60 years.
• Residency: Indian resident with a valid PAN and Aadhaar card.
• Paytm User: An Active Paytm user with a completed KYC process.
• Income: Regular source of income; both salaried and self-employed individuals are eligible.
• Credit Score: A good credit score enhances the chances of loan approval.

Paytm Personal Loan Interest Rate

The starting Paytm personal loan interest rate is 1% per month (approximately 12% per annum ROI as well as PFL prime). The interest rate depends on your credit score, income, and the length of the loan.