Paytm joins hand with Suryoday Small Finance Bank to empower MSMEs with instant digital loans
By MYBRANDBOOK
Paytm has announced its partnership with Suryoday Small Finance Bank to empower MSMEs with instant digital loans. The company is furthering the cause of financial inclusion by offering instant microloans to businesses that are unable to access financial services from traditional banking players. The company through this partnership is aiming at disbursing loans to over 1 lakh small businesses in the next 12 months to 18 months.
This is the first lending partnership for Paytm with a small finance bank to help merchants get loans seamlessly.
Paytm has made the entire process of availing loans completely digital and hassle-free so that merchants can transact with the bank and take loans with just a tap on the phone. Merchants will not have to visit the bank branch as the entire journey from application to approval will be completed on the Paytm app itself. The company said that underwriting will be done as per an agreed credit policy of the bank within seconds and post-approval the customer will be disbursed by Suryoday. The systems are designed for real-time approval and disbursement thereby guaranteeing a superior customer experience.
Baskar Babu, MD & CEO, Suryoday Small Finance Bank says, “As a small finance bank we focus on delivering products with great customer experience, this tie-up will help us deliver credit on click for small business owners and ensure access to it whenever they want. Our partnership with Paytm on the lending side is API driven which will bring in a secure, intelligent, and connected digital experience."
Bhavesh Gupta, CEO - Paytm Lending, comments, "We are happy to welcome Suryoday Small Finance Bank as our partner to empower MSMEs with instant loans. Our partnership aims towards democratizing access to loans for small businesses, merchants & promoting financial inclusion. With our collateral-free instant loans, we aim to give MSMEs adequate liquidity to grow and expand."
According to the company the entire process of applying for loans is completely seamless. Merchants have to log on to the Paytm for Business app, opt for the loan offer & go through a very short and simple process of the bank. After they complete the process, the loan amount is disbursed directly into their bank accounts.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : Kumar Mangalam Birla
Aditya Birla Group chairman Kumar Mangalam Birla recently made a comeb...
Icons Of India : Daisy Chittilapilly
Daisy Chittilapilly is the President of Cisco’s India and SAARC regi...
Icons Of India : CP Gurnani
Former Managing Director and CEO of the well-known IT service company ...
GeM - Government e Marketplace
GeM is to facilitate the procurement of goods and services by various ...
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
ITI - ITI Limited
ITI Limited is a leading provider of telecommunications equipment, sol...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
Indian Tech Talent Excelling The Tech World - George Kurian, CEO, Netapp
George Kurian, the CEO of global data storage and management services ...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...