Chennai: Digital financial services platform 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 micro-loans 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 one lakh small businesses in the next 12 months to 18 months.
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.
Baskar Babu, MD and CEO, Suryoday Small Finance Bank, said, “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”.