Partnering with non-banking financial company Clix Finance, Paytm on Tuesday announced that now it would offer instant digital loans to customers and merchants. This new initiative would help the small and the micro-enterprise that goes through a hard time to find loans from a regular bank.
Paytm has officially stated that it would use proprietary machine learning models that will offer instant digital loans on the Paytm platform.
We have seen an overwhelming response to Paytm Postpaid and merchant lending products. With this partnership, we aim to bring our credit tested algorithmic lending products to a larger customer and merchant base - Nitin Misra, Senior Vice President, Paytm
Both the companies are expected to launch other new products within the next few months to enhance customer experience and fulfill their demand. Pramod Bhasin, Founder, and Chairman of Clix say that partnering with Paytm will help them co-create many unique and customized products that will meet the financial needs of their clients.
Recently Paytm has announced another initiative in the educational sector like easy educational loans, insurance, smart cards for students.