Paytm will offer its users short term digital credit of up to Rs. 20,000; will offer 45-days of interest-free credit
Digital wallet app Paytm has come up with a short term digital credit scheme in its partnership with private sector bank ICICI. Christened as Paytm-ICICI Bank Postpaid, this new scheme will offer instant credit to the Paytm customers that will range between Rs. 3,000 and Rs. 20,000. Using this money, Paytm users will be able to pay for movie tickets, bill payments, flight booking and various other things through the app.
The Paytm-ICIC Bank Postpaid offer will lend money to the user with 45 days of interest free period and the credit limit will be determined by the user’s credit score. Also, the credit will be given to the user instantly without any documentation or branch visit. The entire process will be done online that means the user doesn’t need to face any hassle.
The repayment history of the user will determine the credit limit for him or her. The service will have a quick checkout option with Paytm passcode. Initially, this Paytm-ICICI bank Postpaid credit service will be available for a select number of ICICI Bank customers. Shortly it will be available for all the non-ICICI bank customers as well.
Paytm hopes, this short term credit service will enhance the app’s popularity further. Once the credit limit has been set for an user, he or she will receive a consolidated bill generated on the first day of next month that has to be paid within next 15 days. To repay the dues, the users can choose Paytm wallet, debit card or internet banking service options.
Speaking about the Paytm-ICICI Bank Postpaid credit service, the digital wallet app company says, it believes this service will help its customers to pay for their daily expenses on time. It also says that the service has been designed to help the customers to repay the dues on time.