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ICICI Bank and Paytm Join Hands to offer Short Term Instant Digital Credit Loan to Customers

ICICI Bank and Paytm Join Hands to offer Short Term Instant Digital Credit Loan to Customers

Paytm, India’s biggest Mobile and Digital wallet, teams up with ICICI Bank, India’s biggest private bank, to dispatch ‘Paytm ICICI Bank Credit Cared.’ This new activity is a one of a kind amalgamation of money related administrations to give small digital credit to some selected users.

Through this programme, Paytm users will get access to seamless interest-free short-term digital credit for daily use, for example, utility bill payments, flights and Hotel bookings, and physical products. Clients can get an advanced credit account through moment actuation on the web, without documentation and branch visit. Right now, just select ICICI clients will be offered the advanced credit by means of the Paytm application, in any case, the offer will be accessible to the non-ICICI Bank clients soon.

The activity depends on the Big Data calculation by ICICI Bank which will utilize continuous credit appraisal of clients to offer credit. The financial and digital behavior of the customer including credit bureau check, purchase patterns and the frequency of purchase will be analyzed within a few seconds. An interest-free digital credit ranging from Rs. 3,000 to Rs. 10,000 will then be offered to the customers for up to 45 days. The range can also be extended up to Rs. 20,000 based on the repayment history of the customers. Users availing the digital credit can checkout quickly using the Paytm Passcode.

Executive Director of ICICI Bank Anup Bagchi, while speaking about the initiative said, “We are delighted to launch Paytm ICICI Bank Postpaid, our first offering in this space in association with Paytm.” According to founder and CEO Vijay Shekhar Sharma, such short loans will help consumers to manage their daily expenses and plan their monthly budget. “Paytm Postpaid will play a major role in helping them pay for their daily expenses on time. This will democratize access to credit including those with less disposable income,” he added.

An integerated bill would be generated on the probably first day of the month after as far as possible is set up. Clients should pay the bill by the fifteenth day of that month by means of their Paytm Wallet, debit card or internet banking of any bank.

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