Paytm offers instant loan of up to Rs 1000 at zero interest

Paytm has launched Postpaid Mini, which is an extension of its “buy now, pay later” offering. The idea is to offer credit to customers who are new to the credit system. Paytm has partnered with Aditya Birla Finance for this program.

As part of this program, Paytm will offer its customers loans ranging from Rs 250 to Rs 1,000. The Postpaid Mini program is valid for a period of up to 30 days and is offered at an interest rate of zero for hundred. There is no activation fee or annual fee, but convenience fees apply. This instant loan is in addition to Paytm’s post-paid instant credit, which has a maximum limit of Rs 60,000.

The concept behind the introduction of this offer is to give flexibility to users and help them manage their household expenses in the ongoing pandemic. Users can now pay for mobile and direct-to-home (DTH) top-ups, gas cylinder reservations, electricity and water bills, make Paytm Mall purchases and more using this feature.

Paytm’s postpaid offer is valid in 550 cities across India and users can pay at online and offline merchant stores including gas pumps, Kirana stores, drugstores, retail stores and Internet applications.

Officials close to the One97 Communications IPO told Reuters they would file a draft prospectus in the coming week to mine nearly $ 3 billion in Indian markets. The only other company to come close to that number was Coal India in 2010, when it raised Rs 15,475 crore.

(Edited by : Shoma bhattacharjee)

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