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How to get interest-free loan (credit) instantly from Paytm

Rejoice! Now you can get upto Rs 20000 instant credit in your paytm Wallet. Yes! Paytm has introduced new interest free digital loan scheme. They call it Paytm-ICICI Bank Postpaid. Now you will be able to get instant loan into your paytm wallet, thanks to Paytm and ICICI bank.

Get an instant loan of upto 10000 INR

Paytm in association with ICICI bank, has announced an interest free instant credit which ranges from Rs 3,000 to Rs 10,000. Paytm users can request for a credit which they can repay within 45 days. Failing to pay within 45 days will attract an interest of 3% until the amount is repaid.

Users can even avail a credit of upto Rs 20000

Yes, based on your repayment history company will consider of providing the interest free credit of upto Rs 20000. This means that you can instantly get a loan of upto Rs 20000 into your paytm wallet which you can repay in 45 days.

Non-ICICI bank customers need to wait for now 🙁

As of now the feature is not available to non-ICICI customers. Well it seems like they need to wait for a while to avail this feature. For others who can’t wait, just open a new ICICI bank account.

That’s what ICICI bank would obviously want – an increased customer base! They will be also looking for good earnings from loan defaulters.

[ALSO READ: How to Earn Free Unlimited Paytm Cash]

How it works?

Before you can start using Paytm-ICICI Bank Postpaid feature you will need to set it up first. Here’s how you can do so.

Setting up Paytm-ICICI Bank Postpaid feature to avail 45-days interest-free credit

  • Go to your profile section in Paytm app by tapping the little smiley icon on the top right corner of your app.
  • Under Payment Settings, you find an option called ‘Paytm Postpaid‘.
  • Once you tap on Paytm Postpaid, you will see a screen with a button saying ‘Yes, I am Interested! Invite me‘.
  • If you tap on that button you get a message thanking you for your interest and will ask to wait till paytm contacts you.
  • Once you are eligible, you will be able to fill in your details like aadhaar number, PAN etc.
  • That’s it, it won’t take more than two minutes for your account to setup after you have submitted all the details.

How to avail and use the interest free loan from paytm

Now that your paytm postpaid is setup, you can avail interest free credit of upto 10,000 (extendable upto 20,000).

You don’t need to request or apply for any loan or credit if your paytm postpaid is already set up. All you need to do is that when you make any purchase from paytm, at the time of payment just select ‘Paytm Postpaid‘ as your payment option.

That’s it. Your payment will be confirmed an you can pay the amount in next 45 days!

Now you got the interest-free credit. Where can you spend it?

You might be thinking about this. Where can you spend the interest-free loan from paytm. It’s very obvious – only on Paytm!

using paytm loan

Yes, although paytm loan seems to be very nice option, but you will be limited to spend it only on paytm but there are lots of services you can this for. Here’s a list of services (on paytm) where you can use Paytm Postpaid option:

  1. Mobile Recharge
  2. DTH payments
  3. Bus ticket bookings
  4. Flights bookings
  5. Movie tickets
  6. Train Bookings
  7. Shopping on Paytm Mall

Charges to use this service

Although there is no charge or cost for using this service, but users who fail to repay the dues on time will be charged with Rs 50 late fee and 3% interest per month from the due day till they repay their dues.

How to repay your dues related to Paytm-ICICI Bank Postpaid?

At the time of registration for the service, you need to link your ICICI bank account with paytm. You can use that account to directly pay for the Paytm Postpaid service. Apart from this, Paytm provides other options to repay which include Paytm Wallet, Debit Card, Net Banking etc.

On the first of every month, paytm will e-mail you a statement of transactions done using the Paytm Postpaid feature in the last month. To repay this amount you can tap on the ‘Pay Now‘ button in your Paytm-ICICI bank postpaid passbook and proceed to payment options.

Now you don’t need to worry about that extra bit of money spent at the last of every month. You don’t need to ask your family members or friends for that extra cash.

Do you think this paytm loan scheme will be a solution to that extra cash problem? Do share your views in the comments section below.

Zaid Moharkan

Tech Enthusiast, Programmer and a Computer Science Student. You can follow him on Facebook and Instagram.

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