Paytm offers personal loans in partnership with various lenders. Recently, I asked my uncle, a retired banking employee, what is the interest rate of Paytm personal loan? He said the interest rates at Paytm can vary based on factors such as the borrower's credit profile, loan amount, and tenure. You can see the interest rate when you apply for a loan.
What is the Interest Rate for Paytm Personal Loan?
It actually depends on several factors which I already mentioned. However, as far as my uncle told me, in Paytm, the personal loan interest rates typically start at around 1.66% per month.
The annual percentage rate (APR) is about 20%. However, the exact rate may vary depending on individual eligibility and lender policies.
The loan tenure can range from several months to a few years.
Besides interest rates, borrowers should also consider any applicable processing fees or other charges associated with availing of the loan.
You can apply for it by following the steps mentioned by Lovely above. This is all about what is Paytm personal loan interest rate.
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Paytm has partnered with various lenders, and their interest rates typically start at 1.66% p.m. My sister has taken a personal loan from them and she told me they have flexible loan and tenure options. You can see the actual interest rate along with EMIs during the application before availing the loan. So, if you ask what is the interest rate of Paytm personal loan, I’d tell you some factors that affect the EMI calculations.
What is Paytm Personal Loan Interest Rate?
My sister has used the Paytm personal loan EMI calculator, and I learned it makes use of some factors like loan amount, loan tenure, and the applicable rate of interest on the borrowed amount.
Let me give you my sister’s example. She took a personal loan of Rs. 10 lakhs at an interest rate of 13% for a period of 2 years. The interest rate was 1.08% p.m and her monthly EMI came to Rs. 47,542.
Thus, the actual rate of interest is determined by the above factors and the EMI calculator will give you an estimate of the same.
How to Apply for Personal Loan via Paytm?
The process is simple, with a few steps you need to take. I have mentioned the same below.
First, you need to check your loan eligibility in the Paytm App under the ‘personal loan’ section.
Then, enter your PAN number and other details related to KYC and occupation.
Select Bank account for loan disbursement and EMI repayment setup.
In this way, you can apply for a personal loan. The application process is quick but I’ve heard the disbursement process is extensive. I hope it gives you some idea on what is the interest rate for Paytm personal loan.
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What is Paytm Personal Loan Interest Rate?
Tanmay
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11 months
2024-12-30T10:20:46+00:00 2024-12-30T10:20:47+00:00Comment
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