Paytm today announced that the users of its postpaid service can now convert their spending into Equated Monthly Installments (EMIs) at nominal interest rates. Under this facility, Paytm postpaid users can opt for the buy now and pay later option to purchase products & services at more than 5 lakh plus shops and websites.
Paytm Postpaid is available in three different slabs of credit limit – Lite, Delite, and Elite. Postpaid Lite comes with a limit of up to ₹20,000 and designed for users without a credit score to avail the convenience & benefits of instant credit. Delite and Elite offer credit limits upto ₹1,00,000 in monthly spending with no additional convenience charges.
Every month, users are provided a single bill to track all their spending through Postpaid. Within the first 7 days of the bill being generated, they have the option to convert the Postpaid bill into flexible EMIs. Postpaid offers a credit limit of up to ₹1 lakh, which can be increased with timely repayments.
The newly introduced facility is offered in partnership with two leading NBFCs with an instant credit line for various payments to Paytm app users. Users can pay the bill using any of the available payment options such as UPI, Debit card, and Net banking. Paytm has also confirmed that it is in the process of integration with over 2 lakh Paytm’s Android POS devices powering shoppers to buy on credit and benefitting the retailers across the country.
Commenting on the launch Bhavesh Gupta, CEO – Paytm Lending said, “Our postpaid service has emerged as an important payment option for our fellow citizens, especially during the festive season. We are humbled to see that our service is already being availed by over 7 million users, and we are on the way to cross the milestone of 15 million users by the end of the current financial year.”