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Paytm has entered into partnership with ICICI Bank, for jointly launching Paytm-ICICI Bank Postpaid, which will be offering interest free short term digital loans up to Rs.20,000, for a maximum of 45 days.
As per the bank, “This new offering will enable millions of Paytm customers to get access to instant credit for the first time for everyday use-cases ranging from movies to bill payments to flights to physical goods.”
Further it added that, the Paytm-ICICI Bank Postpaid is a digital credit account and has immediate activation. There is no need of any documentation or branch visit, and its activation is fully online. It also does not have any transaction, joining or hidden administration fees either.
Moreover, this facility will be available at any time and any day and it will use Big Data based algorithm by ICICI Bank for real-time credit assessment of customers.
