Getting instant loans gets easier: Paytm joins hands with Clix Finance; how you will benefit

E-commerce payment system and digital wallet company, Paytm joined hands with non-banking financial company Clix Finance, on Tuesday. The partnership aims to provide instant digital loans to customers and merchants on the it's platform. The latter will offer loans to Paytm customers via a  'Deferred Payment or Postpaid' and 'Merchant Lines' facilities.

Millions of Paytm customers will now be able to garner instant digital loans using proprietary Machine Learning (ML) models developed by Paytm and Clix. With the partnership with Clix Finance, Paytm will be able introduce new products which aims to enhance customer experience as well as meet the customer demand. 

One the account of the development, Nitin Misra, Senior Vice President, Paytm, said, "We have seen an overwhelming response to Paytm postpaid and merchant lending products. With this partnership, we aim to bring our credit tested algorithmic lending products to a larger customer and merchant base."

"Together, we will co-create many unique and customised products that will work seamlessly to address unmet financial needs of millions of customers," adds Pramod Bhasin, Founder and Chairman, Clix.

Currently there are over 60 million MSMEs in India that are in dire need to go digital. Post this development, chances of the customers as well as the merchants from the MSME's will have easier access to funds. 

Prior to this development, Paytm launched an AI-based router engine that will higher the payment success rates. Additionally, Paytm will also venture into the educational sector with financial services including insurance and loan.