Forget Cibil! Paytm invests in CreditMate to bring urgent loans in a jiffy

Customers can get credit limit ranging from Rs 3,000 to Rs 10,000, which can be extended to Rs 20,000 based on their usage

Fintech major Paytm has acquired a stake in CreditMate, a Mumbai-based start-up in the lending space that enabling its dealer partners to seamlessly assess, approve, process and distribute two-wheeler loans to customers with no formal credit history. With this investment, Paytm hopes to provide loans for cars, appliances, medical treatment, emergency loans among others. 

Paytm will leverage CreditMate's proprietary credit and asset valuation technology to create a loan management system in collaboration with its lending partner for its customers.

With Paytm expanding its services and entering various areas of financial tech, it will offer instant access to credit based on