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ICICI Bank and Paytm partner for short term credit for users; MediaNama’s take

ICICI Bank and Paytm have partnered to offer short-term credit to users. The credit given to customers will be interest-free for 45 days and the bank says that it will give loans up to Rs 20,000. Initially, this will be allowed for select ICICI Bank customers who are on Paytm and will be extended to other bank customers as well who use Paytm. Note that in September, the bank said that it would be introducing a product similar to a payday loan and it looks like it has finally introduced the same with Paytm. Once the credit limit is set up for a customer, a consolidated bill is generated on the first day of the next month, which has to be paid by the 15th day of the same month. Customers can use their Paytm Wallet, debit card or internet banking of any bank for an easy repayment of their dues. The bank says that the credit will be available to customers 24/7 and the credit assessment is based on a big data algorithm developed by ICICI Bank and will be available on a real-time basis. The credit assessment will be done based on the financial and digital behaviour of the customer which includes a credit bureau check, purchase patterns, frequency of purchase. ICICI Bank virtualizing credit cards Note that ICICI Bank has been trying to grow its personal loans and credit card business over the last few months. In August, the bank launched product called Instant Credit Card where certain pre-approved customers…

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