Overview & Feature Analysis
Loans and shopping in one
Paytail
is a free
finance
and
ecommerce
platform in India that offers a
convenient
way to shop from various merchants and stores. One of its key features is the
Paytail EMI
option, which allows eligible users to avail of
instant loans
for their shopping needs.
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Easy access to loans
Paytail offers loan amounts from INR3,000 to INR5,00,000 and can be repaid from
three to 18 months
. The interest rate also varies, depending on your profile
assessment
. These loans can then be used as your
credit limit
to
purchase
from partner merchants, using the service as your mode of payment.
One catch, though—the interest rate starts at 18 percent per annum and can go up to 25 percent per annum based on your assessment, which can be
hefty
especially once it starts piling up. Still, it provides
easy access
to credit for users without a credible credit rating yet.
OK for starters
Paytail provides users with credit limits in the form of a loan for their purchases, making it a useful tool for those without established credit ratings. However, it's important to consider the interest rates, which can range from 18 to 25 percent p.a. based on the user's profile assessment.