In this artical I will tell you what might happen If your
Paytm Postpaid Loan is overdue from a long time or you fail to repay your Postpaid loan.
Based on my own experience with paytm postpaid I have also created a youtube video you can Watch it or read this post to understand the situation you might have to face due to the non-repayment of your loan.
 |
| Paytm Postpaid loan overdue from a long time. |
What is Paytm Postpaid ?
Paytm Postpaid is an instant credit facility provided by Paytm application . On Paytm Postpaid users get credit limit starting from ₹500 to 60 thousand based on their cibil ratting and paytm uses.
Instant loan facility on Paytm is provided by Third party NBFCs like
Aditya Birla Finance and others. You get a credit Postpaid limit for 30 days and can use this limit to pay your bills , recharges and scan and pay at paytm QR codes in shops. The limit that you get on Paytm can also be transferred to bank account using Pay Rent option on the app.
Paytm Postpaid charges
Paytm postpaid provides credit limit for users ranging from 100 rupees to 60 thousand. This credit is not free to use. We have to pay 1% transaction charge to use it. For example if we get a limit of 7000 from Postpaid and we spend it then we have to pay back 7000+1% and 18%GST on the charges. Paytm Postpaid also adds late fees if you don't repay your limit within 7 days. You have To pay a late fees if your bill is not paid within this period.
What happens if PayTM Postpaid bill not paid?
If you don't repay or fail to repay your Paytm Postpaid loan then there are some critical situations that you will have to face, the following is a list of things that does happen when your Postpaid bill is overdue :
- Late Payment charge
- Recovery agent harassment
- Impact on cibil score
- Legal action
Paytm Postpaid provides loan for 30 days if your amount becomes overdue or you don't repay within 1 month time period then you are charged a late payment fees. The late fees on Paytm Postpaid is applied every month on the date 7 . So to avoid this late payment charge one needs to repay his loan before this date . The late fees charges varies based on the overdue amount . You can see the late payment chart to understand how much your overdue loan is going to be charged .
Recovery Agent harassment
If your paytm postpaid bill is overdue Recovery agents will start calling and messaging you to remind you to pay. Recovery agents are third party people hired by recovery agencies to recovery the loan amount . Once your loan reaches NPA , your case is handed over to third party . Their agents start harassing customers . Some agents even call friends and relatives of the the person whose loan is overdue .
If your loan on Paytm Postpaid is overdue you will get multiple calls and messages from agents. This causes harassment which can result in mental stress.
Impact on Cibil score
Due to late payment or non-repayment of your Postpaid loan your credit score will start decreasing. This will have bad impact on your overall cibil profile. If your cibil score down you wont be able to avail personal loan facility . No NBFC or bank will provide you a cibil based loan.
Legal action
If you dont repay your paytm loan the company may take a legal action against you. Although Legal action in loan case doesnt mean that you will be sent to jail but you may have to go to court as the cibil case might be applied . If your paytm postpaid loan is less then 50K in that case may be no action will be taken by the bank but your cibil is highly impacted .
0 Comments