PhonePe, India’s leading digital payments platform, today announced that it has seen over 150% growth in loan EMI repayments category on its platform since March 2020 led by Bajaj Finance. It currently has over 60 lenders integrated into its platform enabling its users to make easy and timely repayment of loans at the click of a button and at no extra charge. The platform has already tied up with some of the nation’s biggest private non-banking lenders such as Bajaj Finance, Home Credit, Muthoot, DMI Finance, HeroFinCorp, Tata Capital among others. It has thus become a comprehensive destination for all kinds of loan repayment needs of its 200+ million users.
The lenders include providers of microfinance, housing loans, consumer durable loans and short term liquidity loans among others. The loan EMI repayment category provides users with the convenience of making repayments at will or by setting up an auto-debit on a specified date.
Commenting on the development, Ankit Gaur, Head of Online Business, In-app Categories & Switch BD, PhonePe said, “We have enabled the easy discovery of lenders with instant access to large players like Home Credit, Bajaj Finance etc. We have kept the process user-friendly with just 4 steps to facilitate friction-free payments. We also don’t charge anything extra to our users for making the loan repayment using our platform. Besides, the loan providers find our platform attractive given our user base of 200+ million across the country and seamless technology integration at the backend. We are actively working to expand our lender base to over 100 by the end of this year to cater to a larger number of users across the country.”
Kurush Irani, President Credit Operations, Bajaj Finance said, “The sheer convenience and simplicity of usage for customers making loan repayments on PhonePe is amply evident by the velocity it has generated for us in the 3 months of going live in this space. Our partnership with PhonePe and BBPS ties up with our strategy of providing frictionless customer experience while making missed payments and augmenting digital collections.”
PhonePe users can pay their loan EMIs in a few seconds with just four simple steps on the app. This includes selecting the lender from the list, entering basic details such as loan account number, name of the borrower and mobile number before making the payment using UPI, debit card or PhonePe wallet.