Increase in Loan EMI Repayments through PhonePe by 150%
In a move to streamline loan repayments for its vast user base, PhonePe has introduced a user-friendly process that allows users to make repayments at their convenience or set up auto-debit on a specified date. With over 200 million users across the country, the platform has become an attractive destination for major private non-bank lenders like Bajaj Finance, Home Credit, IndiaLends, and more.
The process of making loan repayments on PhonePe is straightforward, with just four steps. Users can easily discover and access these lenders, thanks to PhonePe's integration with over 60 providers of microfinance, housing loans, consumer durable loans, short term liquidity loans, and others.
Ankit Gaur, Head of Online Business, In-app Categories & Switch BD at PhonePe, highlighted the platform's appeal to loan providers. He stated, "Our large user base and seamless technology integration at the backend make PhonePe an attractive choice for loan providers."
Since March this year, the loan EMI repayments category on PhonePe has experienced over 150% growth, reflecting the growing preference for this convenient repayment method. In an effort to further expand its offerings, PhonePe aims to increase its lender base to over 100 by the end of this year.
PhonePe does not charge extra fees for users making loan repayments through its platform, making it an even more attractive option for users looking for a hassle-free repayment experience. The platform has already partnered with several major private non-banking lenders, including Bajaj Finance, Home Credit, Muthoot, DMI Finance, HeroFinCorp, Tata Capital, and more.
As PhonePe continues to grow and expand its services, it is poised to revolutionise the loan repayment process in India, offering a seamless and convenient experience to its users.
