PhonePe Records 150% Growth in Loan EMI Repayments

Bengaluru: Digital payments platform PhonePe on Wed. stated that it’s witnessed over 150 percent expansion in loan EMI repayments category on its platform from Mar this yr..

The loan EMI repayment category gives consumers with the comfort of creating repayments in going to (or) by setting up an auto-debit on a specified date.

PhonePe presently has over 60 lenders integrated into its platform, involving providers of microfinance, housing loans, user durable loans & short term liquidity loans, amongst remaining.

“The loan providers locate our platform attractive given our consumer base of 200+ mln around the nation & seamless technology integration in the backend,” Ankit Gaur, Head of On-line Business, In-app Categorizations & Switch BD, PhonePe, stated in an announcement.

“We’re proactively functioning to expand our lender base to over 100 by this end of this yr. to cater to a larger no. of consumers around the nation.”

PhonePe stated it’s already tied up with some country’s largest private non-banking lenders like Bajaj Finance, House Credit, Muthoot, DMI Finance, HeroFinCorp, Tata Capital amongst remaining.

“We’ve enabled the easy discovery of lenders with instant accessibility to huge players like House Credit, Bajaj Finance, and so on. We’ve kept the procedure user-friendly with just 4 steps to enable friction-free payments,” Gaur stated.

“We also don’t charge anything additional to our consumers for creating the loan repayment utilizing our platform.

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