Customers who take loans from banks, microfinance institutions, and NBFCs and need a convenient payment option to make on-time EMI payments could use this category to facilitate a loan repayment option.
Customers can also contribute to the prepayment of their loans in addition to the EMI deductions.
Over 200 lenders have signed up for the category, according to a press release from Amazon Pay, including Bajaj Finance Ltd, Cholamandalam Investment & Finance Company Ltd, HDB Financial Services Ltd, Home Credit, and IIFL Finance.
Customers can visit the Amazon Pay area and click the Loan Repayment option to access this. Alternatively, users can quickly select the “Pay Bills” option on the “Amazon.in” home screen and then choose the “Loan Repayment” option to pay their EMIs easily.
“Our mission is to simplify digital payments for customers by creating safe, convenient and rewarding payment experiences. Some of the challenges which customers face while repaying their loans are unavailability of a secure digital payment platform and flexibility of payment options,” Anuradha Aggarwal, Director User Growth and CMO, Amazon Pay India, commented.
Noopur Chaturvedi, CEO, NPCI Bharat BillPay Limited (NBBL), said, “We are delighted to associate with Amazon Pay to introduce an easy Loan EMI Repayment solution for customers, who avail loans from both traditional lenders and new-age financial institutions. With this collaboration customers will experience a hassle-free and instant payment mechanism to pay their EMIs safely.”
Customers can select their bank or NBFC from the list, enter their loan account number or any other input the bank requires, and click the “Fetch EMI” option to access this category on Amazon Pay. After displaying the information on pending loans or EMIs, users can choose a payment method and proceed to pay.