PhonePe reports over 150% growth in loan EMI repayments post-lockdown

PhonePe, has reported more than 150% growth in loan EMI repayments category on its platform since March 2020 led by Bajaj Finance. The firm currently has over 60 lenders integrated into its platform, helping its users in making easy and timely repayment of loans at the click of a button and at no extra charge. The platform already joined hands with leading private non-banking lenders such as Bajaj Finance, Home Credit, Muthoot, DMI Finance, HeroFinCorp, Tata Capital among others.

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The lenders’ list comprise of providers of microfinance, housing loans, consumer durable loans and short term liquidity loans among others.

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.”

Also Read: PhonePe planning to increase workforce by 20 to 30% this year

Kurush Irani, President Credit OperationsBajaj 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.”

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