Mumbai: Amazon Pay is now offering using users a feature to pay EMIs on loans across 200 lenders. The feature is by using the Bharat BillPay platform where loan repayment is one of the top categories among regular payments which includes utility bills.
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According to Amazon Pay this feature will ensure that users do not miss out on their instalments. They can also prepay loans over the monthly instalments. The lenders that have already enrolled for this feature include Bajaj Finance, Cholamandalam Investment & Finance Company, HDB Financial Services, Home Credit, and IIFL Finance amongst others.
“Some of the challenges which customers face while repaying their loans are unavailability of a secure digital payment platform and flexibility of payment options. Our collaboration with Bharat Bill Pay to enable and scale Loan Repayment category not only addresses this challenge effectively but also simplifies the experience, thereby making it one of the fast-growing categories on Amazon,” said Anuradha Aggarwal, Director User Growth and CMO, Amazon Pay India.
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According to Noopur Chaturvedi, CEO, NPCI Bharat BillPay customers can select their lender and fetch EMI and proceed with the payment thereafter after selecting the payment method.
