PhonePe records 150% growth in loan EMI repayments

Digital payments platform PhonePe on Wednesday said that it has seen over 150 per cent growth in loan EMI repayments category on its platform since March this year.

The loan EMI repayment category provides users with the convenience of making repayments at will or by setting up an auto-debit on a specified date.

PhonePe currently has over 60 lenders integrated into its platform, including providers of microfinance, housing loans, consumer durable loans and short term liquidity loans, among others.

“The loan providers find our platform attractive given our user base of 200+ million across the country and seamless technology integration at the backend,” Ankit Gaur, Head of Online Business, In-app Categories & Switch BD, PhonePe, said in a statement.

“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.”

PhonePe said it has already tied up with some of the nation’s biggest private non-banking lenders such as Bajaj Finance, Home Credit, Muthoot, DMI Finance, HeroFinCorp, Tata Capital among others.

“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 four steps to facilitate friction-free payments,” Gaur said.

“We also don’t charge anything extra to our users for making the loan repayment using our platform.”

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