BBPS opens its window to Loan Repayments
The
future of Bill Payments is here. Yes, now you can pay your Loan EMIs through
BBPS platform.
Just
login to BHIM App, choose ‘Pay Bills’ option, navigate to Loan Repayments, and
Voila, the list of Financial Institutions pops up.
Bajaj Finance: - Bajaj Finance
has got its own UPI App, under the Bajaj Finserv umbrella. Its UPI App name is ‘Finserv MARKETS App’, and
handle is ‘@abfspay’.
Bajaj
Finance offers a wide range of loans, ranging from personal loans to business
loans to housing loans.
Key
Identifier to fetch Bajaj Finance Bill: - 14 to 18 character loan account
number
FlexSalary: - FlexSalary offers Instant Cash
Loan up to Rs. 2 Lakh against your salary anytime. The key differentiator is
the offering of a personal loan with no fixed EMI. Hence, the loan repayments
through BBPS is a great benefit.
Key
Identifier to fetch FlexSalary Bill: - 6-digit loan account number
IDFC First Bank Ltd: - IDFC First Bank is yet to add
BBPS payment option to its ‘Repayment Options’. Trust this will be rectified
soon. The current modes of IDFC First
Bank Loan repayment can be accessed here
Key
Identifier to fetch IDFC First Bank Ltd Bill: - 6 t0 12-character loan no
L and T Financial Services: - offers a range of loans,
including micro loans for woman borrowers
Key
Identifier to fetch L and T Financial Services Bill: - 7 to 20-character loan
account number and 10 digit mobile number
Loksuvidha: - Loksuvidha focusses on two-wheeler
loans in Maharashtra and Madhya Pradesh
Key
Identifier to fetch Loksuvidha Bill: - 5 to 6-digit loan account number
Motilal Oswal Home Finance: - MOHF focus area is
financial inclusion of Lower and Middle Income (LMI) Indian families by
providing them an access to long term housing finance. MOHF is a subsidiary of
Motilal Oswal Financial Services Limited (MOFSL).
Key
Identifier to fetch Motilal Oswal Home Finance Bill: - 20 to 25-character loan
account number
PaisaDukan-Borrower EMI: - PaisaDukan is India’s
firstP2P to receive Reserve Bank of India’s NBFC P2P registration.
Key
Identifier to fetch PaisaDukan-Borrower EMI Bill: - 8-character loan account
number
Snapmint: - Snapmint is an online shopping portal offering
premium quality electronic products to its customers at their doorsteps a at
affordable rates and zero-interest EMIs, even if the prospective customer is not
having a credit card.
Key
Identifier to fetch Snapmint Bill: - 10 digit registered mobile number
Tata Capital Financial Services Ltd: -
Customers can pay overdue EMIs through the ‘Tata Capital Online Payment
Facility’. Customers can pay Overdue EMI Using Internet Banking/Debit Card/UPI
Facility Offered By Customer’s Bank, to Pay Outstanding Payments On Loans From
Tata Capital
Key
Identifier to fetch the Tata Capital Financial Services Ltd Bill: - 7 to 21-character
loan account number and 10 character mobile number
Common to
all: No institution has mentioned BBPS as a payment option in its website. Hopefully,
as repayment transactions through BBPS pick up, the corporates will have a
relook at encouraging repayments through BBPS.
Open
points for which clarity is on the way
Open
Point 01) Charges to customer for Loan repayment via BBPS.
Open
Point 02) Only overdue payment possible, or EMI payment possible.
Open
Point 03) If EMI Payment is done, will the NACH Debit Transaction for the particular cycle gets canceled.
Open
Point 04) ‘Fetch Bill’, the latest due amount is fetched or old due amount is fetched.
Open
Point 05) Any discount for loan repayment via BBPS
Open
Point 06) Can ‘A La Carte’, amount be paid or only the due amount fetched can
be paid?
Open
Point 07) If an EMI is due on 12th March 2020, and loan repayment
via BBPS is done on 12th March 2020 around 11pm, will the credit
happen on the same day, or will the credit be delayed?
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