BBPS opens its window to Loan Repayments

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        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. 
FlexSalary offers loans via Vivifi India Finance Private Limited, a non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI)

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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