How to Make Repayment of loans on Amazon Pay using Bharat BillPay

Amazon Pay, in cooperation with Bharat BillPay, expanded its loan repayment category on Tuesday. Among other bill payment alternatives such as energy and municipal tax, loan payback is one of the most popular. According to Amazon Pay, this category provides a loan repayment option for consumers who obtain loans from banks, microfinance institutions, and NBFCs and want a simple payment option to pay their EMIs on schedule.

What is Bharat Bill Pay?

The Reserve Bank of India (RBI) designed the Bharat Bill Payment System (BBPS), which is run by the National Payments Corporation of India (NPCI). It offers interoperable and accessible bill payment services to consumers via digital (bank channels) as well as a network of agents and bank locations.

Clients who get loans from banks, microfinance organisations, and non-bank financial companies (NBFCs) and seek a simple payment option to make on-time EMI payments can utilise this category to assist loan repayment.

Customers can contribute to the prepayment of their loans in addition to the EMI deductions. According to NPCI, the category is supported by over 200 lenders, including Bajaj Finance Ltd, Cholamandalam Investment & Finance Company Ltd, HDB Financial Services Ltd, Home Credit, and IIFL Finance.

How to access this loan repayment service?

• Go to the Amazon Pay area.
• Click on the Loan Repayment option or the 'Pay Bills' option on the 'Amazon.in' home screen.
• Now, select the Loan Repayment option to pay their EMIs in a streamlined manner.
• Customers may access this category on Amazon Pay by choosing their bank or NBFC from the list, inputting their loan account number or any other information requested by the bank, and then selecting the Fetch EMI option.
• Customers can pick a payment option and proceed to make their payment after reading information about any outstanding loans or EMIs.
• Bill payment transactions are quickly confirmed on Amazon.in.

What payment methods are accepted by Amazon Pay in India?

Credit cards (Visa or MasterCard)

Debit cards (Visa or MasterCard)

Net Banking accounts

EMI

Amazon Pay Balance