Loan repayment
Customers who obtain loans from banks, microfinance organisations, and NBFCs and require a convenient payment option to make on-time EMI payments can use this category to facilitate a loan repayment option.
In addition to the EMI deductions, customers can contribute towards the prepayment of their loans.
According to the NPCI press release, “The category is enrolled with more than 200+ lenders, including Bajaj Finance Ltd, Cholamandalam Investment & Finance Company Ltd, HDB Financial Services Ltd, Home Credit, and IIFL Finance amongst others. To access this, customers can visit the Amazon Pay section and click on Loan Repayment option. Alternatively, they can easily click on ‘Pay Bills’ option available on ‘Amazon.in’ home screen and thereafter choose Loan Repayment option to seamlessly pay their EMIs.”
Also read: What is the per day transaction limit of payment on UPI 123Pay from a feature phone?
How to avail this loan repayment option?
Choose bank or NBFC
Customers can choose their bank or NBFC from the list, enter their loan account number or any other information the bank requires, and then click the “Fetch EMI” option to access this category on Amazon Pay.Choose mode of payment
After viewing the information regarding any outstanding loans or EMIs, customers can choose a payment method and proceed to make their payment.
Confirmation
On Amazon.in, confirmations of bill payment transactions happen instantly. Nevertheless, some banks might need a certain amount of time—the Turn Around Time (TAT)—to process and approve the payment once the transaction has gone smoothly.
What is Bharat Bill Pay
The Reserve Bank of India (RBI) conceptualised the Bharat Bill Payment System (BBPS), which is operated by National Payments Corporation of India (NPCI). It provides customers with interoperable and accessible bill payment services through digital (bank channels) as well as a network of agents and bank branches.
What are the different payment modes in BBPS?
BBPS offers various payment modes through which consumer can make a bill payment. The payment modes options at BBPS are Cash, Cards (Credit, Debit & Prepaid), IMPS, UPI, AEPS, Internet Banking & UPI, Wallets.
Amazon Pay
Except for a few prohibited item categories, Amazon Pay can be used to pay for a wide range of tangible, digital, or services goods. Amazon Pay makes use of information stored in buyers’ Amazon Accounts. On the cart page, you can add Amazon Pay as an additional payment method.
The following payment methods are accepted by Amazon Pay in India:
Credit cards (Visa or MasterCard) and Debit cards (Visa or MasterCard)
- Net Banking accounts and
- EMI
- Amazon Pay Balance