How to make a loan repayment on PhonePe
What's the story
PhonePe, one of India's leading digital payments platforms, offers users the option to repay loans from various lenders on the app. Some of the most popular lenders listed on the app include Axis Bank, IDFC First Bank, Bajaj Finance, and ICICI Bank. The process of loan repayment on PhonePe is very easy. Let us have a look.
Guide
What are the steps?
To repay loans, press 'Loan' on the PhonePe home screen, followed by 'Loan Repayment' under the 'Payment Dues' section. Alternatively, press 'Loan Repayment' under the 'Recharge & Pay Bills' section, and search for your desired lender to repay. Finally, enter the relevant details, and select 'Confirm.' Your loan repayment is now complete.
Conditions
There are certain restrictions
Notably, PhonePe has imposed certain restrictions on using international phone numbers. If you use them to register on the platform, you can make the loan repayments only to Indian banks.