There was a time not that long ago when loans were not that easy to come by in India, and unsecured loans were unheard of. Even till as recent as two decades ago student loans, vehicle loans, home appliance loans were few and far between. Today the loan industry is humongous, with loans being available for almost anything. With the increase in the types and values of loans that are sanctioned by financial lenders, there has been a proportionate increase in the number of loan repayment defaults.
Customers defaulting on loan repayments have to face long-standing repercussions that they may not be fully aware of while making on-time repayments reflects positively on their credit rating which is always an advantage. One of the suggestions that leaders in the financial world have always made to lenders is to educate borrowers on the importance of making on-time payments as well as to help borrowers find ways to make payments on time.
That is why it is critical for NBFCs to discuss the benefits of setting up eNach mandate for loan repayment with their customers so that they can collect repayments on time and help their customers stay current. Paytm is a holistic payment solution provider and has created solutions that are engineered specifically to help increase loan repayment collections by providing convenience and ease to both NBFCs and their customers.
Paytm eNach mandate setup takes less time and has higher success rates
Customers who take loans from NBFCs do have the option of giving eNach mandate setup to the banks in which they have accounts. However, these mandate requests can take up to three weeks to get approved and set up. This can create a delay in disbursement of the loan that can lead to customer dissatisfaction. Paytm eNach mandates are extremely fast and can be set up almost instantly. Paytm has one of the highest success rates in the eNach mandate setup and this leads to better business for NBFCs and a better experience for customers.
Paytm has 300 Million Users
NBFCs who opt for integrating the Paytm payment solution suite should also consider that 300 million people in India love using Paytm. Giving these customers the option to set up eNach mandate on a platform they know, trust, use and prefer, gives NBFCs an edge in collecting loan repayments on time and with fewer defaults.
Paytm eNach Mandates have higher successful debit rates
Just the setting up of an eNach mandate is not enough to ensure that repayment collection will go through. This rate of success of debits also needs to be checked. Paytm has one of the highest successful debit rates in the industry, therefore NBFCs can rest assured that their repayment collections will not stop due to any system failure or technical issue.
Paytm notifications and reminders
One of the most important aspects of using Paytm payment solutions is that through this an NBFC can send notifications to customers well ahead of the eNach mandate debit date to ensure the availability of funds. This brings the loan to the top of the customers’ mind and regular reminders the day before ensures that the debit is successfully completed. Customers appreciate the reminder and NBFCs can increase loan repayment collections by keeping the customer informed and engaged.
In conclusion, customers who take loans mostly intend to pay it off within the agreed-on timeframe. Most people also appreciate a helping hand in staying current. So, choosing the Paytm payment solution suite goes a long way in helping NBFCs offer better services to their customers for setting up eNach mandate, collecting payments on-time, and reducing defaults.