The challenge

For more than two decades, Mahindra Finance, one of India’s largest diversified NBFCs have empowered the lives of millions of Indians by providing access to myriad financial services and products. MF provides financing of vehicles, equipments, SME financing services. They also undertake in mutual fund distribution, fixed deposits and personal loans tailor-made to serve their large customer set. MF has a huge number of borrowers who make monthly EMI payments to the company. Collecting a large number of these payments can be a truly challenging task and an overhead burden for any NBFC.

Mahindra Finance wanted to list themselves on the BBPS network and enable their borrowers to repay from any UPI app.

Our solution

Using Setu BillCollect, Mahindra Finance could on-board themselves on the BBPS network in just a few days. Setu’s clean and developer-friendly APIs were easy to consume and Mahindra’s team completed the Integration without any hiccups. Setu’s tech team assisted Mahindra to test Integrations and worked closely with them to scale BBPS transactions after they were on-boarded.

The impact

Mahindra Finance’s borrowers are now able to repay their dues in just a few clicks from any of their favourite UPI apps. Collections on BBPS for Mahindra Finance have been increasing month-on-month. From 4000 transactions per month to 25000 currently. A massive 120% increase!

Collecting EMIs has just gotten easier!