“Pre-sanctioned Credit Line at Banks through UPI” is an innovative financial offering designed to revolutionize the lending landscape. This product empowers individuals and businesses to access pre-sanctioned credit lines from banks. It facilitates the availability of low-ticket, high-volume retail loans, fostering economic growth and enhancing financial inclusion. Leveraging advanced technologies such as data analytics and artificial intelligence, banks can identify credit line opportunities for customers and merchants engaged in significant UPI-based digital payments. Since the customer is going to use UPI in which customer is always connected, available real-time the banks can start from the low-ticket credit lines and go higher up based on consumer behaviour and repayment patterns.
Discover the power of "Credit Line on UPI" with these key features:
- Seamless Linking: Discover credit line accounts from the issuer bank based on your registered mobile number and link it on any UPI app.
- Secure Authentication: Authenticate transactions with a dedicated UPI PIN for Credit Line on UPI, enhancing security and preventing unauthorized access.
- Credit Line Details: Gain comprehensive insights Credit line status, utilized credit line, and existing EMI details directly within the UPI app
- Transaction Variety: Make payment only to merchants QR Codes, e-comm merchant using Credit line on UPI.
- Transaction Limits: Standard UPI transaction limits shall be applicable.
- Repayment Methods: Understand and utilize repayment methods effectively, including inward payments to the specific UPI ID for credit line repayment, and utilize e-mandates (AutoPay), where applicable.
- Dispute Resolution: Resolve disputes conveniently through the ODR (UPIHelp) available on UPI apps, ensuring a transparent and user-friendly experience.
Do's and Don'ts:
- PIN Security: Set a distinct UPI PIN for your "Credit Line on UPI" transactions to enhance security.
- Merchant Payments: Make payment only to merchants QR Codes, e-comm merchant using Credit line on UPI
- Autopay Setup: Optimize your payment process by setting up UPI Autopay for timely Credit Line bill payments.
- Mobile Number Update: Keep your mobile number updated with the issuing bank for seamless Credit Line linking on UPI.
- Balance Check: Regularly check your available balance and outstanding amount on the UPI app before initiating merchant payments.
- PIN Sharing: Avoid sharing your UPI PIN with anyone to prevent unauthorized access to your Credit Line.
- Uniform PINs: Refrain from using the same UPI PIN for both your "Credit Line on UPI" and Savings Bank account for added security.
- OTP Sharing: Never share the OTP received during the registration process to maintain the confidentiality of your account.
- Neglect Credit Line Guidelines: Do not ignore the credit line permitted usage guidelines, ensuring compliance with the terms defined by the issuing bank for a smooth financial experience.
- Credit Limit Breach: Adhere to the credit limit assigned by your issuing bank to avoid overextending your Credit Line on UPI.
- Restricted Payments: Avoid making payments in restricted categories, as specified by the issuing bank/RBI, using "Credit Line on UPI."
- Delayed Credit Line Repayment: Adhere to the repayment schedule and terms to prevent any adverse impacts on your credit score and ensure a smooth credit relationship.
- Axis Bank
- HDFC Bank
- ICICI Bank
- Punjab National Bank
- State Bank of India
- Google Pay