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PhonePe launches Secured Lending Platform to deliver loan solutions

By Gloria Mathias

May 31, 2024

  • Celebrity Voice Feature
  • Credit
  • Credit Management
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PhonePe, FinTech, Digital Payments, Insurance Platform, Monthly Subscriptions, Digital Payments, UPI, Insurance Broking, Income Tax Payments, India, credit, Credit score, Credit management, India, Indus Store, Celebrity Voice Feature, Regional Payments, Star Health Insurance, Insurance payments, UPI payments, Singapore Payments, HAN, eSewa, Fonepay, UPI payments,PhonePe has expanded its loan distribution offerings with the launch of secured lending products on its platform.

Partnering with a network of trusted banks, NBFCs and FinTechs, PhonePe, armed with its distribution strength, aims to create a powerful and seamless user experience in the secured loans category.

Customers can access lending solutions across six major categories directly within the PhonePe app: Mutual Fund Loan, Gold Loan, Bike Loan, Car Loan, Home Loan/Loan against Property and Education Loan.

PhonePe has partnered with a carefully curated selection of lenders such as Tata Capital, L&T Finance, Hero FinCorp, Muthoot Fincorp, DMI Housing Finance, Home First Finance, rupyy, Volt Money, and Gradright, with more lenders to be added in the coming weeks. The platform currently has 15 active partners and aims to scale to 25 by the next quarter. Users can avail of the loan facility under the existing ‘Loan’ section on their PhonePe app, select their desired loan category, and choose from a list of lenders. The loan application journey is initiated within PhonePe’s familiar app environment, eliminating the need to navigate multiple applications, and simplifying the process for the user.

Hemant Gala, CEO of PhonePe Lending, said, “We are excited to announce the launch of our Secured lending platform across all major categories with top Banks and NBFCs. This provides us with the opportunity to connect lenders and millions of our customers across the country on a single platform to meet their financial needs. Lenders are investing heavily in digitising the secured loan journeys, and customers are adapting to the digitisation at a rapid pace. We believe it’s a great time to revolutionise the secured lending product experience for the customers working with the lending ecosystem.”

Sudipta Roy, MD & CEO at L&T Finance, said, “By harnessing the combined expertise and resources of both companies, we are poised to provide best-in-class solutions tailored to meet the varied needs of customers seeking Housing and Two-wheeler Financing. This collaboration underscores our dedication to empowering individuals and families to realize their homeownership and mobility aspirations. Both companies are committed to delivering value and nurturing long-term relationships founded on integrity, transparency, and trust.”

 

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