PhonePe launches secured lending platform with marquee partners

UPI payments giant PhonePe has expanded its loan distribution offerings with the launch of secured lending products on its platform.

The fintech major has partnered with a network of banks, non-banking financial companies (NBFCs) and fintechs.

“We are excited to announce the launch of our Secured lending platform across all major categories with top Banks and NBFCs," said Hemant Gala, CEO, PhonePe Lending.

Aiming to create seamless user experience

The company aims to create a powerful and seamless user experience in the secured loans category.

PhonePe said that the customers can gain access to the lending solutions directly within the PhonePe app across six major categories – Mutual Fund Loan, Gold Loan, Bike Loan, Car Loan, Home Loan/Loan against Property and Education Loan.

Partnering with top lenders

PhonePe has partnered with a selection of top lenders such as Tata Capital, L&T Finance, Hero FinCorp, Muthoot Fincorp, DMI Housing Finance, Home First Finance, rupyy, Volt Money, Gradright, with more lenders to be added in the coming weeks.

"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 secured lending product experience for the customers working with the lending ecosystem," Gala said.

Aiming to scale its partnerships

The platform currently has 15 active partners and aims to scale to 25 by the next quarter.

The company said users can avail 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, the release notes.