Sat. Jul 20th, 2024

PhonePe launches Secured Lending Platform to deliver lending solutions

By Vaseline May31,2024

By Gloria Mathias


  • Celebrity voice feature
  • Credit
  • Credit management

PhonePe, FinTech, Digital Payments, Insurance Platform, Monthly Subscriptions, Digital Payments, UPI, Insurance Brokerage, 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 offering with the launch of secured loan products on its platform.

By partnering with a network of trusted banks, NBFCs and FinTechs, PhonePe, armed with its distribution power, aims to create a powerful and seamless user experience in the secured lending 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 Ownership 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 is looking to scale up to 25 by the next quarter. Users can avail the lending facility under the existing ‘Loan’ section of their PhonePe app, select the 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 through multiple applications and simplifying the process for the user.

Hemant Gala, CEO of PhonePe Lending, said, “We are pleased to announce the launch of our secured lending platform across all major categories with top banks and NBFCs. This gives us the opportunity to connect lenders and millions of our customers across the country on one platform to meet their financial needs. Lenders are investing heavily in digitalizing their secured lending pathways, and customers are rapidly adapting to digitalization. We believe this is an opportune time to revolutionize the secured lending product experience for the customers interacting with the credit ecosystem.”

Sudipta Roy, MD and CEO at L&T Finance, said, “Leveraging the combined expertise and resources of both companies, we are poised to provide best-in-class solutions, tailor-made to meet the varied needs of customers seeking housing and two-wheeler financing. This partnership underlines our commitment to empowering individuals and families to realize their homeownership and mobility aspirations. Both companies are committed to delivering value and fostering long-term relationships based on integrity, transparency and trust.”

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