PhonePe Introduces Safe Lending Platform with Top Collaborators

PhonePe, a leading UPI payments provider, has broadened its loan distribution services by introducing secured lending products on its platform. The fintech leader has collaborated with a network of banks, non-banking financial companies (NBFCs), and other fintech firms. “We are thrilled to unveil our secured lending platform, offering a comprehensive range of products in partnership with top banks and NBFCs,” stated Hemant Gala, CEO of PhonePe Lending.

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The company’s goal is to provide a strong and smooth user experience in the secured loans sector. PhonePe announced that customers can now access lending solutions directly within the PhonePe app, covering six major categories: Mutual Fund Loans, Gold Loans, Bike loans, Car loans, Home loans/ loans against Property, and Education loans.

PhonePe has joined forces with prominent lenders including Tata Capital, L&T Finance, Hero FinCorp, Muthoot Fincorp, DMI Housing Finance, Home First Finance, Rupyy, Volt Money, and Gradright, with plans to expand its lender network in the upcoming weeks. “Lenders are making significant investments in digitizing the secured loan processes, and customers are swiftly embracing this digital transformation. We believe this is an opportune moment to revolutionize the secured lending experience for customers by collaborating within the lending ecosystem,” said Gala.

The platform currently has 15 active partners and aims to increase to 25 by the next quarter. Users can access the loan facility through the existing ‘Loan’ section on their PhonePe app. They can select their desired loan category and choose from a list of lenders. The loan application process begins within the familiar PhonePe app environment, removing the need to navigate multiple applications and streamlining the process for the user, as mentioned in the release notes.

PhonePe, a leading UPI payments provider, has expanded its services by introducing a secured lending platform. The fintech company has partnered with top banks, NBFCs, and other fintech firms to offer a comprehensive range of loan products, including Mutual Fund Loan, Gold Loan, Bike Loan, Car Loan, Home Loan/Loan against Property, and Education Loan. PhonePe aims to provide a seamless and streamlined user experience by enabling customers to access these lending solutions directly within the app, while also digitizing the secured loan processes in collaboration with its lending partners.