On May 30, PhonePe launched a secured lending platform by partnering with banks, NBFCs, and other fintech companies. With over 535 million registered users, Walmart-owned PhonePe aims to provide a seamless experience in the secured loans category. Through the PhonePe app, users can access loans for mutual funds, gold, bikes, cars, homes (including loans against property), and education.
PhonePe introduced secured loans for housing and two-wheeler finance in partnership with L&T Finance, expanding its loan offerings.
PhonePe Launches Secured Lending Platform
PhonePe’s CEO, Hemant Gala, announced a new opportunity to connect lenders with millions of customers across India on one platform to meet their financial needs. He mentioned that lenders are heavily investing in digitizing loan processes, and customers are quickly adapting to these changes.
PhonePe has partnered with L&T Finance to offer housing and two-wheeler loans through its newly launched secured lending platform on the PhonePe app. Sanjay Garyali, Chief Executive of Urban Finance at L&T Finance, stated that this partnership will revolutionize the lending landscape by combining PhonePe’s wide reach and digital platform with L&T Finance’s expertise in providing reliable financial solutions.
PhonePe Partners with Multiple Lenders for Secured Loans
PhonePe has partnered with Tata Capital, L&T Finance, Hero FinCorp, Muthoot Fincorp, DMI Housing Finance, Home First Finance, rupyy, Volt Money, and Gradright for secured lending. More lenders will be added soon. The platform has 15 active partners and plans to increase to 25 by the next quarter.
Users can access this facility within the existing ‘loan’ section on the PhonePe app. They can choose their preferred category and select from a list of lenders. The loan application process starts within the familiar PhonePe app, making it easy for users without the hassle of navigating multiple applications.
Collaborators Speak on PhonePe Partnership
Sudipta Roy, CEO at L&T Finance, mentioned that their collaboration with PhonePe aims to help individuals and families achieve their dreams of owning homes and getting around easily.
Vivek Chopra, COO of Retail Finance at Tata Capital, highlighted their efforts to increase credit availability in India through the partnership with PhonePe.
Bharat Lamba, co-founder of Volt Money, expressed how their company is utilizing PhonePe’s wide reach and Volt Money’s financial services.
Aman Singh, co-founder of Gradright, praised PhonePe for expanding their services to millions of students, which was previously limited to only a few thousand.
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