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As RBI is worried about unsecured lending; PhonePe launches Secured Loans platform

Enables users to access loans across six product categories including Mutual Fund Loan, Gold Loan, Bike Loan, Car Loan, Home Loan/Loan against Property and Education Loan on the PhonePe app.

As RBI is worried about unsecured lending; PhonePe launches Secured Loans platform

Thursday May 30, 2024 , 2 min Read

PhonePe, today expanded its loan distribution offerings with the launch of secured lending products on its platform. Partnering with a network of trusted banks, non-banking financial companies (NBFCs) and fintechs, PhonePe armed with its unmatched distribution strength of 535+ Million registered users, aims to create a powerful and seamless user experience in the secured loans category. 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.

PhonePe has partnered with a carefully curated 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. The platform currently has 15 active partners and aims to scale to 25 by the next quarter. 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.

Speaking on the launch, Hemant Gala, CEO, 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 secured lending product experience for the customers working with the lending ecosystem.”