PhonePe now offers loan for bike, car, home, gold, education
PhonePe, a digital payments firm backed by Walmart, has introduced a range of secured lending products on its platform. The company has teamed up with banks, non-banking financial companies (NBFCs), and fintechs to provide this service. PhonePe's 535 million registered users can now access loans in six major categories directly within the app. The categories include mutual fund loan, bike loan, car loan, home loan, gold loan, and education loan.
PhonePe partners with leading lenders for new service
Among the lenders PhonePe has collaborated with are Tata Capital, L&T Finance, Hero FinCorp, Muthoot Fincorp, DMI Housing Finance, Home First Finance, Avanse, rupyy, Volt Money, and Gradright. The company plans to add more partners in the coming weeks. Currently boasting 15 active partners on its platform, PhonePe aims to increase this number to 25 by the next quarter. These partnerships will enable users to choose from a variety of lenders for their loan needs.
PhonePe simplifies loan application process with in-app feature
Users can avail these loans under the existing 'Loan' section on their PhonePe app. They can select their desired loan category and choose from a list of lenders. The entire loan application process will be initiated within the PhonePe app itself, eliminating the need for users to navigate multiple applications and simplifying the process. This new feature aims to streamline financial transactions for PhonePe users.
PhonePe Lending CEO and partners comment on new initiative
Hemant Gala, CEO of PhonePe Lending, stated that this initiative provides an opportunity to connect lenders and millions of customers on a single platform. He noted that lenders are heavily investing in digitizing secured loan journeys and customers are adapting rapidly. Sudipta Roy, CEO at L&T Finance, highlighted the combined expertise of both companies in providing tailored solutions for housing and two-wheeler financing. Tata Capital's COO - Retail Finance, Vivek Chopra, emphasized the partnership's aim to broaden lending service accessibility.
