The leading Fintech firm, PhonePe, has launched secured lending products on its platform by partnering with banks, NBFCs and other fintech firms.
PhonePe said it has over 535 million registered users and aims to create a powerful and seamless user experience in the secured loans category.
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Customers can access lending solutions on the PhonePe app in six major categories — mutual fund, gold, bike, car, home and loans against property, and education loan.
Speaking on the development, PhonePe chief executive officer (CEO) Hemant Gala said, “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.”
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“Lenders are investing heavily in digitising the secured loan journeys and customers are adapting to the digitisation at a rapid pace,” he added.
PhonePe has 15 active partners and aims to scale to 25 by the next quarter.
In order to avail the facility, users need to go to the existing loan section on their PhonePe app. They can select their desired category, and choose from a list of lenders.
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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.
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 in the coming weeks.
