DBT Bureau,
Pune, 31 May 2024
PhonePe, A Walmart-owned company, is offering six credit products to its customers to start with–loans against mutual funds, gold loans, two-wheeler and four-wheeler loans, home loans, loans against property and education loans.
PhonePe has a base of 535 Million registered users, Partnering with a network of trusted banks, non-banking financial companies (NBFCs) and fintechs, aims to create a powerful and seamless user experience in the secured loans category. Customers can gain access to lending solutions directly within the PhonePe app in these six major categories.
PhonePe has partnered with Tata Capital, L&T Finance, Hero FinCorp, Muthoot Fincorp, DMI Housing Finance, Home First Finance, rupyy, Volt Money and 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 of the loan facility under the existing ‘Loan’ section on their PhonePe app, select their desired loan category, and choose from a list of lenders.
Speaking on the launch, Hemant Gala, CEO of 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 the secured lending product experience for the customers working with the lending ecosystem.”
“By harnessing the combined expertise and resources of both companies, we are poised to provide best-in-class solutions tailored to meet the varied needs of customers seeking Housing and Two-wheeler Financing. This collaboration underscores our dedication to empowering individuals and families to realize their homeownership and mobility aspirations. Customers can anticipate streamlined processes, competitive rates, and personalized services that prioritize their financial well-being. Both companies are committed to delivering value and nurturing long-term relationships founded on integrity, transparency, and trust.” said Sudipta Roy, MD & CEO at L&T Finance.
Vivek Chopra, COO – Retail Finance at Tata Capital said, “Our partnership with PhonePe aims to broaden the accessibility of our lending services to their user base. This partnership not only reinforces our digital-first approach but also highlights our effort to boost credit penetration across India.”
Bharat Lamba, Co-Founder & Chief Business Officer of Volt Money said, “We are excited to join forces with PhonePe to redefine the borrowing experience for millions of individuals across India. Through this partnership, we are leveraging PhonePe’s extensive reach and Volt Money’s unique & seamless financial offerings to empower mutual fund investors with a convenient way to access funds at low cost for various purposes, such as personal needs, working capital, or emergencies, while still creating long-term wealth by staying invested in mutual funds.”
Aman Singh, Co-Founder of Gradright said, “Our collaboration with PhonePe is perfectly aligned to our mission to democratize the access to education finance for students from lower and middle-income students, in every corner of Bharat. PhonePe changes the game by changing our service opportunity from a few thousand to millions of students. Our technology-first approach offers us a unique advantage to match the speed and reliability of PhonePe and serve its customers who wish to avail education loans.”
News Source: PhonePe media release