On Thursday, Walmart-owned PhonePe introduces secured lending products on its platform through partnerships with banks, NBFCs, and fintech firms, as per media reports. With over 535 million registered users, PhonePe aims to offer a seamless user experience in secured loans, covering six major categories: mutual fund, gold, bike, car, home and loans against property, and education loan.
Media reports revealed that the platform has partnered with Tata Capital, L&T Finance, Hero FinCorp, Muthoot Fincorp, and others for secured lending, with plans to add more lenders in the coming weeks. Currently, it has 15 active partners and aims to scale up to 25 by the next quarter.
Users can access lending solutions through the existing 'loan' section on the PhonePe app, select their desired category, and choose from a list of lenders. The loan application journey is initiated within the PhonePe app, simplifying the process for users.
