PhonePe expands offerings with secure lending products in 6 categories

Homegrown fintech leader PhonePe has announced the launch of secured lending products across six key categories on its platform, signaling a significant expansion in its services.

PhonePe users now have access to a diverse range of lending options including mutual fund loans, gold loans, bike loans, car loans, home loans/loans against property, and education loans, according to a recent statement released by the company.

In facilitating this broad spectrum of lending services, PhonePe has forged strategic partnerships with prominent players in the financial sector, including banks, Non-banking Financial Companies (NBFCs), and fintech firms. Among these partners are established names such as Tata Capital, L&T Finance, Hero FinCorp, Muthoot Fincorp, DMI Housing Finance, Home First Finance, RuPay, Volt Money, and Gradright, among others.

With the current roster comprising 15 partners, PhonePe has ambitious plans to further expand its network, aiming to onboard 25 partners by the next quarter.

Hemant Gala, CEO of PhonePe Lending, expressed confidence in the timing and potential of the initiative, stating, "Lenders are investing heavily in digitizing the secured loan journeys and customers are adapting to the digitization at a rapid pace. We believe it's a great time to revolutionize the secured lending product experience for the customers working with the lending ecosystem."