PhonePe launches secured lending platform, partners with bunch of NBFCs

Fintech major PhonePe has launched secured loans in partnership with a bunch of non-banking finance companies (NBFCs).

The Walmart-owned company is offering six credit products to its customers to begin with – loan against mutual funds, gold loan, two-wheeler and four-wheeler loans, home loan, loan against property and education loan.

PhonePe has a base of about 535 million users and NBFCs are hoping to tap into this user base with their credit offerings.

PhonePe has partnered with Tata Capital, L&T Finance, Hero FinCorp, Muthoot Fincorp, DMI Housing Finance, Home First Finance, rupyy, Volt Money, Gradright, with more lenders to be added in the coming weeks.