PhonePe launches secured loans in partnership with a bunch of NBFCs

Bengaluru-based fintech firm 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 partnered with lenders such as 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.

“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 journey… we believe it’s a great time to revolutionise secured lending product experience for the customers,” said Hemant Gala, CEO, PhonePe Lending.


The launch comes at a time when the Reserve Bank of India has asked consumer lending platforms to go slow on unsecured lending. Large NBFCs which have access to capital are looking to partner with fintechs to source customers looking to get secured loans.

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

Recently L&T Finance released a new home loan product, with additional loan offering for interior designing of the home. On the sidelines of the launch L&T Finance CEO Sudipta Roy said that he was looking to build partnerships with fintechs, hoping to source customers from their large user base. “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,” he said.