PhonePe launches digital lending for consumers with 15 partnered banks, NBFCs, and Fintech.

Banking & Finance

PhonePe has announced the launch of its secured digital lending platform within the PhonePe app which will enable its over 535 million registered users to access loans across six separate categories including mutual fund loans, gold loans and car loans. The loans will be provided in partnership with a network of banks,non-banking financial companies (NBFCs) and other fintech companies including Tata Capital, L&T Finance, Hero FinCorp and Muthoot Fincorp. The platform currently has 15 lending partners with the intention of expanding them to 25 by the next quarter.


      Fintechs, like PhonePe, have a higher risk appetite and sometimes more data to assess creditworthiness. As such they are more likely to extend credit to the underserved sections of society or those with a higher default risk.

     

     

 

     


About PhonePe

Owner - Sameer Nigam
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