- L&T Finance partners with CRED to offer unsecured personal loans to CRED members through the CRED Cash product.
- The collaboration involves co-lending with Newtap Finance, providing CRED's affluent members fast access to credit with flexible terms.
One of the leading Non-Banking Financial Companies (NBFCs) in the country, L&T Finance (LTF) has announced a partnership with Bangalore-based fintech company, CRED, to offer unsecured personal loans to CRED members.
According to the official press release, CRED’s affluent and creditworthy member community will have fast, flexible, and seamless access to credit through the CRED Cash product. LTF will offer this along with its co-lending partner Newtap Finance Private Ltd. (NewTap), an NBFC. CRED members can avail of credit in a couple of minutes, with flexible repayment tenure and competitive interest rates.
Commenting on the partnership, Mr. Sudipta Roy, Managing Director & CEO of L&T Finance Ltd., said:
“The association marks LTF’s entry into the co-lending space which will leverage the strength of LTF’s extensive experience in the financial services sector, CRED's large affluent customer base and strong reputation for creditworthiness, and NewTap's expertise in digital lending and risk assessment.”
LTF’s customer-focused approach and partnership with new qualified customer acquisition channels have driven the growth of its Personal Loans business. Its book size grew a notable 11% year-on-year to Rs 6,667 Crore during Q1FY25, while disbursements for the quarter reached Rs. 1,178 Crore.
Additionally, LTF's Personal Loans business is expected to continue growing, fuelled by various factors such as strategic partnerships and collaborations, expansion into new geographies, and customer retention, among others.
Edited by Harshajit Sarmah
