L&T Finance and Cred Partnered to Offer Unsecured Personal Loans

L&T Finance, in collaboration with Cred, is set to offer unsecured personal loans to Cred members who have demonstrated a high credit score and a positive repayment history. This partnership integrates L&T Finance (LTF) with its co-lending partner, Newtap Finance—a non-banking financial company (NBFC) renowned for its expertise in digital lending and risk assessment.

Through this alliance, Cred members will benefit from the convenience of accessing credit within minutes. The loans come with flexible repayment tenures and competitive interest rates, enhancing the accessibility and attractiveness of personal financing for high-credit individuals.

As of the end of June 2024, L&T Finance reported substantial growth in its consolidated loan book, which increased by 13% year-over-year to reach ₹88,717 crore, up from ₹78,566 crore the previous year. This growth highlights L&T Finance’s expanding footprint and successful business strategy.

Looking ahead, LTF’s personal loans sector is anticipated to continue on an upward trajectory. This growth is expected to be driven by several key factors, including strategic partnerships and collaborations, expansion into new markets, and a strong focus on customer retention. These elements collectively position L&T Finance to sustain its growth and enhance its market presence in the competitive personal loan landscape.

“This partnership is an opportunity to empower our members—those with high credit scores, impeccable repayment histories, and affluence—with credit from one of the nation’s most reputable lenders”, said Kunal Shah, Founder of Cred.

About L&T Finance Ltd

L&T Finance Ltd. is an NBFC offering a range of financial products and services. The company has filed the requisite application for registration as a Systemically Important non-deposit-accepting Core Investment Company.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.