L&T Finance, a leading Non-Banking Finance Company (NBFC), has made its foray into the co-lending space through a strategic partnership with fintech platform CRED, offering unsecured personal loans. Announced on August 20, this collaboration enables CRED members to access credit swiftly via the CRED Cash product, with L&T Finance and co-lending partner Newtap Finance Private Ltd providing the loans.
Through this partnership, CRED members can receive loans within minutes, with the added benefit of flexible repayment tenures and competitive interest rates.
Commenting on the launch, Sudipta Roy, Managing Director and CEO of L&T Finance, stated, “We are thrilled to partner with CRED as we enter the co-lending space. This association brings together L&T Finance’s extensive expertise in financial services, CRED’s affluent customer base with strong creditworthiness, and Newtap’s digital lending and risk assessment proficiency. This partnership will strengthen our presence in digital lending, focusing on an exceptional customer experience.”
Kunal Shah, founder of CRED, emphasized the partnership’s significance, stating, “This is not just about extending credit; it’s about connecting high-quality institutions with high-quality customers, fostering financial progress for both. By working with a reputable lender like L&T Finance, we empower our members with access to credit that complements their financial excellence.”
L&T Finance has witnessed an 11% year-on-year growth in its personal loan book, reaching ₹6,667 crore during Q1 FY25, with quarterly disbursements of ₹1,178 crore. The company expects further growth in its personal loans segment, driven by new partnerships, geographical expansion, and enhanced customer retention efforts.
