In a strategic move to enhance its digital lending capabilities, L&T Finance (LTF) has entered into a partnership with Cred to offer unsecured personal loans to Cred members. The collaboration, which also involves Newtap Finance, a non-bank finance company specializing in digital lending and risk assessment, will enable eligible Cred members to access credit within minutes.
The personal loans, tailored for members with high credit scores and positive repayment histories, come with competitive interest rates and flexible repayment tenures. Cred members can now enjoy a seamless borrowing experience backed by the credibility and financial strength of L&T Finance.
“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.
L&T Finance’s consolidated loan book size has seen significant growth, increasing by 13% year-on-year to ₹88,717 crore at the end of June 2024, compared to ₹78,566 crore a year ago. The company’s Personal Loans business is poised for further expansion, driven by strategic partnerships, geographic expansion, and robust customer retention strategies.
In market reaction, shares of L&T Finance were up by 1.27% to ₹167.35 apiece.
