L&T Finance, a leading Non-Banking Finance Company (NBFC), has announced its strategic foray into the co-lending space through a significant partnership with fintech giant CRED. This collaboration aims to offer unsecured personal loans to CRED members, marking a pivotal step in L&T Finance’s expansion into digital lending.
According to the official statement, CRED members will now have access to credit through the CRED Cash product, facilitated by L&T Finance in partnership with Newtap Finance Private Ltd. The new arrangement promises quick credit access, allowing members to secure loans within minutes, coupled with flexible repayment tenures and competitive interest rates.
On the company’s foray into the co-lending space, Sudipta Roy, MD & CEO, L&T Finance said, “We are excited to announce our partnership with CRED. 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.”
On future of the partnership, Roy further said that, “We believe that this partnership will further enhance our presence in the digital lending space with focus on customer experience and provide CRED’s customers with loans in a couple of minutes with flexible repayment tenures, at competitive interest rates, thereby offering customers a unique and seamless borrowing experience.”
Meanwhile, CRED founder Kunal Shah said, “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. It isn’t just about providing credit; it’s about fostering a cycle of financial virtue, where high-quality institutions meet high-quality customers, driving progress for the community and the industry.”
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The partnership comes at a time when L&T Finance is experiencing significant growth. The company’s loan book grew by 11 per cent year-on-year, reaching ₹6,667 crores in Q1FY25, with disbursements for the quarter totalling ₹1,178 crores. The Personal Loans business at L&T Finance is expected to continue its upward trajectory, driven by strategic partnerships, expansion into new geographies, and customer retention initiatives.
This partnership between L&T Finance and CRED is poised to set a new benchmark in the co-lending space. It will offer a streamlined, customer-centric lending experience to a discerning audience.
