L&T Finance, a leading non-banking financial company (NBFC) owned by Larsen & Toubro, has taken a significant step into the co-lending space. The company has announced a strategic partnership with Kunal Shah’s fintech unicorn, CRED, to offer unsecured personal loans to CRED members. This move aims to tap into CRED’s affluent customer base and leverage the digital lending expertise of Newtap Finance Private Ltd.
New Era of L&T Finance and CRED
This partnership allows L&T Finance to collaborate with CRED to provide easy access to personal loans. CRED members, who are known for having high credit scores and excellent repayment histories, will benefit from the CRED Cash product. L&T Finance will act as the lending partner, working alongside Newtap Finance to offer quick and flexible credit solutions.
Swift Loan Process for CRED Members
One of the key benefits of this partnership is the swift loan processing system. CRED members can now secure loans within minutes. The process has been designed to cater to the specific financial needs of CRED’s users, offering flexible repayment tenures and competitive interest rates. This ensures that members with strong creditworthiness can access credit without hassle.
L&T Finance’s Vision for Co-lending
Speaking about the partnership, Sudipta Roy, Managing Director and CEO of L&T Finance, highlighted the significance of entering the co-lending space. “We are excited to announce our partnership with CRED. The association marks L&T Finance’s entry into the co-lending sector, where we will combine our extensive experience in financial services with CRED’s large affluent customer base and Newtap’s digital lending expertise.”
This partnership opens up new opportunities for L&T Finance as it seeks to enhance its offerings in the lending space while catering to a premium customer segment.
Kunal Shah on Empowering CRED Members
Kunal Shah, CEO of CRED, emphasized the value of the partnership, stating that it offers more than just credit. “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’s not just about providing loans; it’s about fostering a cycle of financial virtue, where high-quality institutions meet high-quality customers, driving progress for both the community and the industry.”
The collaboration also involves Newtap Finance, a digital lending company with expertise in risk assessment and digital finance. Their contribution to this partnership is pivotal, as they bring cutting-edge technology that ensures loan approval and risk assessment are streamlined and efficient.
The partnership between L&T Finance and CRED represents a new chapter in digital lending. By targeting CRED’s high credit score members, L&T Finance hopes to expand its footprint in the co-lending space while offering premium financial services to a reputable customer base. With Newtap Finance’s digital capabilities, the process is designed to be swift, flexible, and highly efficient, providing members with a seamless experience in securing personal loans.
