Larsen & Toubro-owned NBFC firm L&T Finance has entered the co-lending space through a strategic partnership with Directed by Kunal Shah fintech unicorn CREDIT.
As part of this partnership, L&T Finance will offer unsecured personal loans to CRED members, aiming to leverage CRED’s affluent customer base and Newtap Finance Private Ltd’s digital lending expertise.
Provide credit to CRED users
Under this new arrangement, CRED members will have access to credit through the CRED Cash product, facilitated by L&T Finance along with its co-lending partner Newtap Finance.
The process is designed to be fast, allowing members to obtain loans in a matter of minutes.
Additionally, loans come with flexible repayment terms and competitive interest rates, addressing the specific needs of CRED members who have high credit scores and a positive payment history.
“We are pleased to announce our partnership with CRED. The partnership 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,” said Sudipta Roy, CEO and MD, L&T Finance.
Kunal Shah highlights the value of partnership
“This partnership is an opportunity to provide our members – those with high credit scores, impeccable payment histories and wealth – with credit from one of the most reputable lenders in the country,” said Kunal Shah, CEO of CRED.
“It’s not just about providing credit; 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,” Shah added.
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