L&T Financial Services records strong growth in Insta Loan disbursements
Insta Loan is an offering of the Consumer Loans business wherein loans are processed within 7 minutes of applying
February 10, 2023, Mumbai : L&T Financial Services (LTFS), one of the leading Non-Banking Financial Compa nies (NBFCs), has recorded a strong growth in Insta Loan disbursements. The growth is in line with the Comp any’s journey towards becoming a customer-focused, retail finance company as envisaged in its strategic plan Lakshya 2026.
Since its inception in September 2022, Insta Loan disbursements have recorded a robust growth, reaching Rs. 9 1.4 crore at the end of January 2023 as compared to Rs. 22 crore at the end of October 2022.
Loans in this category are processed within 7 minutes of application by the customer, thereby providing superior Turn Around Time (TAT), ease, and comfort – a customer value proposition for the product. This is a completely paperless loan process with instant eligibility checks. Customers can avail loans ranging between Rs. 50,000 to Rs. 7,00,000 with a repayment tenure of 12 months to 48 months.
Mr. Dinanath Dubhashi, Managing Director & Chief Executive Officer, L&T Finance Holdings Ltd. said, “At LTFS, we are expanding our retail portfolio with an increased focus on customer needs, best-in-class products, and the use of digital and data analytics for improved turnaround time and servicing for customers. It is evident from our last quarter financial results that we are moving in the right direction to achieve our Lakshya 2026 goals. Insta Loans has one of the lowest TAT in the industry and customers have appreciated the efficiency of this product as is evident from the growing number of customers each passing month. More than 50 percent of the loans have been disbursed to people in the age bracket of 25-35 years and unlike other financial institutions, we offer these loans even to new to LTFS customers in the same TAT.”
The Consumer Loans business is the first digitally native business of the Company and continues to scale up with disbursements reaching Rs. 1,228 crore in the third quarter ended December 31, 2022 compared with Rs. 650 crore in the same quarter, a year ago. In addition, the Consumer Loans business has partnered with over 70 fin tech players, thus offering customers a seamless journey.
In line with accelerated retailisation, the Company had recorded the highest-ever quarterly retail disbursements of Rs. 11,607 crore in the third quarter ended December 31, 2022. This has resulted in the retail portfolio mix at 64 percent of the total loan book of the company.
About L&T Finance Holdings (LTFH):
LTFH (https://www.ltfs.com), a leading Non-Banking Financial Company (NBFC), offers a range of financial pro ducts and services through its wholly-owned subsidiaries. L&T Financial Services (LTFS) is the brand name of L &T Finance Holdings Limited and its subsidiaries. Headquartered in Mumbai, the company has been rated AAA — the highest credit rating for NBFCs — by four leading rating agencies. It has also received leadership scores an d ratings by global and national Environmental, Social and Governance (ESG) rating providers for its sustaina bil ity performance. The company was awarded FICCI’s Corporate Social Responsibility Award for “Women Empo werment” and “Maharashtra CSR Award” for its flagship Digital Sakhi project.
Under Right to Win, being in the ‘right businesses’ has helped the company become one of the leading financiers in key retail products. LTFH is focused on creating a top-class digitally enabled retail finance company as part of the Lakshya 2026 plan. The goal is to move the emphasis from product-focus to customer-focus and establish a robust retail portfolio with quality assets, thus creating a Fintech @ Scale while keeping ESG at the core. Fintech @ Scale is one of the pillars of the company’s strategic roadmap – Lakshya 2026. The company has over 7 crore customer database, and this database is being leveraged to cross-sell, up-sell as well as identify new customers.
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