L&T Financial Services adds 29 lakh customers in Micro Loans business between April 2022 to January 2023

L&T Financial Services adds 29 lakh customers in Micro Loans business between April 2022 to January 2023

2nd March 2023, Mumbai: L&T Financial Services (LTFS), one of the leading Non-Banking Financial Companies, has added 29 lakh customers in the Micro Loans business between the period of April to January in the financial year 2023 recording a growth of 85 percent year-on-year.

On an average, the Company has added a customer base of around 3 lakh every month in the period between April 2022 to January 2023. The Company has disbursed Micro Loans of around Rs. 13,900 crore between April 2022 to January 2023 recording a growth of 91 percent year-on-year.

Out of the 29 lakh customers added during April 2022 to January 2023, over 18 lakh customers added are first cycle customers i.e., those who have taken loan with LTFS for the first-time.

While onboarding customers, LTFS follows a robust process with multi-layered structure which includes instant internal and bureau checks, physical appraisal process checks and risk control unit checks before taking the decision to sanction the loan to customers.

Mr. Dinanath Dubhashi, Managing Director & CEO of L&T Finance Holdings Ltd. said, “We are amongst the leading financiers in Micro Loans today and continue to expand in the unserved and under-served regions of our nation. We are committed to empowering micro-entrepreneurial women and enabling sustainable livelihood at the grassroot level through our innovative and digital lending solutions. Our customers are primarily engaged in responsible end-use like dairy, grocery shops and similar allied activities for earning their livelihood. We have done well in this business, and going forward we expect to sustain our growth momentum by further launching new products, in line with the Lakshya 2026 strategy.”

LTFS launched its Micro Loans operations in July 2008 and since then, has been actively involved in enabling a sustainable livelihood for women entrepreneurs. The loans are sanctioned to women in the age group of 20 to 60 years with a ticket size ranging between Rs. 35,000 to Rs. 1,10,000 and with flexible re-payment tenure from 24 to 36 months for customer’s convenience.