L&T Financial Services adds 29 lakh micro loan customers in Apr-Jan of 2022-23

L&T Financial Services (LTFS) said it added 29 lakh customers in the microloans business during April-January 2022-23, recording a growth of 85 per cent year-on-year.

On average, the company has added a customer base of around 3 lakhs every month in the mentioned period.

The NBFC company has disbursed micro loans of around Rs 13,900 crore between April-January 2023, a 91 per cent growth on a yearly basis.

"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," it said in a release.

It launched its microloans operations in July 2008.

"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," said Dinanath Dubhashi, Managing Director and CEO of L&T Finance Holdings.

( With inputs from ANI )