Tata Neu's lending biz disburses over 1 lakh personal loans worth Rs 1k cr

Tata Digital on Thursday announced that it has disbursed more than 1 lakh personal loans through its lending partners on Tata Neu, amounting to over Rs 1,000 crore.

 

To celebrate this achievement, Tata Neu has launched its festive 'Loan Utsav,' where successful loan applicants can receive 1,000 NeuCoins (1 NeuCoin = 1 rupee saving) and become eligible to win a gold coin daily, the company said.

 

Tata Neu has now expanded its loan offerings beyond personal loans. The platform also provides gold loans, with loans against mutual funds and home loans to follow shortly.

 

“This achievement is a testament to our customers' confidence in our offerings and our unwavering commitment to providing accessible and seamless financial solutions," said Gaurav Hazrati, chief business officer, financial services, Tata Digital.

 

"We remain dedicated to further expanding our financial services offerings and strengthening our partnerships with lenders to offer a comprehensive loan portfolio that aligns with our customers' evolving needs," he added.

 

The company’s various lending partners include Tata Capital, Aditya Birla Finance Limited, MoneyView, Kreditbee, Prefr, Ring, Cashe, IndiaGold, Rupeek, and Muthoot FinCorp. It was also among the early adopters of the Open Network for Digital Commerce’s (ONDC) loan offerings.

 

“By integrating our services with Tata Neu's platform, we’re able to provide a more efficient and user-friendly experience. This partnership marks a significant step towards enhancing credit accessibility and convenience for millions of customers across India,” said Vivek Chopra, chief operating officer, retail finance, Tata Capital.

 

According to Sushma Abburi, chief business officer, MoneyView, the partnership with Tata Neu enables the company to deliver personalised loan products through its innovative platform.

 

“Together, we provide a seamless experience for customers, making it easier for them to access the financial solutions they need," she said.

 

Tata Neu claims that its loan offerings allow customers to “meet their diverse financial needs with the convenience of a fully digital, paperless application process” that can be completed in less than 10 minutes.

 

Upon approval by the lenders, the loan amount is instantly transferred to the customer's bank account.