L&T Financial Services has added 29 lakh customers in its micro loans business in FY23 so far, recording a YoY growth of 85 per cent in its customer base as of January 31 with an average addition of 3 lakh customers per month.

Of the 29 lakh customers added, over 18 lakh customers are first-cycle customers or those who have taken a loan from L&T Finance for the first-time, the company said in a release.

The NBFC has disbursed microloans of around ₹13,900 crore between April 2022 and January 2023, posting a growth of 91 per cent year-on-year.

“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,” said L&T Finance Holdings MD and CEO Dinanath Dubhashi.

L&T Finance launched its micro loans business in July 2008 to sanction loans to women between 20 and 60 years. The loans have a ticket size ranging between ₹35,000 and ₹1.10 lakh, with a repayment tenure of 24 to 36 months.