Mumbai, August 31, 2023: The PLANET (Personalised Lending & Assisted NETworks) application by L&T Finance (LTF), a retail-focused digitally enabled non-banking financial company, has reached a remarkable milestone of more than 5 million downloads. The application has facilitated business totalling over Rs. 2,300 crore and collections of over Rs. 440 crore. So far PLANET App has served more than 75 lakh transactions from across the country and has enabled fully digital disbursements in both rural and urban areas.
The PLANET App, launched in March 2022, was designed with a vision to provide seamless, secure, and user-friendly access to a diverse range of financial products and services to our rural and urban customers alike. Through its commitment to being a ‘Fintech@Scale”, LTF has consistently delivered best in class solutions to its wide customer base.
Mr. Dinanath Dubhashi, Managing Director & CEO of L&T Finance Holdings Ltd. expressed his delight in reaching this milestone and said, “The overwhelming response to the PLANET App is a testament to the hard work and dedication of our team. We are thrilled to see how our App is helping our customers to manage their finances within the comfort of their home on the go. More importantly, we now have more than 5 lakh rural women and over 95,000 farmers using the application for fulfilling their servicing needs digitally. Our focus has always been on providing the best user experience and delivering innovative financial solutions. Looking ahead, we will continue to refine and expand the PLANET App’s offerings by introducing new features and ensure that it becomes one stop shop for availing finance digitally in India. With the Company’s unwavering commitment to excellence, the next milestone of 10 million downloads seems well within reach.”
PLANET App is one of the highest-rated finance Apps on Google Play Store and Apple App Store with a score of 4.3. The App’s success can be attributed to its simplicity, comprehensive features, and commitment to customer satisfaction.
The App has been successful in achieving the Company’s broader vision of driving financial inclusion and empowering individuals from diverse backgrounds to achieve their goals while catering to their financial needs. By leveraging the power of technology, the Company has been able to reach millions of users, including over 6 lakh in rural and remote areas, making a positive impact on their lives. The Rural Group Loans & Micro Finance business which went live on the App recently has already generated nearly 6000+ leads of which over 4500 leads are fresh.
As the financial landscape continues to evolve, PLANET App stands as a shining example of how technology can empower individuals and simplify the complexities of finance, catering to the needs of millions across the nation.