Blitz Bureau
New Delhi: Contributing to India’s digital inclusion, fintech Non-Bank Financial Companies (NBFCs) sanctioned nearly 9 crore loans worth Rs 98,111 crore in FY24, doubling their share in six years, a report showed on July 29. This accounts for 65 per cent of loan sanction volume and 11 per cent of the loan sanction value in the overall personal loan market in FY24, according to leading industry body, the Fintech Association for Consumer Empowerment (FACE).
From FY19 to FY24, fintech loans’ share in sanction volume increased from 30 per cent to 65 per cent and in sanction value from 4 per cent to 11 per cent. “An expanding digital economy nurtured by public policy, infra and regulations creates fertile ground. The backdrop is moving – customer needs, regulations, technology, funding position. Technological developments, in particular, bring new prospects and risks,” said Sugandh Saxena, CEO, FACE.
Despite the pandemic setbacks, the industry disbursed over 24 crore loans worth Rs 2.7 lakh crore since April 2018.
