₹97,381 Crores in 6 Months: Digital Loans Set a Record - NBFCs

Digital Non-Banking Finance Companies (NBFCs) are posing a major challenge to banks in the personal loan market. Their key feature is the ability to approve loans within minutes. As of September this year, the total personal loans sanctioned by digital NBFCs in India reached ₹1.28 lakh crores.

According to the Fintech Association for Consumer Empowerment (FACE), ₹97,381 crores of this amount was sanctioned in the April-September (six-month) period of this year. Small traders and low-income groups are increasingly relying on these digital companies for loans. In the first six months of the financial year 2024-25, 6.4 crore people availed loans from these entities. Compared to the same period last year, the number of people taking digital loans has increased by 50 lakhs.