Key Points
Financial Technology companies have witnessed a steady increase in loan disbursal in the [past five years, according to a report by the Fintech Association for Consumer Empowerment (FACE)..
The volume of personal loans disbursed increased from 1.1 million in the first half of FY 2018-19 to 41.6 million in the same period in FY 2024..
The value of loans surged to 40,845 crore from 5,907 crore during the same period..
Medium-risk and low-risk customers constitute 59% of the fintech customer base. . Further, metro cities and urban regions have lower loan default rates at 3.3% as compared to rural regions where the default rate was 4.1%, the report mentioned..
The report comprised an analysis of personal loan data of 71 Fintech non-banking financial companies (NBFCs) from 2018 April to September 2023...
