Fintech lenders dominate personal loans market with 76% share of new loans sanctioned

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New-age fintech lending startups are dominating the personal loan market with a 76% market share in terms of the number of loans issued, according to data released by the Fintech Association for Consumer Empowerment, the fintech self-regulatory organisation.

Overall, the industry has disbursed 530 million loans worth Rs 48,969 crore in the first half of the current financial year. Given that fintech lenders have been giving out credit with an average ticket size of around Rs 10,000, it has a share of only 12% in terms of the total amount disbursed by formal lenders.

Banks have the largest share with 61% followed by traditional non-banking finance companies (NBFCs) at 27%.

The report has found that the emergence of new-age players has meant that there has been a transformation in the way personal loans are disbursed in the country. Since April 2018, the sector has given out 380 million personal loans crossing the total sanctioned amount of Rs 3 lakh crore.

In terms of the asset quality of the loans, the bad loans or those that have not been repaid in more than 90 days, hover around 3.4%, down slightly from 3.6% last year.

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While the number of loans outstanding has almost remained stable at around 500 million between June and September 2024, the value of loans outstanding has reduced 10% to Rs 66,683 crore.

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Fintech lenders are primarily offering small ticket size credit products with 41% of its loans being less than Rs 25,000.

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