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Women’s Day: Women borrowers witnessing highest growth in personal loan segment, says CRIF Report

Money Control

Money Control · 1y ago

Women’s Day: Women borrowers witnessing highest growth in personal loan segment, says CRIF Report

The study by CRIF Highmark shows an increase in personal loan disbursals to women borrowers, growing by 26% between December 2022 and December 2023. This segment saw the fastest growth compared to other retail categories such as home loans, gold loans, and auto loans. The overall retail loan outstanding for women borrowers has risen by 19%, reaching Rs 26 lakh crore. This shift can be attributed to advancements like digitization, which provides easier access to formal credit and credit scoring.

Related News

Semi-urban, rural women account for 60% of women borrowers in India: Report

YourStory

YourStory · 5m ago

Semi-urban, rural women account for 60% of women borrowers in India: Report

A report by TransUnion CIBIL, NITI Aayog, and MicroSave Consulting reveals that 60% of Indian women borrowers are from semi-urban and rural areas. They dominate credit in agriculture, business, and gold loans. Southern states lead women's credit participation, with retail credit for women growing significantly since 2019. Despite progress, challenges like collateral requirements and gender biases persist, limiting many women’s access to credit. Government schemes have improved access but barriers remain.

HDFC Bank to secure big-ticket loan to bolster women lending book

VCCircle

VCCircle · 1y ago

HDFC Bank to secure big-ticket loan to bolster women lending book

HDFC Bank, India's largest private lender, is planning to secure a significant loan to support its lending to women borrowers, particularly microloans to self-help groups (SHGs) and joint liability groups. By collaborating with a global private equity investor, HDFC Bank aims to strengthen its women lending book and continue its sustainable livelihood initiative.

USDFC extends $50 mn debt funding to Vastu Housing Finance

VCCircle

VCCircle · 11m ago

USDFC extends $50 mn debt funding to Vastu Housing Finance

United States International Development Finance Corporation (USDFC) has provided a $50 million loan to Vastu Housing Finance, an Indian company focused on providing affordable housing finance for low-income and self-employed segments. The loan will be used to enhance credit access for low-income borrowers and facilitate women's home ownership in tier-II to IV towns across India. Vastu Housing Finance operates in 14 states and has plans to extend loans to women borrowers in rural areas. The loan will help the company support its mission of providing simpler, faster, and affordable credit solutions to its customers.

Surge in tiny personal loans sparks Indian central bank concern

Reuters · 1y ago

Surge in tiny personal loans sparks Indian central bank concern

India's central bank has expressed concerns over the surge in borrowing by low-income consumers for small personal loans. The Reserve Bank of India (RBI) seeks to tighten controls and implement stricter measures to prevent defaults. Delinquency rates for loans under INR 50,000 are significantly higher than the overall retail loan ratio, leading to worries about potential risks for borrowers. The rise in small loans has outpaced overall bank credit growth, prompting the RBI to monitor certain categories of personal loans. Non-bank financial companies are the largest lenders to this segment, with the possibility of exposure for banks as well.

Online Personal Loan Ticket Size Slumps To INR 9,861 In H1: RBI

Inc42 · 1y ago

Online Personal Loan Ticket Size Slumps To INR 9,861 In H1: RBI

The average personal loan size in India decreased to INR 9,861 in the first half of FY24, compared to INR 10,642 in the entirety of FY23 and INR 10,955 in FY22. This decline is attributed to the increase in young borrowers and personal loans being granted in rural areas. The Reserve Bank of India (RBI) recently introduced a draft framework to regulate loan product aggregation by lending service providers.

NBFC co SMFG India gets €91 million loan from Deutsche Bank

YourStory

YourStory · 8m ago

NBFC co SMFG India gets €91 million loan from Deutsche Bank

Deutsche Bank has provided a loan of 91 million euros to SMFG India Credit, a non-banking financial company. The three-year loan is aimed at supporting small businesses and women borrowers in underserved semi-urban areas. SMFG India Credit's CFO, Pankaj Malik, stated that the loan aligns with the company's commitment to sustainable growth and financial inclusion. Deutsche Bank's Head of Cash Management and Trade Finance, Rajesh Thakur, emphasized the bank's dedication to promoting sustainable finance in India.

Applying for a personal loan from a fintech lender? Here are five parameters to consider

Money Control

Money Control · 11m ago

Applying for a personal loan from a fintech lender? Here are five parameters to consider

Borrowers should assess whether a fintech lender follows the guidelines set by the Finance Industry Development Council (FIDC) to ensure transparency, fairness, and responsibility. The demand for personal loans from these lenders has surged in recent years. Fintech non-banking financial companies (NBFCs) granted around 90 million loans amounting to Rs 98,111 crore, accounting for 65% of the loan volume and 11% of the loan value in the overall personal loan market during the 2023-24 financial year. The share of fintech loans in the sanctioned volume has been increasing steadily since 2018-19.

FinTech deepens access to formal credit with 11 crore loans in FY 2024–25

Economic Times

Economic Times · 2m ago

FinTech deepens access to formal credit with 11 crore loans in FY 2024–25

In FY 2024-25, FinTech NBFCs sanctioned a record 10.9 crore personal loans totaling Rs 1,06,548 crore, showcasing their dominance in the lending market with 74% of loan volumes. Preferred by diverse borrowers, their digital-first approach is backed by RBI's framework. Loans primarily cater to young borrowers and Tier III towns. Despite representing 12% of the market by value, FinTech's client range and underwriting practices demonstrate their central role in financial inclusion and responsible credit distribution.

Personal Loan Prepayment: Key points to consider before paying off your loan earlier

Money Control

Money Control · 11m ago

Personal Loan Prepayment: Key points to consider before paying off your loan earlier

Personal loan prepayment refers to paying off a loan before its term ends. It can be beneficial in terms of interest savings, improved credit score, and financial freedom. However, borrowers should consider the prepayment charges and penalties that may apply. Prepayment can be a good idea if the loan has high-interest rates, the borrower has increased income or savings, or if they have specific financial goals. Factors to consider before prepayment include charges, limitations, emergency fund, and alternative investments. It is important to contact the lender, review the loan agreement, and make the payment correctly.

UGRO Capital secures $40M impact debt financing

YourStory

YourStory · 10m ago

UGRO Capital secures $40M impact debt financing

India-based UGRO Capital has secured a commitment letter for a $40m loan from the United States International Development Finance Corporation (DFC). The loan will support UGRO Capital's efforts to empower small and medium-sized enterprises (SMEs) across India, with a focus on women-owned businesses. The funding will also benefit new-to-credit borrowers, with a portion supported by the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) Guarantee. This is UGRO Capital's third impact deal in less than a year, following previous funding rounds from the Asian Development Bank and FMO.

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