Digital loans are becoming popular: increased from 4435 crores to 14000 crores in last 1 year

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New Delhi, 29 November 2022, Tuesday

Digital lending is growing rapidly in the country. Fintech companies processing loans by taking online applications in the July-September quarter totaled Rs. 14,016 crore of loans were disbursed. In the same quarter a year ago, disbursed as such Rs. 4,435 crore is more than three times (216%) of the loan. Digital lending refers to lending through web platforms or mobile applications. 1.63 crore loans were disbursed in the last quarter

Both the number and value of loans disbursed through digital lending apps or websites have grown exponentially. A total of 1.63 crore loans were given in the last quarter. This is 149% higher than the loans disbursed in the September quarter last year. Further, the average loan size disbursed during the quarter also increased by 27% to Rs.8,602.


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