Embarrassment in getting loan from NBFC for investment, expansion
Consumers rush to get personal and purchase loans AHMEDABAD: The September quarter saw an increase in loans from non-banking finance companies in the country, but most of the loans were for consumer consumption or consumer loans. According to data from the Finance Industries Development Council, growth in loans is still modest as business or industry activity picks up. In the quarter ended September 2021, NBFCs in the country accounted for a total of Rs. 5,12,9 crore, an increase of 7.5 per cent over June. However, the second quarter was affected by the devastating second wave of Covid, while the year 2020 also had its effect, so compared to the normal year of the second quarter of 2017, the total lending is reduced. Total lending to NBFCs stood at Rs 4,8,606 crore in September 2016, a decline of 11.5 per cent this year. In Gujarat, as in the rest of the country, lending has increased by 20.5 per cent to Rs 12,500 crore in September 2021 against the second June 2021. However, there...