NBFCs first stop for many new borrowers
Mumbai, India - Non-banking finance companies (NBFCs) have become the primary source for many new borrowers entering the formal financial system, according to a recent report by TransUnion CIBIL and the Finance Industry Development Council. NBFCs now originate approximately half of all new-to-credit customers by number, up from 24% a decade ago. This shift is largely driven by the increasing popularity of consumer-durable loans, which have overtaken two-wheeler loans as the leading product among NTC borrowers.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
