Personal loans disbursed by fintech companies have seen a steady increase since 2018, a report by Fintech Association for Consumer Empowerment (FACE) shows.
The volume of personal loans disbursed by fintech companies increased from 1.1 million in first six months of financial year 2018-19 (H1 FY19) to 41.6 million in first six months of financial year 2023-24 (H1 FY24). Similarly, the value of loans has increased from Rs 5,907 crore to Rs 40,845 crore during the same time.
The average ticket size of these loans has reduced from Rs 26,794 to Rs 9,816 on the back of higher volume of small ticket loans, the report observed.
The report said it presents trends for fintech lending by analysing personal loan data of 71 Fintech non-banking financial companies (NBFCs) from Apr 18 to Sep 23.
Chart: Steady growth in fintech personal loans
Chart: Decrease in average ticket size of fintech personal loans
Chart: Decrease in average ticket size of fintech personal loans
Source: Fintech Association for Consumer Empowerment (FACE)