INCOME TAX1 Oct 2026
Need a personal loan? Report shows digital lenders are outpacing legacy banks; younger borrowers prefer fintech apps | Mint
Digital lenders now write most personal loans in India. Between April and June 2026, digital NBFCs (non-banking finance companies) sanctioned 3.4 crore loans worth ₹64,656 crore, which is 70% of all personal loans by number. Younger borrowers and people in smaller cities benefit most, though these loans are smaller. Banks still handle bigger-ticket lending. So compare the total cost before you borrow.
Key Statutory Highlights
- In Q1 FY27, digital NBFCs sanctioned 3.4 crore personal loans worth ₹64,656 crore, with an average ticket size of ₹18,802.
- Digital loans made up 70% of personal loan volumes but only 22% of the sanction value, showing they are mostly smaller loans.
- Banks' share of personal loan sanction value fell from 72% in FY22 to 52% in Q1 FY27.
Actionable Advice for Taxpayers / Founders:If you plan to take a personal loan through a digital app, read the loan terms and repayment schedule carefully and compare the total cost with a bank offer before signing anything.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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