Finance Industry Development Council (FIDC), a representative body of Asset and Loan Financing of the NBFCs registered with the Reserve Bank of India and CRIF high-mark, credit information companies that provides credit scores and credit reports in India on individuals and companies recently released data on the NBFC-MFI sector that gives insights on NBFC Sanctions.
The report reveals that the NBFC sector has witnessed overall negative growth of 3 per cent vs. Q2 FY 2021-22 and negative 2 per cent growth vs Q1 FY 2022-23.
Divergent trends across product categories, along with a sharp fall in short and long-term loans.
There has been a modest growth in the auto, CV, and equipment loans between 11-15 per cent. Whereas a strong Year-on-Year growth of 37 per cent can be seen in consumer loans; however there was a 30 per cent fall from Q1 sanctions.
According to the FIDC report, there has been a modest 10 per cent YOY growth in gold loans; 5 per cent YOY growth in housing loans; 23-26 per cent growth in property loans and secured business loans; and, 62 per cent sharp YOY growth in personal loans.