Fintech and digital lending firms in India have processed and sanctioned over 10 crore loans and carried out disbursements of ₹1,46,517 crore during FY23-24, the Fintech Association for Consumer Empowerment (FACE) said on Tuesday.
The disbursement volume and value grew year-on-year by 35% and 49%, respectively, reaching 10.19 crore loans totalling ₹1,46,517 crore in FY23-24, the industry body said. The average ticket size for loans disbursed in FY23-24 stood at ₹12,648, compared with ₹11,094 a year earlier. In Q4 FY23-24, member companies disbursed 2.69 crore loans worth ₹40,322 crore at an average ticket size of ₹13,418. The quarterly growth rate is 3% over the Q3 FY23-24, according to a report released by FACE.
“The digital lending sector is responsibly driving ahead with a sharp focus on customer-centricity, compliance, risk management and sustainable business models. These trends reflect the industry’s remarkable maturity and adaptability to macro conditions,” Sugandh Saxena, CEO at FACE, said.
Published - June 18, 2024 08:06 pm IST
