Business Sandesh Indian Newspaper | Articles | Opinion Pieces | Research Studies | Findings & News | Sandesh News
- Uttar Pradesh saw a remarkable 67% increase in small business loans under ₹10 lakh from FY’23 to FY’24
- The personal loan market in Uttar Pradesh grew by 20% for loans under ₹1 lakh
- Fintech lenders captured 49% of the personal loan market in UP
Uttar Pradesh has witnessed an impressive 67% growth in business loans under ₹10 lakh, positioning the state as a key player in India’s expanding small-ticket lending market, according to a new white paper by Experian India. The report, titled “Small is BIG: How Fintechs are Revolutionizing Lending,” highlights Uttar Pradesh’s lending growth during FY’24 compared to FY’23, showcasing the state’s progress in financial inclusion through fintech-driven solutions.
Uttar Pradesh’s personal loan market also grew substantially, with a 20% increase in loans under ₹1 lakh, further establishing the state as a key region in fintech-led lending expansion.
In Uttar Pradesh, fintech lenders have captured 49% of the market share for personal loans under ₹1 lakh, and 67% of the population has availed business loans under ₹10 lakh through fintech platforms. This growth in small-ticket lending is transforming the financial landscape, providing critical financial access to New-to-Credit (NTC) individuals and small businesses in the state.
The white paper reveals that fintech companies have facilitated over ₹2,48,006 Crores of Personal Loan and ₹28,607 Crores Business Loans as of March 2024 across the country. These loans, often under ₹50,000, have primarily reached New-to-Credit (NTC) individuals, those with thin credit files, and sub-prime borrowers, many of whom were previously excluded from the formal financial system.
Manish Jain, Country Managing Director at Experian India, said, “The fintech revolution in India is just beginning, and there’s enormous potential for growth. Fintech companies have already made a big impact by providing credit to those who need it most, but there’s still more to be done. The insights in this white paper highlight both the opportunities and challenges ahead.”
About Experian
Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them to save time and money.
We operate across a range of markets, from financial services to healthcare, automotive, Agri finance, insurance, and many more industry segments.
We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.
Learn more at experianplc.com
