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A personal loan is an unsecured loan that relies on creditworthiness and ability to repay. Credit score is a key factor used by financial institutions to determine loan eligibility. A CIBIL credit score of 750 or higher is considered healthy.
New-age digital lenders have revolutionized lending through wider reach and innovative products
“This growth can largely be attributed to the large-scale adoption of digitisation by the sector as well as the positive regulatory amendments brought in by RBI that have bridged the gap between rural and urban markets” said Sanjeet Dawar, managing director, CRIF High Mark.
India Business News: MUMBAI: While banks have been cautious about small-ticket personal loans (under Rs 50,000), the microfinance lending sector, which predominantly cater.
Mint takes a closer look at the increasing demand for personal loans and why banks seem unfazed by the RBI's words of caution