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Digital lending may pip traditional lending on unsecured loans by 2030
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IANS | 14 Feb, 2023
The fintech revolution is likely to spur digital lending in India, which
is expected to surpass traditional avenues of lending by 2030, a report
showed on Tuesday. This will be driven by unsecured
small-ticket size segment and the secured collateral-based high-ticket
size market, according to the latest white paper by Experian India in
collaboration with the Digital Lending Association of India (DLAI).
As
co-lending becomes the predominant operating model in India, more
traditional lenders will collaborate with fintechs to reach a higher
degree of maturity and amalgamation of core competencies.
Open data will create level-playing field for fintech and traditional lenders, according to the white paper.
"Traditional
lenders have always dominated asset-backed lending. With increased
digitisation, this segment may become accessible to fintech lenders,
allowing them to capture a sizeable portion of the lending pie," said
Saikrishnan Srinivasan, Managing Director, Experian Credit Information
Company of India.
The research highlighted that the next 100
million customers are likely to have a vastly different profile and
expectations than those currently in place.
For MSME borrowers
seeking business loans, those with credit scores higher than 700 are
catered to more by fintechs than by other lenders, paving the way for
the co-lending model to flourish.
"With the release of this
whitepaper, we are excited to offer a comprehensive look into the impact
of fintech-led digital lending in India," said Siddharth Mahanot,
Chairperson-Knowledge Committee, DLAI.
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