Mumbai, Aug 12: CRIF High Mark and the Unified Fintech Forum released the second edition of Finsight, a comprehensive study of India’s NBFC Fintech ecosystem, based on data as of June 2026. Drawing on data from over 120 NBFC Fintechs, primarily members of UFF and the Fintech Association for Consumer Empowerment and benchmarking them against traditional NBFCs and the broader NBFC industry, the report examines portfolio growth, origination trends, product mix, borrower behaviour, geographic expansion and risk performance shaping the evolution of digital lending in India.
The report highlights that the NBFC Fintech sector is entering a more mature phase, with growth increasingly being shaped by calibrated lending, stronger underwriting, greater focus on portfolio quality and a gradual shift towards higher-ticket credit. While personal loans continue to anchor the segment, unsecured business lending is emerging as a significant opportunity, particularly in the ₹1 lakh–₹5 lakh range. At the same time, fintech lenders are expanding their reach beyond the largest urban centres, indicating a broader role in extending formal credit access across emerging markets.
Key Takeaways
- Steady Portfolio Growth: NBFC Fintechs recorded 21.2% YoY growth in portfolio outstanding as of June 2026, indicating sustained expansion even as the pace of growth moderates from earlier highs. Their portfolio growth continues to outpace the broader NBFC industry, while their share remains around 9% of NBFC portfolio outstanding.
- Originations Surge: Q1 FY27 originations reached ₹79.9 thousand crore, registering 53% YoY growth in value and 21% growth in volume, driven largely by personal loans above ₹1 lakh. The share of new-to-credit borrowers of NBFC Fintech has moderated from 14.2% in Jun-24 to 11.4% in Jun-26, indicating a more selective and calibrated lending approach.
- Opportunity analysis: About 55.2% of NBFC Fintech borrowers who also have loans with other lenders (PSU Banks, Private Banks, and Traditional NBFCs) hold trade lines in personal loans, with an exposure of ₹2.6 lakh crore – highlighting a significant opportunity
- Shift Towards Larger Tickets: While personal loans of ₹1 lakh and below account for more than 80% of active loan count, the share of loans above ₹1 lakh in portfolio outstanding increased from 21.6% in June 2024 to 26.3% in June 2026.
- Beyond Top Cities: Personal loan originations from BT100 cities increased from 32.1% to 34.5% in value between Q1 FY25 and Q1 FY27. For unsecured business loans, the share rose from 23.3% to 30%.
- Unsecured Business Loans Gain Momentum: The ₹1 lakh–₹5 lakh segment is emerging as a key opportunity, with the value share of ₹1 lakh–₹2.5 lakh loans rising from 4.1% to 10.6%, and ₹2.5 lakh–₹5 lakh loans from 6.1% to 11.3% between Q1 FY25 and Q1 FY27.
- Maturing Borrower Profile: Borrowers aged 26–35 years account for 43.5% of the NBFC Fintech borrower base as of June 2026, while the 36–50 age group grew 31.7% YoY, signalling a gradual shift towards more mature borrowers.