Digital Loans Up 28%: Are You Getting a Fair Rate?

Digital NBFCs gave out 3.4 crore personal loans in just one quarter. The total loan book hit ₹1.54 lakh crore, up 28%. More competition means you may qualify for a better rate — but only if you know where to look.

Here's what happened: Digital NBFCs' total personal loan book reached ₹1.54 lakh crore, growing 28% in value over the past year.. Lenders sanctioned 3.4 crore personal loans in a single April–June quarter, reflecting a sharp rise in digital credit appetite.. Average loan ticket sizes have increased, meaning borrowers are taking larger amounts — and taking on more repayment risk..

What you should do: Compare at least 3 digital lenders before accepting any loan offer — a 1–2% rate difference on ₹3 lakh saves ₹6,000–₹12,000 over 24 months.. Ask your lender for the Key Fact Statement (KFS) before signing — RBI-regulated digital lenders are legally required to provide it upfront.. Check your CIBIL score now; a score above 750 puts you in the best rate bracket and gives you grounds to negotiate or reject a high-interest offer..

If a digital lender charges a processing fee above 2% of the loan amount, that alone can erase any interest rate advantage they advertise — always calculate total cost of borrowing, not just the EMI.