Business News
2 min read | Updated on April 04, 2024, 13:49 IST
SUMMARY
The cumulative value of loans sanctioned by NBFCs in the October-December 2023 period stood at ₹4.47 crore, down 4.2% as against loans amounting to ₹4.28 crore sanctioned in the June-September 2023 period, reports said, citing the data provided by an industry body. Education loans segment witnessed the sharpest decline on a sequential basis, followed by long-term loans and home loans.
Year-on-year (YoY), however, the value of loans sanctioned increased by 6% in Q3 FY24
The loans sanctioned by non-banking financial companies (NBFCs) dropped by 4.2% or nearly ₹19,000 crore in the third quarter of fiscal year 2023-24 (Q3 FY24), as compared to the preceding quarter, as per the data shared by industry body Finance Industry Development Council (FIDC).
The cumulative value of loans sanctioned by NBFCs in the October-December 2023 period stood at ₹4.47 crore, as against loans amounting to ₹4.28 crore sanctioned in Q2 FY24, reports said, citing the FIDC data.
Some of the other segments that reportedly witnessed a decline include loans issued for equipment financing, fire purchase loans, auto loans, and loans against shares.
Year-on-year (YoY), however, the value of loans sanctioned increased by 6% in Q3 FY24, Business Standard reported, citing the FIDC data. The segments that recorded YoY growth include personal loans, two-wheeler loans, consumer loans, education loans and gold loans. However, home loan sanctions declined by 2% as compared to Q3 FY23.
The FIDC data also pointed towards a sharper increase in loans sanctioned in rural areas as compared to urban regions. On a YoY basis, rural sanctions increased by 14%, whereas urban sanctions increased by only 2%.
About The Author
Next Story