Quick Summary
The loan book of India's non-banking financial companies (NBFCs) is projected to grow by 15-17% in FY 2025-26, supported by GST rate cuts and better liquidity conditions, according to rating agency ICRA. NBFCs reported a strong expansion of17% in FY25 and 24% in FY24, and the latest GST reforms are
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FAQ :
The NBFC loan book is projected to grow by 15-17% in FY 2025-26.
Recent GST rate cuts and improved liquidity conditions are supporting the growth of NBFCs.
Asset quality risks remain, with pressure in segments vulnerable to income shocks and demand weakness, such as textiles, and potential difficulties for employees in these sectors to service loans.
ICRA projects that the credit cost of NBFCs could rise by around 30 basis points in FY26 compared to the previous year.
Loans to small businesses, unsecured personal loans, and consumption loans constituted nearly 34% of the NBFCs' total credit book of Rs 35 trillion as of March 2025.
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