NBFCs open their wallets as demand for credit surges

nbfcs open their wallets as demand for credit surges

Sumary of NBFCs open their wallets as demand for credit surges:

  • Demand for loans to purchase trucks and construction equipment is gathering steam and back to the pre-Covid levels on rising infrastructure spending by governments and capital expenditure by private companies.
  • Non-Banking Finance Companies (NBFCs) such as , Edelweiss and IIFL that were shrinking to conserve capital have opened their wallets and are lending as much as Rs 4,000 crores a month.
  • Country’s largest mortgage lender HDFC Ltd is witnessing a significant rise in home loan demand similar to pre-covid levels.
  • “Trucks’ movement began to regain normalcy prompting many to expand businesses.
  • ” Shriram Transport is disbursing more than Rs 4,000 crore every month, which was like the times before the pandemic dampened businesses.
  • Additional loan demand is coming from equipment finance, tractor and light commercial vehicles.
  • Edelweiss is bracing up for a spurt in credit demand for buying construction equipment amid rising capital expenditures.
  • “In August and September, we have attained business volumes similar to pre-covid levels for secured loans,” said Deepak Mittal, CEO at ECL Finance, the non-bank entity of Edelweiss group.

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