From an average default rate in collection efficiency at 2-3 per cent in pre-Covid times, non-banking finance companies (NBFCs) are now seeing 6-8 per cent of borrowers missing their payment schedules during the second wave of the pandemic. IIFL Finance has halted fresh disbursements for unsecured loans for micro-businesses & personal loans.source https://economictimes.indiatimes.com/industry/banking/finance/nbfcs-stop-lending-on-fear-of-rising-defaults/articleshow/82901185.cms
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