Fintech-driven NBFCs in India grow loans ~25.6% YoY, outpacing industry

India’s fintech-led non-bank finance companies (NBFCs) saw active loan growth of about 25.6% year-on-year in Q2 FY26, significantly above the overall NBFC industry growth of ~15.1%. These fintech NBFCs, operating on small-ticket, high-volume loan models, continue to outperform despite moderation in broader credit demand. Analysts say the trend underscores investor interest in digital-first credit platforms and potential shift in capital allocation. Asset-quality and cost of funds remain focus areas, but the growth differential is notable amid a moderate macro backdrop.