Why NBFCs have become the option of choice for many first-timer borrowers — Explained

NBFCs (Non-Banking Financial Companies) have emerged as the primary gateway for first-time borrowers to access formal credit in India. According to a joint report by FIDC and TransUnion CIBIL, 74% of new-to-credit customers as of June 2026 had used only NBFC credit, highlighting these lenders' extensive reach and role in expanding credit access.