BENGALURU: The digital lending industry, which has surged in the past few years, faces its first-ever slowdown due to the covid-19 crisis, with credit volumes taking a severe hit for many startups. “A large part of the impact started right after the country went into lockdown, since something of this scale hasn’t happened in the past.
It became clear that large lenders including digital lenders were unprepared for a situation like this," said Naveen Kukreja, chief executive officer (CEO) and co-founder, Paisabazaar.com. "Since we work with various lenders, we see approval rates of new loans in the 10% to 25% margin compared to original volumes," Kukreja added.