Consumer loans hit Q1 record as electronics prices jump 12-40%, pushing buyers to financing
NBFC consumer durable loans surged 42% YoY to ₹68,814 crore while banks lagged at 4.3% growth. Financing now covers 40% of smartphone sales even as the handset market contracts 11%. Bajaj Finance booked 16.4M loans in Q1, up 22% YoY, with 67% of financed smartphones routed through NBFCs.
Consumer financing hit a record in Q1 as electronics prices rose 12-40%, pushing buyers to loans. NBFCs like Bajaj Finance drove growth, with financing now 40% of smartphone sales amid a contracting handset market.