Digital Loans in the Era of FinTech and the Challenges of Loan Recovery.
The Consumer Based Economic Segment is currently going through a very tumultuous phase. All types of Banking and Non Banking Financial Institutions are trying to bank upon the same segment. The Uber Rich Indian Population which buys rich items and pays timely is not an issue for Lenders. However, the low income group who struggles to barely meet the basic ends, Micro Lending Comes into Picture. For the low income group buying Bikes and Smart Phones is a necessity for these groups to carry out their daily work. Challenge starts when these low income group default on these Micro Loans.