25 YEARS IN INDIA: LEADING WITH IMPACT
Advances deep-dive
(select products)
MSME Loan: Lower interest rates & economic revival to aid future growth
MSME segmental share of credit outstanding at NBFCs
Credit growth of MSMEs (% y-o-y)
NBFC
Bank
Overall
67
10
66
55
65
64
पु
65%
63%
61%
23%
21%
15%
12%
13% 15%
10%
11%
4%
7%
33
34
35
36
35
37
39
10%
6%
7%
I
6%
10%
-8%'
2%
3%
3%
8%
7%
FY17
FY18
FY19
FY20
FY21
FY22E
FY23P
FY17
FY18
FY19
FY20
FY21
FY22E
FY23P
LAP
Non LAP
Non-banks MSME
19%
20%
22%
22%
22%
20%
20%
Credit growth of LAP MSME (% y-o-y)
NBFC
Bank
21%
18%
16%
20%
14%
12%
11%
8%
8-10%
7-9%
3%
6-8%
4%
-3-5%-
FY17
FY18
FY19
FY20
FY21
FY22E
FY23P
52%
52%
51%
49%
48%
48%
48%
E- Estimated, P- Projected
Source: CRISIL Research; BCG analysis
XX%
Share of NBFCs
Credit growth of non-LAP MSME (% y-o-y)
28%
26%
21%
NBFC
Bank
13-14%
17%
11%
12-13%
8%
7%
8%
6%
1%
1%
0%
8%
9%
11%
11%
11%
10%
10%
40
40
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