“We have given up trying to decode what Home Credit does,” said the founder of a company that helps non-bank lenders raise money.
To be fair, there’s nothing traditional about how the eight-year-old Czech Republic-based non-banking financial company (NBFC) has built its lending business in India. Home Credit, which came to India in 2012, has lent money to nearly 10 million Indians since. Except, none of them would be served by risk-averse banks or the more risk-embracing fintechs.
The NBFC has lent to those below a ‘CIBIL score’ of 600—as opposed to a good borrower with a score of 750-900.