Highest loan defaults from late salary payments: Report

With the downturn in the economy, a report finds that delay in payment of salaries by employers is the top reason for retail loan defaults across India. More than 36% of loan defaults were due to late salary credits, said the report by Paytm-backed CreditMate, which looked at payment patterns of 2 lakh borrowers from fintechs and NBFCs in 30 states.

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