If you want to understand where India’s next credit boom is coming from, don’t look at Mumbai or Delhi. Look at the small towns and villages where a tractor loan or a used-commercial vehicle loan can change a family’s fortunes.

SK Finance Limited is a good example of what that shift looks like in numbers. The company’s Assets Under Management (AUM) went from Rs 7,937 crore in Q1 FY24 to Rs 16,227 crore in Q1 FY27, more than doubling in just three years. That’s not an NBFC finding a niche; that’s a sign of how much room there still is in India’s rural and semi-urban credit markets.