NCD Issue Opens on 7 August 2026
NCD Issue Closes on 20 August 2026
About Paisalo Digital Limited
Paisalo Digital Limited, incorporated in 1992, is an RBI-registered, non-deposit-taking NBFC classified in the Middle Layer. The company provides financial services to micro-entrepreneurs, MSMEs and underserved customers across rural and semi-urban India, with a strong focus on women borrowers.
Its principal products include Micro Enterprise Loans, MSME and business loans, along with Business Correspondent services offered in partnership with public-sector banks. These services include account opening, deposits, remittances, cash transactions, pension products, micro-insurance, enrolment in government social-security schemes, small-value loans and loan recovery.
As of 31 March 2026, Paisalo Digital operated across 22 states and union territories through 5,299 touchpoints, comprising 422 branches, 3,381 distribution points and 1,496 customer-service points. The company served approximately 16 million customers.
More information is available on the official Paisalo Digital website.
Paisalo Digital NCD Rating
| S.No. | Rating Agency | NCD Rating | Outlook | Safety Degree | Risk Degree |
|---|---|---|---|---|---|
| 1 | Brickwork Ratings India Pvt. Ltd. | BWR AA | Stable | High degree of safety | Very low credit risk |
The BWR AA/Stable rating indicates a high degree of safety regarding the timely servicing of financial obligations and very low credit risk. However, AA-rated NCDs carry higher risk than AAA-rated securities and are not equivalent to bank fixed deposits or government securities.
Brickwork Ratings has cited Paisalo Digital’s established franchise, strong capitalisation, experienced management, comfortable liquidity and healthy asset quality as supporting factors. The company’s ability to maintain asset quality while expanding its loan book remains an important monitorable factor. The rating details are available in the official Brickwork Ratings rationale.
Paisalo Digital NCD August 2026 Details
| Particulars | Details |
| Issue Open | 7 August 2026 |
| Issue Close | 20 August 2026 |
| Security Name | Paisalo Digital Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures |
| Shelf Issue Size | Rs. 900.00 Crore |
| Base Issue Size | Rs. 150.00 Crore |
| Oversubscription Option | Rs. 150.00 Crore |
| Tranche I Issue Size | Rs. 300.00 Crore |
| Issue Price | Rs. 1,000 per NCD |
| Face Value | Rs. 1,000 per NCD |
| Minimum Lot Size | 10 NCDs |
| Minimum Investment | Rs. 10,000 |
| Market Lot | 1 NCD |
| Listing At | BSE |
| Basis of Allotment | First Come, First Served |
| Debenture Trustee | Axis Trustee Services Ltd. |
| Lead Manager | Tipsons Consultancy Services Pvt. Ltd. |
| Registrar | Alankit Assignments Ltd. |
The official issue documents, including the Shelf Prospectus, Tranche I Prospectus and addendum, are available through Paisalo Digital’s investor-relations page.
The issue may close earlier if it receives sufficient subscription. Investors seeking a particular series should avoid waiting until the final day.
Paisalo Digital NCD Allocation
| Investor Category | Allocation |
| Institutional | 25.00% |
| Non-Institutional | 25.00% |
| HNI | 25.00% |
| Retail | 25.00% |
| Total | 100.00% |
The issue provides an equal allocation of 25% to each investor category. Allotment will be undertaken on a first-come, first-served basis, subject to the final terms of the issue.
Paisalo Digital NCD Coupon Rates
| Particulars | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 |
| Interest Payment | Monthly | Monthly | Monthly | Annual | Monthly | Annual |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 18 Months | 24 Months | 36 Months | 36 Months | 60 Months | 60 Months |
| Coupon Rate | 9.00% | 9.15% | 9.50% | 9.92% | 10.00% | 10.47% |
| Effective Yield | 9.38% | 9.53% | 9.92% | 9.91% | 10.46% | 10.46% |
| Amount on Maturity per NCD | Rs. 1,000 | Rs. 1,000 | Rs. 1,000 | Rs. 1,000 | Rs. 1,000 | Rs. 1,000 |
Series 1 to Series 3 and Series 5 provide monthly interest, making them relevant for investors seeking regular income. Series 4 and Series 6 provide annual interest.
Series 6 offers the highest coupon of 10.47% per annum, while Series 5 offers a 10.00% monthly coupon and an effective yield of 10.46%. Both series require investors to accept five years of exposure to the issuer’s credit risk.
The highest coupon should not be the sole reason for selecting a series. Investors must also consider the tenure, frequency of interest payments, taxation and possible secondary-market liquidity.
Which Paisalo Digital NCD Series Is Best?
| Investor Requirement | Relevant Series | Chanakya View |
| Shortest investment period | Series 1 – 18 Months | Lower yield but shorter credit exposure |
| Monthly income with moderate tenure | Series 2 – 24 Months | Suitable for relatively cautious income seekers |
| Best balance of yield and tenure | Series 3 – 36 Months | 9.92% effective yield with monthly income |
| Annual income for three years | Series 4 – 36 Months | Suitable for investors not requiring monthly cash flow |
| Highest monthly income | Series 5 – 60 Months | Attractive yield but long credit exposure |
| Highest annual coupon | Series 6 – 60 Months | 10.47% coupon with annual payment |
Chanakya Preference: Series 3 appears to offer the most balanced combination of monthly income, effective yield and tenure. Series 5 may suit investors seeking higher monthly income, while Series 6 may be considered by investors comfortable receiving interest annually.
Objects of the NCD Issue
| S.No. | Objects |
| 1 | Onward lending and financing activities |
| 2 | Repayment of principal and interest on existing borrowings |
| 3 | General corporate purposes |
The proceeds will support Paisalo Digital’s lending activities and liability management. Expanding the loan book may increase future income, but it also requires disciplined underwriting, collection efficiency and maintenance of asset quality.
Paisalo Digital Financial Information
| Particulars (Rs. Crore) | FY26 | FY25 | FY24 |
| Assets | 6,191.66 | 5,086.12 | 3,903.44 |
| Total Income | 917.41 | 734.83 | 605.04 |
| Profit After Tax | 234.69 | 197.69 | 177.02 |
| Net Worth | 1,792.98 | 1,534.98 | 1,329.42 |
| Total Borrowings | 3,117.50 | 2,377.84 | 1,828.13 |
Chanakya Interpretation
Paisalo Digital reported healthy growth during FY26. Total income increased by 25% to Rs. 917.41 crore, while PAT rose by 19% to Rs. 234.69 crore. Assets increased by approximately 22%, and net worth grew by nearly 17%.
The company’s growing income, profits and net worth support its debt-servicing capacity. However, total borrowings increased by approximately 31% to Rs. 3,117.50 crore, faster than the growth in net worth. Investors should therefore monitor leverage, borrowing costs, collection efficiency and asset quality.
Paisalo Digital NCD Subscription Status
Live subscription data was not available at the time of preparing this review. Investors should check the latest category-wise subscription figures before applying.
Strong subscription may lead to early closure or reduced allotment. However, subscription demand alone should not be treated as an indicator of credit quality or future secondary-market performance.
Key Strengths
✅ BWR AA/Stable rating, indicating high safety and very low credit risk.
✅ Secured NCDs backed by a charge over identified company assets.
✅ Coupon rates of up to 10.47% per annum.
✅ Minimum investment of only Rs. 10,000.
✅ Operations across 22 states and union territories.
✅ Large network of 5,299 customer touchpoints.
✅ Approximately 16 million customers across rural and semi-urban India.
✅ FY26 total income increased by 25%, while PAT rose by 19%.
✅ Established relationships with public-sector banks through the Business Correspondent model.
✅ Monthly and annual interest-payment options.
Key Risks
⚠ AA-rated NCDs carry more credit risk than AAA-rated debt instruments.
⚠ Secured status does not guarantee timely repayment if the issuer faces financial stress.
⚠ Total borrowings increased by approximately 31% during FY26.
⚠ Rapid loan-book expansion may create asset-quality and collection risks.
⚠ The company serves micro-enterprises and underserved borrowers, who may be more vulnerable to economic disruptions.
⚠ Five-year series create longer exposure to interest-rate and issuer-specific credit risks.
⚠ Listed NCDs may experience limited secondary-market liquidity.
⚠ NCD interest is taxable according to the investor’s applicable income-tax slab.
⚠ These NCDs are not covered by bank deposit insurance.
Address of the Company
Paisalo Digital Limited
CSC, Pocket 52, C.R. Park
Near Police Station
New Delhi – 110019
Phone: +91 562-4028888
Email: cs@paisalo.in
NCD Registrar
Alankit Assignments Ltd.
Phone: 011-42541234 / 23541234 / 42541201
Email: rta@alankit.com
NCD Lead Manager
Tipsons Consultancy Services Pvt. Ltd.
Paisalo Digital NCD August 2026 Review
Paisalo Digital NCD August 2026 offers a combination of an AA/Stable credit rating, secured structure and yields of up to 10.46%. Compared with BBB-rated NCD issues, Paisalo Digital offers a stronger credit profile, although the available returns are correspondingly lower.
The company has a diversified operating network, an established Business Correspondent model, growing income and healthy profitability. Its large rural and semi-urban customer base provides growth opportunities as financial inclusion increases across India.
The key concern is the rapid growth in borrowings, which increased to Rs. 3,117.50 crore in FY26. The company must maintain collection efficiency and asset quality while expanding its loan portfolio.
The issue may be suitable for moderate-risk investors seeking regular income above many traditional fixed-income products. Nevertheless, investors should avoid concentrating a substantial part of their debt portfolio in one NBFC issuer.
Who Should Invest in Paisalo Digital NCD?
| Investor Type | Suitability |
| Investors seeking monthly income | 🟢 Suitable |
| Investors seeking returns above many bank FDs | 🟢 May Consider |
| Conservative investors seeking AAA-level safety | 🟡 Consider higher-rated alternatives |
| Investors comfortable with AA-rated NBFC debt | 🟢 Suitable |
| Investors requiring immediate liquidity | 🔴 Not Suitable |
| Investors with a diversified debt portfolio | 🟢 May Consider |
Frequently Asked Questions
What is the Paisalo Digital NCD August 2026 issue?
It is a public issue of secured, redeemable, non-convertible debentures under a Rs. 900 crore Shelf Prospectus. Tranche I has a base size of Rs. 150 crore and an oversubscription option of Rs. 150 crore, taking the total tranche size to Rs. 300 crore.
What is the minimum investment in Paisalo Digital NCD?
The minimum application is 10 NCDs of Rs. 1,000 each, requiring an investment of Rs. 10,000.
What is the highest coupon rate offered by Paisalo Digital NCD?
Series 6 offers the highest coupon of 10.47% per annum for 60 months with annual interest payments.
Which Paisalo Digital NCD series offers monthly interest?
Series 1, Series 2, Series 3 and Series 5 provide monthly interest payments.
What is the credit rating of Paisalo Digital NCD?
The NCD is rated BWR AA/Stable by Brickwork Ratings, indicating a high degree of safety and very low credit risk.
Is Paisalo Digital NCD secured?
Yes. The NCDs are secured by a charge over identified assets. However, secured NCDs still carry credit, recovery and liquidity risks.
When will Paisalo Digital NCD close?
The issue is scheduled to close on 20 August 2026, although it may close earlier according to the offer terms.
Can investors sell Paisalo Digital NCD before maturity?
The NCDs are proposed to be listed on BSE and may be sold after listing. However, the actual selling price and liquidity will depend on market demand, interest rates and the issuer’s credit profile.
Is Paisalo Digital NCD better than a bank fixed deposit?
Paisalo Digital NCD may offer a higher return than many bank fixed deposits, but it also carries higher credit and liquidity risks and is not covered by deposit insurance.
Chanakya Final View
Paisalo Digital NCD August 2026 offers an attractive combination of an AA/Stable rating, secured structure, established NBFC franchise and yields of up to 10.46%. Its expanding distribution network, public-sector bank partnerships and growing profitability strengthen the investment case.
Series 3 provides a balanced option for investors seeking monthly income with a three-year tenure. Investors willing to accept a five-year commitment may consider Series 5 for monthly income or Series 6 for the highest annual coupon.
Rising borrowings, microfinance exposure and possible secondary-market liquidity constraints remain important risks. Investors should restrict their exposure and diversify across issuers and fixed-income instruments.
Chanakya Recommendation: 🟢 APPLY WITH LIMITED ALLOCATION
Suitable for moderate-risk income investors, subject to portfolio diversification and acceptance of NBFC credit risk.