The India Personal Loan Market is predicted to expand at a staggering rate of about 10% over the forecast time. Personal loans are one that doesn't require security or collateral and requires very few documents. A personal loan can be borrowed from a credit union or online lender. You pay it back with fixed monthly installments or in installments, usually over a period of between two and five years. Here, we will discuss the India Personal Loan Market Forecast, Growth, Size, and Share 2022-2027.
There are two kinds that personal loans secured loans and unsecured loans. Secured personal loans require the use of some type of collateral, while loans that are unsecured don't require collateral. Unsecured personal loans are used for a range of purposes, such as making a wedding payment or home improvement and consolidating debts or making medical payments, and other purposes.
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The growing gap between expenditure and income, coupled with increasing aspirations, specifically among young people are the main factors that drive the Indian personal market for loans. Furthermore, the volume of loans for personal use is smaller and easier to obtain which further propels the market. Additionally, the digital revolution has resulted in lower prices which will positively affect the market over the years to come.
India's personal market for loans is divided by the source, tenure and interest rate, the business, and location. Based on the source the market could be divided into banks and non-banking financial companies (NBFC).
The banks are likely to be the dominant market over time since the percentage of banks is higher than other credit unions in the nation. Additionally, if a current bank customer is able to apply for an individual loan with a particular bank, he/she will be offered certain benefits and services. Based on the reason for the application the market could be divided into weddings, home improvement travel, and so on. Weddings are expected to lead the industry because the Indian majority of people opt to take out personal loans for the wedding of their own or the wedding of a close family member.
The main players in the India Personal Loan Market are IDFC First Bank, HDFC Bank, ICICI Bank, TATA Capital, Kotak Mahindra Bank, IndusInd Bank, Fullerton India, Bajaj FinServ, SBI Bank, and many more.
Years that are considered in This Report India Personal Loan Market
- Historical Years: 2015-2018
- Base Year: 2019
- Estimated Year: 2020
- Forecast Period: 2022-2027
The objective of the Study India Personal Loan Market
- To study and forecast the dimension of India Personal Loan Market.
- To define as well as forecast India's personal market for loans based on the source tenure, the purpose of the loan, interest rate, and regional and company distribution.
- To identify the main drivers and issues in India's personal market for loans.
- To determine and analyze the competitive landscape of the top players operating in India Personal Loan Market.
TechSci Research performed both primary as well as extensive secondary research in this study. In the beginning, TechSci Research sourced a list of companies in the nation. Then, TechSci Research conducted primary survey research with the selected firms. When interviewing, participants were also asked questions about their competition. This method of interviewing, TechSci Research could include those companies that cannot be discovered because of limited secondary research. TechSci Research analyzed the companies as well as the presence of all the important players across the country.
TechSci Research calculated the market size of the India Personal Loan Market employing a bottom-up method using which data for different segments of the end-user were recorded and forecasted for the upcoming years. TechSci Research sourced these values from industry experts and representatives of companies, and then externally verified these values by analyzing the historical data for these product types and applications to arrive at an accurate, global market size. Diverse secondary sources like news articles on company websites or press releases, annual reports of companies' presentations to investors along with financial documents were analyzed through TechSci Research.
Key Target Audience for India Personal Loan Market
- Personal loan companies.
- Consulting and market research firms.
- Authorities of the government, such as regulatory authorities as well as policymakers.
- Alliances, forums, and associations in connection with personal loans.
The study can be useful in providing solutions to a variety of critical questions that are crucial to the stakeholders in the industry including suppliers, manufacturers as well as end users, and so on. In addition, it assists them to make better decisions about investment strategies and maximizing market opportunities.
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