Over the last few years, personal loans have managed to gather immense popularity in India.
One of the personal loan reasons for the huge growth is the increasing gap between income and expenses and increasing goals.
The COVID-19 pandemic has also driven the personal loan market in India. With pay cuts, job losses becoming the norm, many people resorted to personal loans to arrange funds.
What’s more, one of the personal loan reasons for immense growth is its availability with so many features. It is easier to apply, get approval for and repay over a flexible tenor. All these reasons make the best personal loan one of the most applied in India.
Also, many types of personal loans for debt consolidation, marriages, travel, medical emergencies and more make it a versatile solution.
And not surprisingly, the share of personal loans has increased to 24% from 16.6 as per data from the RBI.
Highlights indicating personal loan growth
- The recent RBI report says that personal loan makes for more than one fourth of total credits being rolled out in 2020.
- Youngsters have been applying for personal loans more – there has been a trend suggesting growth in unsecured lending.
- NBFCs have become one of the key personal loan application sources – they have less stringent terms for approval.
- The number of female borrowers is on the rise – it stood at 34.2% compared to 21.1% share in the last 5 years.
- 37% of customers availing different types of personal loans in 2020, 37% applied to meet emergency needs like health and medical care.
Personal loans are versatile financial solutions. Anyone meeting eligibility terms and being able to repay EMIs on time can easily get approval for a significant amount.
Bajaj Finserv comes with pre-approved offers on personal loans, home loans, business loans and more. It is to ease off the processing of the loan.
You can check your pre-approved loan offers today by sharing your basic details like your name and mobile number.
