India personal loan market is expected
to grow at a formidable rate of around 10% during the forecast period. A personal
loan is a loan that does not require collateral or security and is offered with
minimal documentation. A personal loan is borrowed from a bank, credit union or
online lender that you pay back in fixed monthly payments, or installments,
typically over two to five years. There are two types of personal loans:
secured and unsecured loans. A secured personal loan requires some type of
collateral whereas the unsecured loans, do not require any collateral. Unsecured
personal loans can be used for a wide range of application such as paying for a
wedding, making home improvements, consolidating debt, paying medical bills,
among others.
The increasing
gap income and expenditure coupled with rising aspirations, especially among
the young population are the key factors driving the India personal loan
market. Additionally, the size of personal loans is much smaller and easy to access
which is further propelling the market. Further, digitisation has resulted in
lowering costs, which is anticipated to positively influence the market in the
coming years.
India personal loan market is
segmented based on source, tenure, purpose, interest rate, company and region.
Based on source, the market can be bifurcated into bank and non-banking
financial company (NBFC). Banks are expected to dominate the market during
forecast period since the penetration of banks is far more than any other
credit union in the country. Further, if an already existing bank customer
applies for a personal loan in that bank, he/she gets some additional benefits
and services. Based on purpose, the market can be fragmented into home
improvement, wedding, travel and others. The wedding segment is expected to
dominate the market since the Indian population is usually opting for personal
loans when its either their own marriage or some close relative’s.
The major players operating in 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 others.
Years considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021–2025
Objective of the
Study:
- To analyze and forecast the market size of India
personal loan market.
- To classify and forecast India personal loan market
based on source, tenure, purpose, interest rate, company and regional
distribution.
- To identify drivers and challenges for India personal
loan market.
- To identify and analyze the profile of leading
players operating in India personal loan market.
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TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of companies across the country. Subsequently, TechSci Research conducted
primary research surveys with the identified companies. While interviewing, the
respondents were also enquired about their competitors. Through this technique,
TechSci Research could include the companies which could not be identified due
to the limitations of secondary research. TechSci Research analyzed the companies
and presence of all major players across the country.
TechSci Research calculated the market size of India personal loan market by using a bottom-up approach, wherein data for various end-user
segments was recorded and forecast for the future years. TechSci Research
sourced these values from the industry experts and company representatives and
externally validated through analyzing historical data of these product types
and applications for getting an appropriate, overall market size. Various
secondary sources such as company websites, news articles, press releases,
company annual reports, investor presentations and financial reports were also studied
by TechSci Research.
Key Target Audience:
- Personal loan providers
- Market research and
consulting firms
- Government bodies such as
regulating authorities and policy makers
- Organizations, forums and
alliances related to personal loan
The study is useful in providing answers
to several critical questions that are important for the industry stakeholders
such as manufacturers, suppliers and partners, end users, etc., besides
allowing them in strategizing investments and capitalizing on market
opportunities.
Report Scope:
In this report, India personal
loan market has been segmented into following categories, in addition to
the industry trends which have also been detailed below:
- India Personal Loan Market, By Source:
- Bank
- Non-Banking Financial Company (NBFC)
- India Personal Loan Market, By Tenure:
- Less than 1 Year
- 2-3 Year
- 4-5 Years
- India Personal Loan Market, By Purpose:
- Home Improvement
- Wedding
- Travel
- Others
- India Personal Loan Market, By Interest Rate:
- India Personal Loan Market, By Regions:
o
North
o
South
o
East
o
West
Competitive
Landscape
Company Profiles: Detailed analysis of the major
companies present in India personal loan market.
Available
Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
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