India Personal Loan Market By Source (Bank & Non-Banking Financial Company (NBFC)), By Tenure (Less than 1 Year; 2-3 Year; & 4-5 Years), By Purpose (Home Improvement; Wedding; Travel; & Others), By Interest Rate (10%-15% & 16%-20%), Competition, Forecast & Opportunities, 2025.
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.
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.
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:
Non-Banking Financial Company (NBFC)
- India Personal Loan Market, By Tenure:
Less than 1 Year
- India Personal Loan Market, By Purpose:
- India Personal Loan Market, By Interest Rate:
- India Personal Loan Market, By Regions:
Company Profiles: Detailed analysis of the major companies present in India personal loan market.
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:
- Detailed analysis and profiling of additional market players (up to five).
Table of Contents
1. Product Overview
2. Research Methodology
3. Impact of COVID-19 on India Personal Loan Market
4. Executive Summary
5. Voice of Customer
6. India Personal Loan Market Outlook
- 6.1. Market Size & Forecast
- 6.2. Market Share & Forecast
- 6.2.1. By Source (Bank; Non-Banking Financial Company (NBFC))
- 6.2.2. By Tenure (Less than 1 Year; 2-3 Year; 4-5 Years)
- 6.2.3. By Purpose (Home Improvement; Wedding; Travel; Others)
- 6.2.4. By Interest Rate (10%-15%; 16%-20%)
- 6.2.5. By Region (North, South, East, West)
- 6.2.6. By Company (2018)
- 6.3. Market Attractiveness Index
7. North India Personal Loan Market Outlook
- 7.1. Market Size & Forecast
- 7.2. Market Share & Forecast
- 7.2.1. By Source
- 7.2.2. By Tenure
8. West India Personal Loan Market Outlook
- 8.1. Market Size & Forecast
- 8.2. Market Share & Forecast
- 8.2.1. By Source
- 8.2.2. By Tenure
9. South India Personal Loan Market Outlook
- 9.1. Market Size & Forecast
- 9.2. Market Share & Forecast
- 9.2.1. By Source
- 9.2.2. By Tenure
10. East India Personal Loan Market Outlook
- 10.1. Market Size & Forecast
- 10.2. Market Share & Forecast
- 10.2.1. By Source
- 10.2.2. By Tenure
11. Market Dynamics
- 11.1. Drivers
- 11.2. Challenges
12. Market Trends & Developments
13. Policy & Regulatory Landscape
14. India Economic Profile
15. Competitive Landscape
- 15.1. Company Profile
- 15.1.1. Company Detail
- 15.1.2. Service Charges & Fees
- 15.1.3. Documentation Required for Loan
- 15.1.4. Terms & Conditions of Loan
- 15.2. IDFC First Bank
- 15.3. HDFC Bank
- 15.4. ICICI Bank
- 15.5. TATA Capital
- 15.6. Kotak Mahindra Bank
- 15.7. IndusInd Bank
- 15.8. Fullerton India
- 15.9. Bajaj FinServ
- 15.10. SBI Bank
16. Strategic Recommendations
17. About Us & Disclaimer