India Personal Loan Market By Source, Industry Size, Share, Trends, Opportunity and Forecast 2025 - TechSci Research
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 ea...