As India’s lending industry is growing stronger year after year, personal loan has come out as the most dominant product. According to a study by CRIF High Mark, the lending market in India grew to Rs 174 lakh crore at the end of March 2022.
A report by Equifax, a credit rating company, said that personal loans dominated the sector in the first half of FY 2022-23.
In the H1 of the current financial year, personal loan remained the dominant product accounting for 96% of the volume. However, given the difference in ticket size across products, it accounts for 66% of the value.
Interesting Read: Difference Between BNPL, Credit Card, And Personal Loan
The highest number of personal loans disbursed were in the 0-5k ticket size category.
On a half-yearly basis, overall loan disbursement grew by 62% in value and 153% in volume compared to the same period of the last financial year.
7 Top Trends From the Lending Report
- Total amount disbursed in the H1 of FY 2022-23 was Rs 28,247 crore
- Total number of loans disbursed in the H1 of FY 2022-23 was 2.74 crore
- The average ticket size of the loan was Rs 10,313
- Business loan accounted for 8%
- Consumer durable loan accounted for 9%
- Personal loan accounted for 66%
- Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh, and Telangana accounted for 54% of the total personal loan disbursement
How Paytm Simplifies Personal and Business Loan
Applying for a loan from Indian banks is a gruelling experience as you have to submit multiple documents to apply and avail for the loan. The loan approval process may take up to several business weeks, depending upon the time taken by the lender in processing your documents and other proofs.
For instant personal loan approval, you might want to apply for personal loan online using Paytm. With the rising demand for low interest personal loans among Indian consumers, Paytm has made it simpler for you to apply and receive loans. With Paytm, the time to apply for online personal loan has decreased significantly. Since Paytm has digitised the application, review, and disbursement process, you can receive loans much faster and easier right from your home.
Interesting Read: 5 ways how a working capital loan can help grow your business
Whether you are looking for a personal loan or business loan, you can rely on Paytm for both.
To apply for a personal loan you can directly go to the Paytm app and upload all the required documents. You don’t have to visit any bank branch as Paytm solves that hassle with technology. You can use Paytm’s personal loan calculator to check your EMI. For any emergency funding requirement, you can avail instant personal loan online of up to Rs 3 lakh using Paytm. You don’t have to worry about EMIs as we offer attractive personal loan interest rates.
With the help of tech, Paytm also ensures that more and more personal loan applications are approved. Irrespective of whether you earn a fixed salary, run a business, or are self-employed, your loan application will get the fair chance of getting approved on the Paytm app.
For business loans, you can use Paytm for Business app to apply for working capital loans that are collateral free.
Conclusion
As is clear by the report, more and more people are looking for loans. As India’s relationship with lending changes, it is important for consumers and merchants to adopt lenders who leverage tech to improve their lending process.
Being the leader in offering tech-enabled financial products, Paytm is best suited and very well positioned to offer lending services to consumers.
Frequently Asked Questions
Question 1: What are the documents needed to apply for a personal loan?
Answer: To apply for a personal loan on Paytm, you need to upload your photograph, address proof, date of birth proof, PAN card, source of income proof, and bank account details. You don’t need to go anywhere to apply for a personal loan via Paytm. You can simply open the Paytm app, upload the documents, and receive the loan in your account.
Question 2: What is the maximum loan amount I can get from Paytm?
Answer: The final sanctioned loan amount will differ from one person to another based on different factors. You can borrow a maximum of Rs 3 lakh on Paytm every month.
