Digital Drives: Festive Personal Loans See Surge in Instant Disbursals

A survey by Paisabazaar reveals a growing trend of prioritizing instant loan disbursals and digital processes over interest rates during festive seasons. Consumers are increasingly using personal loans for festive expenses, with home renovation, electronics, and fashion shopping being the top categories.

A recent survey conducted by Paisabazaar, India's premier marketplace for consumer credit, indicates a significant shift in borrowing behavior among consumers. With the festive season in full swing, respondents are placing greater importance on quick loan disbursals and seamless digital processes rather than traditional factors such as interest rates.

The survey, which involved over 10,200 participants, highlighted that 42% opted for lenders offering speedy disbursal with minimal paperwork. Meanwhile, 25% still considered the lowest interest rates as their primary criterion, illustrating a tendency towards efficient and straightforward borrowing experiences.

Santosh Agarwal, CEO of Paisabazaar, remarked on the evolving credit ecosystem, noting that consumers are now more confident in taking loans for both essential and non-essential expenses. The data also notes that loans for home renovation and electronics are in high demand, reflecting diverse financial needs during the festive period.

(With inputs from agencies.)