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India Digital Lending Market Is Driven By Rising Government Initiatives Towards Digitization In the Country: Ken Research

08-10-2022 10:14 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Ken Research Pvt Ltd

India Digital Lending Market Is Driven By Rising Government

Market Overview

Customers have started switching from conventional lending ways to digital lending methods as a result of the accessibility and simplicity of these platforms. Because of the advantages, it offers to consumers over digital platforms, the Indian market for digital lending is expanding positively. The variety of loans available, quick processing times, cheaper interest rates, and a surge in smartphone usage in India, among other advantages, have all helped the digital lending business expand. Additionally, the government is developing policies to encourage digital lending in the nation, and the RBI and other banks are continuously promoting digital development in India. As NBFC platforms have worked with other digital platforms like e-commerce, ride-hailing, travel, logistics, and more, digital lending has grown in popularity in India. This is because it is now more widely accepted across different customer segments.

Report Analysis

According to the research report, "India Digital Lending Market Outlook to FY'2027- Driven by the Growing Internet Population, Increasing Demand for App-Based Instant Loans, and Variety of Consumer Loans being offered in the Market" states that the market is propelled due to India's high number of platforms and the country's digitization, credit disbursed in the digital lending market is predicted to increase the market growth during the forecasted period. Due to the sustained and rapid digitization and escalating use of cutting-edge technologies, the penetration of digital banking has significantly expanded in India.

For more information on the research report, refer to below link:-

https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/india-digital-lending-market-outlook/574446-93.html

Companies are beginning to investigate emerging technologies such as data analytics, AI, ML, deep learning, and robotics in the financial industry as deeper digitalization of the financial sector including credit dispersion is possible. Many banks are projected to have a higher adoption rate for the model of dispensing credit via digital mode - from lead generation to loan disbursement - in the next years.

India Digital Lending Market is the number of Digital Loans provided to consumers in India via Digital Channels such as Online Platforms and Mobiles. The India Digital Lending Market by NBFCs is the total of Digital Loans made available to consumers through Digital Channels such as Online Platforms and Mobile Apps by Organized and Unorganized NBFCs in India.

Impact of COVID-19

People's lifestyles have changed as a result of the Covid outbreak. One example is the increase in online payments, which has fuelled the rise of the BNPL area of consumer financing. BNPL deals have increased significantly in the recent few years. Many people have begun to use this payment technology as a result of the crisis of shrinking jobs and unpredictable income following covid. The BNPL system is popular among young people and those who are taking out credit for the first time. The simplicity and low cost of the BNPL payment system are the main reasons for its popularity. Despite serving as a credit card substitute, it is interest-free for the vast majority of consumers.

Future Projections

India's Digital Lending Market will grow rapidly in the impending years due to the growing digitization in the country. The digital lending market is fast expanding due to a rising number of affordable alternative lending methods, and it will continue to do so in the next years. Given the consistent adoption rate, digital lending is projected to expand in demand in the projected time period of 2027. Changes in consumer behaviour and the increased use of smartphones are also contributing to market growth.

For more information on the research report, refer to below link:-

https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/india-digital-lending-market-outlook/574446-93.html

Related Reports:-
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/india-buy-now-pay-later-market-outlook-to-2026/515064-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/banking/india-atm-managed-services-outlook-to-2026/472828-93.html

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

support@kenresearch.com

+91-9015378249

Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India

Ken Research is a research based management consulting company. We provide strategic consultancy to aid clients on critical business perspective: strategy, marketing, organization, operations and technology transformation, advanced analytics, corporate finance, mergers & acquisitions and sustainability across all industries and geographies. We provide business intelligence and operational advisory across 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies. Some of top consulting companies and Market leaders seek our intelligence to identify new revenue streams, customer/ vendor paradigm and pain points and due diligence on competition.

We currently cater to 300+ sectors with 150,000+ research repository across 196+ countries serving 1000+ clients and have partnered with almost 25+ content aggregators.

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