Personal Loan: Customers are happy with the fast and easy process for festival loans..

People's preferences for personal loans are changing. They are no longer hesitant to pay high interest rates. They prioritize fast and easy online processing. Customers have found such personal loans particularly popular during the festive season. This information was revealed in a Paisabazaar survey.

More than 10,200 people participated in this Paisabazaar survey. The survey revealed that 42% of people chose their lender based on the convenience of getting a loan quickly with minimal documentation. For only 25%, the lowest interest rate was a priority. This clearly shows that people are now placing greater importance on speed and ease of obtaining a loan.

Use of Online Platforms
80% of those surveyed said they prefer using online platforms to compare and apply for loans. Of these, 53% believe that quick approval and disbursement can make the loan experience easier.

According to this research, 41% of people took a personal loan for the first time to spend on festivals. This represents a new beginning in this segment. 46% said they would likely take out a personal loan again for the upcoming festivals. This shows that people are beginning to see personal loans as a reliable option.

Improving Credit System
Paisabazaar CEO Santosh Agarwal said that nowadays, people are increasingly relying on personal loans not only for essential needs but also for their desires, lifestyle, and festive spending. This demonstrates the improved credit system. The survey shows that people prefer online methods that make borrowing easy, transparent, and convenient.

Loan for What Purpose
According to the survey, the top reasons for taking personal loans during festivals were home renovation and furniture purchases, accounting for 18%, followed by household items, electronics, and festival shopping or gift purchases (15%). People were also taking loans to purchase gold and silver (12%), repay old debts (10%), and purchase fashion and lifestyle items (10%). The survey also revealed that approximately 60% of people took out a festive personal loan for less than ₹5 lakh. Meanwhile, 42% chose to repay the loan in less than 5 years.

Disclaimer: This content has been sourced and edited from Navbharat Times. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.