Small Ticket Loans Under 1 Lakh Form 50% of Personal Loan Segment: Report
Small ticket loans now make 50 per cent of the personal loan segment and their ticket size is below Rs 1 lakh, says CRIF High Mark report. Here are four trends observed in the lending market post Covid. Small ticket loans with values of less than Rs. 1 lakh have contributed close to 50 per cent of the overall personal loan market. “The majority of people have preferred small-ticket loans, as they offered a quick online process, instant disbursal, better management of loans, and reduced ticket values.” According to a report corroborated by TransUnion CIBIL Score and Google, millennials (age group 26 – 41) formed the bulk of the retail loan borrower accounts. So, what led to this trend? Here are the details. Some Recent Trends Seen by Fintech’s/Non-Banking Financial Companies (NBFCs) Higher Interest among Consumers after Covid-19: Sucheta Mahapatra, managing director, Branch, a personal finance application, says that they saw the demand for loans rise by two times during the peak of t