Personal loans are steadily climbing up the ladder again, in terms of consumer demand and overall popularity. And they have contributed greatly towards a booming festive shopping scenario in recent months as per several reports. The spread of easy-to-use loan apps and access to instant credit have naturally fuelled pent-up demand after two years of the pandemic. Customers are now going all out with their festive purchases as per several reports and digital lending platforms are witnessing a rise in demand for loans with smaller ticket sizes. 

Many experts have stated how the quarter between October and December has multiple festivals and other special occasions, leading to higher consumption in the retail segment. More customers spend on items including precious metals, cars, electronics, and other categories. The increase in retail consumption is naturally associated with higher credit demand across the customer base, along with higher competition amongst multiple loan apps and other digital lending platforms to attract customers and grab a higher piece of pie in this period. 

Multiple discounts, special offers, and other incentives from lenders and brands are also drawing more people towards taking personal loans and other short-term credit for fulfilling their desires. The festive season has already seen incentives like quick and instant discounts, cashback, and pre-approved loan deals. Multiple lending platforms, banks, NBFCs, and other institutions are already rolling out the red carpet for consumers, making it easier for them to access credit. 

How are things shaping up so far? 

It is not just about conventional personal loans; customers are more inclined towards offerings like BNPL (buy now pay later) and no-cost EMIs from brands like LazyPay for their small purchases. Many lenders are providing credit without any processing fees, while interest rates on gold and personal loans are increasingly getting more attractive in this period. Online e-commerce platforms are also tying up with several digital lenders in order to draw higher customer volumes. They are also offering special discounts on multiple types of payment along with easier loan integration alongside. 

Several leading banks are also offering instant cash discounts of up to 10% for purchases of specific amounts on leading e-commerce portals. Many lenders are also providing no-cost EMIs for customers. Some are giving processing fee refunds or waivers for select customers while many are offering pre-approved personal loans which are faster to obtain. With more demand for various products, brands have also stepped up production, leading to more demand for business loans as a natural outcome of the current trends. 

Credit demand has already gone up exponentially throughout MSMEs and top business houses right from the eve of the festive period. MSMEs are also more inclined towards digital loans and this has been another boost for several fintech players and a shot in the arm for technology-based credit mechanisms. Several lenders are also going all out to integrate more new-age payment methods and applications used by MSMEs for their payments and distribution. 

Capital access has become significantly easier for both individual customers and MSMEs, with quick disbursals, fast and paperless applications and processing, data-driven loan underwriting, zero human intervention, and a seamless user experience. This is especially seen in personal apps like LazyPay through their XPress Cash offering, which offers users quick cash disbursals with minimum documentation. This is helpful for those looking for swift credit access throughout this festive period, both for transactions and also to meet other expenditures. One aspect is undisputed, however- personal loans have now become digitized and are fuelling growing festive shopping volumes across sectors. The trend should continue in the future according to industry experts, with more customers getting onto the digital bandwagon. Of course, a retail shopping boom equates to a more positive industry outlook and higher job creation prospects as well. 

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