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Personal loan business grows despite tightening interest rate regime

Pratik Bhakta

March 03, 2023 | 5 Min Read

March 03, 2023 | 5 Min Read

India’s appetite for credit hasn’t diminished even amid higher interest rates and a tightening macroeconomic climate. Unsecured credit, in particular, has grown over 25% over the last year.

Even as the country has entered a higher interest rate cycle, consumers are still opting for quick credit to satiate their consumption needs.

Data from the Reserve Bank of India (RBI) shows that unsecured personal loans are up 25.6% between January 2022 and January 2023—one of the biggest spikes in the last few years. Overall retail lending, which counts all forms of consumer credit, including vehicle loans, home loans, and consumer durable loans, has grown a robust 20.4% in the same period.

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