For India’s festive shoppers this year, convenience clearly trumped bargain-hunting. A new Paisabazaar survey of over 10,200 consumers reveals a major shift in borrowing behaviour with 42% of respondents choosing lenders offering instant loan disbursal and minimal paperwork over those with the lowest interest rates. In contrast, only 25% said that the interest rate was their top priority.

The findings highlight how personal loans are increasingly being used for aspirational and planned purchases, rather than just for emergencies.

Advertisement

Convenience and digital access appear to be driving this change. According to the survey, 42% of respondents picked lenders based on the speed of disbursal and simplicity of the documentation process.

A massive 80% preferred digital platforms to

See Full Page