A personal loan is an unsecured loan that you can avail from banks, fintech companies and other non-banking financial companies. Although offered to all earning individuals for a wide range of loan amounts, personal loans are becoming a popular choice of finance among borrowers below the age of 35 and for finance below Rs 50,000. While the personal loan demand fell among the young borrowers due to the pandemic, millennial participation in the personal loan market increased from 27% to 41% in the last two years. The demand for small ticket personal loans had an annual increase of 162% by March 2020.
Statistics – CreditScape-Personal Loans Dec 2020 by CRIF High Mark)