Card lending is expected to remain the most dynamic area of consumer credit in India over the forecast period. Card lending is projected to account for 71% value share of gross lending by 2028, up from 38% in 2019.
Mainstream financial service providers will continue to dominate overall consumer credit with approximately two thirds share of gross lending disbursements over the forecast period. However, alternative financial service providers are set for more dynamic growth, driven by easier lending terms, quicker approvals, better overall service, and higher convenience for consumers.
Over the forecast period, the aspirations of Indian consumers with respect to passenger cars is likely to further evolve, driven by a rising employed population, and leading to improving demand for sports utility vehicles (SUVs) and crossovers, especially medium crossovers. In addition, government investments in enhancement of road infrastructure, through the expansion of highways and road networks across the country, is also set to benefit by making owning and driving passenger cars and SUVs more appealing and convenient.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in India with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See All of Our DefinitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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