Personal Loan Search Trends in India: Harnessing Digital Marketing to Unleash Growth
The number of searches for personal loans in India is growing rapidly, indicating an evolution in customer behavior we have not seen before. Searches for personal loans extend to emergencies, home & vehicle purchases, marriages, vacations, and more. What opportunities do these search trends present for financial institutions and loan providers? Techmagnate, a leading digital marketing agency in India, has the answer. In the dynamic landscape of India's financial sector, non-banking financial companies (NBFCs), traditional banks, and lending institutions are presented with an unparalleled opportunity to harness the surgingsearch trends in the personal loan market.
A report by Techmagnate,a leadingdigital marketing agency in India, analyzed search trends for the personal loan industry based on their volumes, types of queries, and even their market shares. By delving into the data and insights from recent search trends, financial institutions can strategically amplify their digital marketing efforts to capture a growing audience whose needs have not been fully catered to yet.
Techmagnate’s comprehensive analysis of over 18,000 keywords reveals that the overall Personal Loans industry in India witnessed significant growth in search volume, with a substantial 25.73% increase from 51.64L searches in FY’22 to 64.92L searches in FY’23. Data from the Reserve Bank of India (RBI) shows that personal loans have grown by 30.8% in August 2023 as compared to the previous year.
While the RBI is cautioning banks and lending institutions to put stringent checks in place for loan disbursals, the data on hand corroborates with what people are searching for. Additionally, the total credit to borrowers was INR 47.7 trillion in Aug’23, which
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