Personal Loan Search Rises Up By 25.73% In India, Driven By Emergency Needs: Techmagnate's FY'23 Report

Personal Loan Search Rises Up By 25.73% In India, Driven By Emergency Needs: Techmagnate's FY'23 Report

Bengaluru is the city with the highest search volume for personal loans, followed by Hyderabad, Delhi, Chennai, and Mumbai.

ANIUpdated: Tuesday, February 20, 2024, 11:35 AM IST
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Personal Loan Search Rises Up By 25.73% In India | File

Techmagnate, a leading digital marketing agency, has released their latest report on Personal Loan Search Trends in India for FY'23.

As the demand for personal loans continues to rise, more consumers are relying on Google to seek answers to their inquiries about personal loans. To grasp the shifting customer preferences within the insurance sector, Techmagnate, a leading digital marketing agency, has unveiled its latest report on search trends in India for FY'23.

This search trends report reveals a remarkable 25.73% surge in searches related to 'personal loans.' The surge is attributed to a combination of aggressive of brand marketing strategies and the increasing urgency for financial assistance in times of emergency.

Sharing his thoughts about the report, Sarvesh Bagla, CEO of Techmagnate, states: "The Indian personal loan market is undergoing a dynamic and rapid transformation. The rising search volume across lending institutions, loan types, and purposes reflects a maturing market driven by evolving consumer needs and preferences.

Brands who tap into these search trends and create a robust digital marketing strategy to gain visibility with their target audiences will be able to lead in their segment."

Key Highlights of the Personal Loan Search Trends Report

- Overall, the Personal loan search volumes in India grew by 25.73% in FY'23, indicating a significant increase in online interest and consideration.

- While established players like Bajaj Finserv (39.50% Share of Voice) and HDFC Bank (37.12% Share of Voice) maintain dominance, the market is witnessing exciting diversification in terms of brands.

- Bank of Baroda emerges as the new challenger, displacing ICICI Bank from the Top 3 with a remarkable 158.61% year-on-year growth in brand search volume. Additionally, brands like L&T Finance (+171.57%), Kotak Mahindra Bank (+66.63%), and PNB (+69.79%) are demonstrating impressive growth trajectories.

- Purpose-driven searches are shaping the market, with "Emergency Loan" and "Home Loan" emerging as the top two categories by search volume. This indicates a growing reliance on personal loans to address immediate financial needs and support long-term aspirations like homeownership.

- The demand for convenient and hassle-free loan options is evident in the 32.48% increase in searches for "Instant Personal Loan." This trend highlights the growing preference for digital loan platforms and streamlined application processes.

- Bengaluru is the city with the highest search volume for personal loans, followed by Hyderabad, Delhi, Chennai, and Mumbai.

- Tier 2 cities like Coimbatore, Jaipur, and Lucknow have also seen notable growth in personal loan search volumes, suggesting a wider market penetration of personal loan products and growing aspirations in small towns.

Many other insights like the above in Personal Loan Search Trends Report serve as a valuable resource for industry stakeholders, providing actionable insights to navigate consumer behaviour in the personal loan market.

Techmagnate is India's leading digital marketing agency, providing comprehensive digital marketing services. We specialize in working with enterprise-level clients to optimize their online presence and achieve digital marketing goals. We use a combination of data analytics, technology, and industry expertise to develop and execute effective marketing campaigns that drive results.

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