Demand For Personal, Vehicle Loans Surged By 12% In Last 4-month: Report

The demand for personal and vehicle loans, including two-wheelers and four-wheelers, has surged by 12 per cent in the last four months, according to a report by Teamlease Services.

The report noted that with the onset of the festive season, the Banking, Financial Services, and Insurance (BFSI) sector in India is gearing up to manage increased customer activity and transactions.

According to the report, to manage this, financial institutions are focusing on building a skilled workforce capable of delivering efficient customer service and enhancing digital banking operations during this busy period.

It also added that the BFSI sector is witnessing a significant rise in job opportunities, especially in retail lending, microfinance institutions(MFI) and payment services. As per report, it is driven by the festive shopping season, which started with Ganesh Chaturthi in September and will continue until November.

The report mentioned that the festive season will directly impact job openings in the retail lending and MFI space, which are expected to increase from 12,000 to 19,000 between July and November 2024.

The demand for MFI services will grow by 25 per cent, showcasing the sector's focus on financial inclusion and small-scale lending.

Additionally, hiring in payment services will increase by 41 per cent, while the credit card segment is projected to witness a 32 per cent increase in job openings. This surge is led by the expanding use of digital payment solutions and credit offerings during the festive season.

The data also noted that financial institutions are not only expanding their workforce but are also focusing on upskilling current employees to meet the high market demands during this busy season.

"The festive season is always a high-pressure time for the BFSI sector, but this year, we are seeing exceptional growth in demand for skilled employees. From retail lending to payment services, the sector is evolving rapidly, and our data shows that companies are responding by expanding their workforce and focusing on upskilling initiatives to deliver seamless services during this crucial period" said Krishnendu Chatterjee, VP and Business Head, TeamLease Services.

With a strong focus on digital innovation and customer-centric services, financial institutions are prepared to meet increased activity and deliver exceptional service through a well-prepared workforce. (ANI)