Personal Loan Search Rises Up By 25%, Driven By Emergency Needs: Techmagnate Report

A remarkable 25.73 per cent increase in searches related to 'personal loans in the year 2023, finds a recent report by Techmagnate. 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 has unveiled its latest report on search trends in India for financial year 2023.

This search trends report reveals  the surge is attributed to a combination of aggressive brand marketing strategies and the increasing urgency for financial assistance in times of emergency.

Key Highlights of the Personal Loan search trends report are that the overall personal loan search volumes in India have grown by 25.73 per cent in FY23, indicating a significant increase in online interest and consideration. While well-known players like Bajaj Finserv (39.50 per cent share of voice) and HDFC Bank (37.12 per cent 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 per cent year-on-year (YoY) growth in brand search volume. Additionally, brands like L&T Finance (up by 171.57 per cent), Kotak Mahindra Bank (up by 66.63 per cent) and PNB (up by 69.79 per cent) 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.

Sharing his thoughts about the report, Sarvesh Bagla , Chief executive officer (CEO) of Techmagnate, said, "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."