The report states that this surge in online shopping has triggered a 40-50% spike in borrowing among consumers, driven by Buy Now, Pay Later (BNPL) offers. The company expects to see a 40-50% spike in loan applications, 2 times growth in disbursals, and over Rs 1500 crore of disbursements with over 10 lakh applications expected during the festive season this year.
The report reveals an 11% surge in demand, surpassing the modest 7% growth witnessed during the initial quarter of this year. Manish Lunia, Co-Founder of FlexiLoans, said in a statement, “The festive season is a colossal opportunity for businesses and consumers alike. At FlexiLoans, we have witnessed an unwavering trend of robust loan demand during this period, emblematic of the thriving economic sentiment.”
This festive season promises over 50% sales spike in segments like consumer durables and cars. Additionally, there is expected to be a 20%+ spike in specific sectors like jewellery, fashion, and footwear. The consumer durables and automobiles sectors are expected to soar by over 50%. Simultaneously, segments such as jewelry, fashion, and footwear anticipate an impressive sales surge of more than 20%.
The top sectors of demand spike for loans include Retail Garments, FMCG/Kirana, Industrial Goods, Consumer Durables, Mobile, Pharmacy, and Auto Ancillaries.Ritesh Jain, Co-Founder of FlexiLoans, said, “As we enter this festive season, FlexiLoans remains steadfast in our mission to bolster the growth of small and medium-sized businesses. We take immense pride in being pioneers of financial access and empowerment, especially in emerging markets and tiered cities. Our unique loan offerings, strategic partnerships, and cutting-edge digital underwriting capabilities empower us to respond swiftly to the ever-evolving needs of our diverse customer base.”
