Personal loans soar in India boasting 33% CAGR over four years: NBFC tracker report

Personal loans in India have exhibited an impressive Compound Annual Growth Rate (CAGR) of 33% over the last four years, surpassing overall credit growth. Notably, there was a significant 20.8% increase in credit growth between September 2022 and 2023, said a new report. This upswing was primarily driven by a surge in personal loans (32.5% growth) and agricultural lending (43.7% growth), as highlighted in Forvis Mazars in India’s latest NBFC tracker report.