CHENNAI, India, Oct. 1, 2024 -- Personal loans have emerged as a crucial financial instrument for individuals seeking to manage various expenses. Offering a convenient solution, personal loans serve various purposes, from medical emergencies and home renovations to taking vacations and debt consolidation. In recent years, the demand for personal loans has surged, driven by the ease of access and the versatility they offer, providing a reassuring financial option for many.

This increase in demand is evident in the numbers: according to the Reserve Bank of India (RBI), digital lenders disbursed loans of over 1.46 Lakh Crore in the financial year 2023-24 and Non-Banking Financial Companies (NBFCs) have played a significant role in disbursing these loans. According to a report by FACE, the number of reports grew by 35 Per cent over 10 crore borrowings in FY24.Over 70 percent of these disbursals are by 28 companies, the maximum among which was NBFCs. Nearly 83% of the lenders reported that they were profitable which indicates personal loan is thriving in India. Leading NBFCs, such as Bajaj Finserv and Tata Capital, have also contributed significantly, with personal loan disbursements growing at 18% year-on-year, painting an optimistic picture of the financial market in India.

FINCOVER.com, being a leading online personal loan aggregator in India, has emerged as the leading loan distributor in India in a short span since their inception. Launched in 2020, the company has distributed personal loans worth over 500 crores in this quarter alone. FINCOVER^® acts as a bridge between borrowers and lenders, allowing users to compare loan offers from various banks and NBFCs with ease. Whether salaried or self-employed, FINCOVER^® caters to a broad spectrum of borrowers, offering personal loans ranging from ₹1 lakh to ₹40 lakhs. This makes the platform a go-to solution for those seeking loans for any purpose. The most dominant segment among personal loans is Salaried IT and ITES employees.

Banks and Financial Institutions seem to have a preference for IT and ITES employees and have come up with exquisite pre-approved loan offers. However, FINCOVER^® is pulling all the stops to ensure no potential IT employee loses out on personal loan opportunities. Giving priority to IT employees, FINCOVER^® streamlines the personal loan application process, allowing for quick approvals so that IT employees can access funds when they need those most. They also connect them a vast number of NBFCs which consider loan sanctioning even to employees with lower credit score such as 650 and above. This inclusive approach makes the platform a go-to solution for those seeking loans for any purpose.

Personal Loan Amount and Interest rates

Why Personal Loans Are More Relevant than Ever for IT employees

The significance of personal loans has increased for several reasons for several IT employees. Most of them cannot do away without them

1. Rising Financial Needs: With inflation and increasing living costs, more people are turning to personal loans for meeting some of their obligations. Whether it's for education, travel, or healthcare, upskilling with some IT certifications, personal loans are much better option
2. Not having to break savings:  During a financial emergency, the tendency is to take out from the savings or swipe one's credit card. Now, both are detrimental in the long term as they could leave the user in a financial crisis. Instead, personal loan is a great choice to meet one's expenses with timely repayments later.
3. Debt Consolidation: Many individuals are using personal loans to consolidate high-interest debts, such as credit card debt, into a single loan with a lower interest rate. Doing so helps in saving more on interest rates.
4. Flexible Usage: Unlike other loans, personal loans do not have any restrictions on end usage. One can use it any way they want.

Conclusion

In today's financial landscape, personal loans have become indispensable tool for managing expenses and ensuring financial stability. With personal loan disbursements growing steadily, more and more employees are getting access to funds. Fincover, as an online financial marketplace, has made significant strides in the digital lending space by simplifying loan process and helping millions of Indians access to funds in a quick time.

About FINCOVER^®

FINCOVER^® is a fintech startup based in Chennai existing from 2020. It is a one-stop platform for all things related to finance leveraging the power of technology.

Their mission is to provide every customer with an affordable and seamless digital premium financing experience and ensure they become financially empowered.

FINCOVER^® provides a platform that enables the user to search and locate the best financial products suited to their needs and wants. They have partnered with India's leading insurers (23 insurance), 50+ banks and NBFCs, and 35+ mutual fund companies to distribute their products. Within a year from inception, they have disbursed more than Rs. 150 crore secured and unsecured loan amounts from various banks and NBFCs in the last financial year and over 10000+ insurance policies.

The company is targeting a 5X growth in the upcoming year and aims to cross Rs. 500 crore in annualized disbursal run rate. Point of Sales persons (PoSP) can use their App or Web portal to assist customers in their financial needs. For more information, visit https://www.fincover.com/.

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