According to Tech Magnate's latest report, searches related to 'personal loans' are expected to grow by 25.73 percent in 2023. As the demand for personal loans continues to rise, more and more consumers are turning to Google to find answers to their queries related to personal loans. To understand the changing preferences of customers in the insurance industry, Tech Magnate has released its latest report on search trends in India for FY23.
The search trends report reveals that this surge is due to a combination of aggressive brand marketing strategies and a growing urgency for financial relief during these times.
A key highlight of the personal loan search trends report is that searches for personal loans in India grew by 25.73% overall in FY23, signaling a significant increase in online interest and consideration. While big names like Bajaj Finserv (share of voice 39.50%) and HDFC Bank (share of voice 37.12%) maintain their dominance, the market is seeing an exciting diversification in terms of brands. Bank of Baroda has emerged as the new challenger, registering a staggering 158.61% growth in branded search volume YoY, displacing ICICI Bank from its top three position. Additionally, brands like L&T Finance (up 171.57%), Kotak Mahindra Bank (up 66.63%) and PNB (up 69.79%) are also showing 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, signaling an increased reliance on personal loans to address immediate financial needs and support longer-term aspirations such as homeownership.
The demand for convenient and hassle-free loan options is also evident from a 32.48% increase in searches for “instant personal loans.” This trend highlights the increasing preference for digital loan platforms and streamlined application processes. The city with the highest search volume for personal loans is Bengaluru, followed by Hyderabad, Delhi, Chennai, and Mumbai.
Searches for personal loans have also seen a notable increase in tier-2 cities such as Coimbatore, Jaipur and Lucknow, signalling growing market penetration of personal loan products and rising aspirations even in smaller towns.
Sharing his thoughts on the report, Sarvesh Bagla, CEO, Tech Magnates said, “The personal loan market in India is dynamic and undergoing rapid change. The rise in the number of searches across lending institutions, loan types and objectives reflects the market maturing with evolving consumer needs and preferences. Brands that leverage these search trends and create a strong digital marketing strategy to drive awareness among their target audience will be able to lead the way in their space.”
