New Delhi [India]February 20: Techmagnate, a leading digital marketing agency, has released its latest report on personal loan search trends in India for 2023.
As the demand for personal loans increases, more consumers are turning to Google for answers to their personal loan inquiries. To understand the changing customer preferences in the insurance industry, Techmagnate, a leading digital marketing agency, has released its latest report on India search trends for 2023.
This search trends report shows an astonishing 25.73% jump in searches related to “personal loans.” This surge is believed to be a combination of aggressive brand marketing strategies and an increased urgency for emergency financial assistance.
Sharing his thoughts on the report, Techmagnate CEO Sarvesh Bagla said: “India's personal loan market is undergoing dynamic and rapid transformation. Increased search volume across financial institutions, loan types and purposes reflects the maturation of the market driven by evolving consumer needs and preferences. I am.
Brands that take advantage of these search trends and build strong digital marketing strategies to increase awareness among their target audience will be able to dominate in their segment. ”
Key Highlights of the Personal Loan Search Trends Report
* Overall, personal loan searches in India grew by 25.73%% in FY23, indicating a significant increase in online interest and consideration.
*While established players such as Bajaj Finserv (39.50% market share) and HDFC Bank (37.12% market share) continue to dominate, the market is witnessing exciting diversification in terms of brands. I am.
* Bank of Baroda has emerged as the new challenger with an impressive 158.61% year-on-year growth in brand search volume, displacing ICICI Bank from the top three. Moreover, brands like L&T Finance (+171.57%), Kotak Mahindra Bank (+66.63%) and PNB (+69.79%) have shown impressive growth trajectories.
* Purpose-based searches are shaping the market, with “emergency loans” and “mortgage loans” emerging as the top two categories by search volume. This reflects an increased reliance on personal loans to address immediate financial needs and support long-term aspirations such as home ownership.
* Demand for convenient, hassle-free loan options is evident with a 32.48% increase in searches for 'instant personal loans'. This trend highlights a growing preference for digital loan platforms and streamlined application processes.
* Bangalore is the most searched city for personal loans, followed by Hyderabad, Delhi, Chennai and Mumbai.
Tier 2 cities such as Coimbatore, Jaipur and Lucknow have also seen a noticeable increase in searches for personal loans, suggesting market penetration of personal loan products and growing aspiration in smaller towns.
Many other insights like the above in the Personal Loan Search Trends report serve as a valuable resource for industry participants, providing actionable insights for navigating consumer behavior in the personal loan market. .
Techmagnate is India's leading digital marketing agency offering comprehensive digital marketing services. We specialize in working with enterprise-level clients to optimize their online presence and achieve their digital marketing goals. We combine data analytics, technology, and industry expertise to develop and execute effective marketing campaigns that drive results.
For media inquiries or access to the complete Personal Loan Search Trends Report, please contact us at +91-9910308266 or visit https://www.techmagnate.com/contact-us.html .
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