India Consumer Credit Market Overview
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Growth Rate: 9.70% (2025-2033)
The India consumer credit market is experiencing robust growth, driven by rising disposable incomes, increasing digital penetration, and the expanding availability of credit products across urban and rural regions. According to the latest report by IMARC Group, The India consumer credit market size reached USD 37.28 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 91.88 Billion by 2033, exhibiting a growth rate (CAGR) of 9.70% during 2025-2033.
India Consumer Credit Industry Trends and Drivers:
India's consumer credit market is growing fast. This growth is fueled by a rising middle class, higher disposable incomes, and increased consumer spending. Digital lending platforms and fintech companies are changing the credit landscape. They provide easy and accessible credit options. Smartphone usage and internet access are making it simpler to obtain credit online, boosting market growth. The popularity of Buy Now, Pay Later (BNPL) services is shifting consumer buying habits. This trend is increasing the demand for short-term credit solutions. The expanding e-commerce sector is also driving market growth. More consumers are using credit to pay for their online purchases. Government efforts to promote financial inclusion are helping underserved populations access credit. The rising demand for consumer goods, cars, and housing is pushing the need for various credit products. This includes personal loans, auto loans, and home loans.
Fintech players are most effective at improving credit access to consumers by ensuring that the timelines of both consumers and lenders align. If fintech players can convince traditional lenders, who deal with the core infrastructure, to generate much more credit, they will ensure a multi-fold increase in credit for consumers. The possibilities that are emerging to create value for Fintech players and the entire ecosystem is immense. The complementary aspects of lending that will improve consumer access to credit, while reducing lending costs for lenders is very strong. Of course the risk is that reduced access for consumers will cut back on the large expected revenue, as lenders draw back. To increase customer experience and engagement, many fintechs are directly partnering with lenders also to understand better how to steadily improve the lending experience as they witness the initial disbursement and how that impacts engagement with a roll out of active incentives and subsidized products. Fintech platforms have their interest in ensuring that the momentum for a solution lasts past the first loan engagement between consumer and lender. Improving the entire life cycle of consumer engagement lends better chances for longer term earning streams from lenders as they gain consumers possibly referred from an app or website.
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India Consumer Credit Industry Segmentation:
The report has segmented the market into the following categories:
Credit Type Insights:
Revolving Credits
Non-revolving Credits
Service Type Insights:
Credit Services
Software and IT Support Services
Issuer Insights:
Banks and Finance Companies
Credit Unions
Others
Payment Method Insights:
Direct Deposit
Debit Card
Others
Regional Insights:
North India
South India
East India
West India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
Market Performance (2019-2024)
Market Outlook (2025-2033)
COVID-19 Impact on the Market
Porter’s Five Forces Analysis
Strategic Recommendations
Historical, Current and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Structure of the Market
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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