Digital Marketing Unleashes Growth: India’s Personal Loan Search Trends

According to a report by digital marketing agency Techmagnate, the number of searches for personal loans in India is increasing rapidly, indicating a shift in customer behavior. The search trends for personal loans cover a wide range of purposes, including emergencies, home and vehicle purchases, marriages, and vacations. This presents a significant opportunity for financial institutions and loan providers to capitalize on this growing market. The report analyzed search trends for the personal loan industry, including search volume, types of queries, and market shares. It found that the personal loan industry in India saw a 25.73% increase in search volume from the previous fiscal year. This growth aligns with data from the Reserve Bank of India, which shows a 30.8% increase in personal loans in August 2023 compared to the previous year. The report also highlights the top 5 Indian brands for personal loans by search volume, including HDFC Bank, SBI, Bank of Baroda, ICICI Bank, and Axis Bank. It notes that while HDFC Bank experienced a 7.12% growth in search volume, SBI saw a slight decrease of -2.52%. The report suggests that there are three niche opportunities within the search trends for financial institutions and Fintechs to explore: searches for low credit scores, “near me” or local searches for personal loans, and vernacular searches. It recommends that institutions develop tailored financial products for those with low credit scores, implement educational content