Consumers turn to buy now pay-letter loans: 35% growth

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MUMBAI: Declining economic activity is on the rise due to the Corona epidemic and credit demand is also showing signs of healthy growth. Demand for buy now pay-letter (BNPL) loans from new customers has increased by an average of 3 per cent. After the lockdown, a large number of Indians have gone out and turned to shopping.

The trend of buying on loan or EMI is increasing among Indians. In addition to house-vehicle, many items including mobiles, laptops, consumer appliances are being bought on an attractive and convenient scheme of paying in installments.

Demand for this specialty has grown significantly as a result of recent corporate scandals. As the festive season begins, lenders expect distributions to double in the next two months.

Experts in the banking sector said, "We expect this to be the festive season and signs are already being received. In September alone, we have 90% more new customers signing up and transacting with us.

The interest of retailers seeking to enable BNPL has increased. He added that BNPL's offer on physical stores has doubled in September, with new customer applications increasing 10-fold in the last three months. In addition to metro cities, tier-3 and tier-3 markets have registered three times more demand than metros.

Speaking of consumer demand, we expect TVs and smartphones to be in the biggest category, followed by home appliances, online fashion, home-decoration etc. Demand for electric vehicles is also high and we expect our electric two-wheeler business to double next month.

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