The other loans sector in India has witnessed significant growth, driven by the increasing need for diverse financial products to cater to various segments of the population. This sector includes loans beyond the traditional home, personal, and vehicle loans, such as education loans, business loans, medical loans, and loans for special purposes like marriage or vacation. As financial inclusion grows, a rising number of Indians are availing themselves of specialised loans to meet specific needs.

The market for other loans is growing steadily, fuelled by the expanding middle class, greater access to digital lending platforms, and a shift towards non-bank financial companies (NBFCs) and fintech startups offering tailored loan products. The sector is characterised by a wide range of lenders, including banks, NBFCs, and alternative lending platforms that use technology to streamline the application and approval processes, making loans more accessible.

Startups in this space are leveraging data analytics and AI to offer more personalised lending solutions, improving the borrowing experience and making it easier for consumers to access loans. The increase in online lending platforms is also encouraging competition, pushing for better interest rates and faster disbursement.

Key players in the other loans sector include:

Lendingkart: A leading fintech company offering short-term business loans to small and medium-sized enterprises (SMEs), with a focus on simplifying the lending process through technology.
Faircent: A peer-to-peer (P2P) lending platform that connects borrowers with individual lenders, providing personal loans at competitive rates without the need for intermediaries.
CASHe: A digital lending platform that offers instant personal loans, targeting young professionals with quick access to funds through its mobile app.
As the lending ecosystem continues to evolve, the other loans sector is expected to play an important role in increasing financial inclusion and offering flexible solutions to meet the diverse financial needs of Indian consumers.

Other loans