Whether you’re an aspiring finance expert or just looking for some fun facts, we’ve put together some interesting and surprising tidbits about financial products and more in India. Test your knowledge and dive into the fascinating world of finance!
- India’s First Credit Card Was Launched in 1980
In 1980, the first Indian credit card was launched by Citibank, marking the beginning of credit card culture in India. Over the years, credit card usage has grown exponentially, with millions of Indians using them for everything from shopping to travel.
- Personal Loans Are Among the Fastest-Growing Loan Products in India
The personal loan market in India has witnessed tremendous growth. In fact, personal loan disbursements surged over 30% year-on-year in recent years, reflecting India’s growing need for quick, unsecured financial assistance for everything from weddings to medical emergencies.
- India’s Home Loan Market is Huge and Still Expanding
The Indian home loan market has been growing steadily, and as of 2023, it is estimated to be worth over ₹20 lakh crore! With more young Indians opting for homeownership, the demand for affordable home loans has increased dramatically.
- The Highest Loan Ever Given in India Was for a Big Business Expansion
In 2022, Reliance Industries took out one of the largest loans in Indian corporate history: a ₹75,000 crore loan. This was used to finance their expansion into new sectors, including green energy and telecommunications.
- India’s Average Credit Card Debt is Around ₹40,000
Credit card debt in India varies by demographic, but the average credit card debt per user in India stands at about ₹40,000. As more people turn to credit cards for convenience, managing this debt has become a key focus for Indian consumers.
- The Fastest-Growing Digital Lending Sector in India
Digital loans are revolutionizing India’s credit landscape, with platforms offering everything from instant personal loans to buy-now-pay-later (BNPL) services. In 2022, digital lending grew by more than 60%, especially in urban and semi-urban areas.
- MUDRA Loans: Empowering Indian Small Businesses
Launched in 2015 by the Indian government, the MUDRA (Micro Units Development & Refinance Agency) scheme provides low-interest loans to small businesses. Over ₹20 lakh crore has been disbursed through MUDRA loans, helping millions of entrepreneurs thrive in India’s rapidly growing economy.
- India Has Over 60 Million Homeowners with Mortgages
As of 2023, there are more than 60 million homeowners in India who have taken out home loans. The Indian home loan market continues to see strong growth, with low-interest rates and government schemes like PMAY (Pradhan Mantri Awas Yojana) making homeownership more accessible.
- The Average Indian Family Spends More Than 50% of Income on Loans
A 2022 report found that the average Indian family spends over 50% of its income on repaying loans, especially home loans and personal loans. Managing this debt is key to maintaining financial stability and avoiding financial stress.
- India’s Largest Loan Ever Taken Was for an Infrastructure Project
The largest ever loan in India was taken by the National Highway Authority of India (NHAI), amounting to ₹80,000 crore. The loan was for the construction and maintenance of new highways across the country, aiming to boost infrastructure and improve transportation.
- Women’s Loan Borrowing is on the Rise
In recent years, women borrowers in India have been increasing. More women are accessing personal loans, home loans, and business loans, with women now accounting for over 30% of personal loan borrowers. This shift reflects India's changing economic landscape and empowerment of women.
- India is the World’s Second-Largest Market for Smartphones, Boosting Digital Payments
India is the second-largest market for smartphones after China, and this has significantly boosted digital payments and mobile banking. In fact, UPI (Unified Payments Interface) transactions in India have crossed ₹20 lakh crore in recent years, making India one of the world’s largest digital payment markets.
- India’s Small Business Financing Needs Are Massive
Small and medium-sized enterprises (SMEs) in India contribute around 30% of the country’s GDP. The government and private banks have been increasingly offering working capital financing to help these businesses expand and grow, contributing significantly to India’s economic progress.
- The Minimum Credit Score to Get a Loan in India is 650
While different financial institutions may vary in their requirements, a credit score of 650 or above is typically required to qualify for personal loans or home loans in India. A higher score can help you get better loan terms, including lower interest rates.
Bonus Fun Financial Fact
India is home to the world’s largest financial inclusion program, Pradhan Mantri Jan Dhan Yojana (PMJDY), which has opened over 45 crore bank accounts for previously unbanked citizens. This initiative has been crucial in promoting savings, insurance, and easy access to credit.
We hope you enjoyed these fun facts about India’s vibrant financial services industry! Want to learn more about how we can help you with credit cards, personal loans, home loans, mortgages, business loans, and working capital financing? Explore our services today!