India’s Festive Borrowing Boom: Gen Y (High Income group) Shine Bright in Bharatloan’s Festive Index!

National, 2nd December 2024: – This festive season, India’s financial landscape glimmered with a surge in loan applications, as revealed by Bharatloan, one of the country’s leading NBFCs. The Bharatloan Festive Borrowing Index presents fascinating insights into how Indians across age groups, income brackets, and regions embraced credit to amplify their festive celebrations.

Who Borrowed Big This Festive Season?

The numbers are in, and they’re as vibrant as Diwali fireworks! Individuals earning between ₹25,000 and ₹35,000 per month accounted for the largest slice of the borrowing pie. This middle-income salaried segment recorded a 6x increase in loan uptake compared to other months, proving that borrowing is now a go-to financial tool for upgrading festivities with high-value purchases.

But that’s not all—there’s a paradigm shift in financial behaviour. While traditionally loans were associated with lower-income groups, this season showcased a surge in higher-income brackets embracing credit. The trend underlines a growing cultural shift: leveraging credit for smart spending and celebration upgrades is no longer a taboo.

Gen Y( Millennials): The Trailblazers of Festive Loans

If there’s one group redefining how Indians approach loans, it’s Gen Y(Millenials). Representing a significant chunk of Bharatloan’s borrowers this season, these tech-savvy, aspirational individuals are showing the nation how to use financial tools with confidence. Their festive borrowing patterns reflect a modern, progressive approach to financial management—seamlessly balancing celebration with responsibility.

Maharashtra Takes the Crown

As constant with the regular borrowing trend  of India, Maharashtra  has always been the undisputed leader in driving loan activity, with over 18,000 leads generated in October alone. Its strong showing reflects the state’s love for festive grandeur and high-value purchases. Close on its heels were Karnataka (12,000 leads), Tamil Nadu (10,000 leads), and Delhi (9,000 leads). The data paints a vibrant picture of India’s festive spending culture, with southern and northern states contributing robustly to the borrowing bonanza.

Commenting on the trends, Amit Bansal, Founder of Bharatloan, shared,“This festive season, we observed an exciting transformation in borrowing behaviour. From middle-income groups embracing credit to millennials( GenY)  leading the charge, the data speaks volumes about how Indians are making smarter financial decisions to celebrate with style. Bharatloan is proud to be a part of their financial journey, helping them ease their loan hiccups and elevate their festive experiences.”

The Bharatloan Festive Borrowing Index not only highlights the financial empowerment of salaried individuals but also showcases a pan-India celebration of culture and aspirations. As borrowing behaviours evolve, Bharatloan continues to lead the way with customer-centric financial solutions tailored to the modern Indian consumer.

For more information or to join Bharatloan’s affiliate program, visit www.bharatloan.com.

About BharatLoan

Bhara Loan is a financial innovator making waves in the loan industry. Since their launch in 2023, they’ve been dedicated to simplifying access to financial resources, particularly for salaried professionals in major cities.  They leverage modern technology to provide a completely digital loan experience, smooth and hassle-free.  Financial inclusion is a core value for Bharat Loan. They believe everyone deserves a fair chance to access the resources they need.  Transparency and security are paramount, and they’re committed to responsible practices that contribute to a greener future.  By offering faster and more accessible loan options, BharatLoan empowers individuals to achieve their goals with confidence.For more information, visit: BharatLoan.com