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ICICI Securities Report
We interacted with loan aggregators including one of the leading financial product distributors in South India to discuss prevalent, prominent and pertinent practices and trends on consumer and lender fronts. Key takeaways:
debt consolidation is incrementally becoming a pertinent practice. Consumers are converting small-ticket unsecured exposure into slightly longer-tenure secured lending.
loans against car are becoming a medium for short-term working capital financing.
home loan plain-vanilla takeover (balance transfer to benefit from lower rates) is reducing while enhancement takeover is as huge as 30-40%.
HDFC Bank Ltd. has consistently got its act well on customers' digital journey, turnaround time and approval rates.
Bajaj Finance Ltd. is process-driven with quick turnaround and favorable payout structure.
Kotak Mahindra Bank Ltd. follows a branch-specific, customer-specific and product-specific approach.
Poonawalla Fincorp is now making its presence felt in many locations.
Cholamandalam Investment and Finance Company Ltd. is pursuing unsecured lending for the past couple of months.
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