Digital transformation has led to growth in online-app-based platforms
The India Consumer Durable Finance Market is set for a CAGR of 21.85% through 2029, reaching US$3.95 billion, up from US$1.21 billion in 2023, says a ResearchAndMarkets report.
Also known as the consumer electronics finance market, it is a vital component of the country’s financial sector that facilitates the purchase of various consumer durables and electronics, according to the “India Consumer Durable Finance Market, By Region, By Competition Forecast & Opportunities, 2019-2029”.
Products like refrigerators, washing machines, smartphones, televisions, laptops, and other household and personal electronic items are the main component of the market https://consumerhelpline.gov.in/ .
Banks, non-banking financial companies (NBFCs), and retail companies offer various financing options, including personal loans and Equated Monthly Installments (EMI) schemes https://www.cholamandalam.com/ . Consumers can choose a repayment plan “that best suits” their financial situation.
The digital transformation in the finance sector has led to the growth of online and app-based platforms that offer instant approval and paperless loan application processes, making it more convenient for consumers, said the report posted 21 Mar 2024.
Many financial institutions have partnerships with consumer electronics retailers, making it easier for customers to access financing options at the point of purchase.
The market is highly competitive, leading to competitive interest rates and terms. This benefits consumers by providing them with choices and the ability to select the best finance deals.
The consumer durable finance market has evolved to include a wide range of products, from smartphones to high-end home appliances, catering to various consumer needs, according to the report.
The market has incorporated technological advancements, such as instant credit approval, online application processes, and digital signatures, simplifying the financing process. The India Consumer Durable Finance Market https://rbi.org.in/ is expected to continue growing, driven by increasing consumer aspirations for high-quality electronics and the convenience of flexible financing options.
Leading the market are: Bajaj Capital Limited, Birla Global Finance Limited, Housing Development Finance Corporation, ICICI Group, LIC Finance Limited, L & T Finance Limited, Mahindra & Mahindra Financial Services Limited, Muthoot Finance Ltd, Cholamandalam and Tata Capital Financial Services Ltd. Fiinews.com
