Personal Loan Segment to Boost the Global Unsecured Loan Market
The
rise in demand for unsecured loans because of fast disbursement rate and
increasing digitalization is one of the leading factors driving the global unsecured
loan market during the forecasted period.
According to
TechSci Research report, “Unsecured Loan Market – Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”, The Global Unsecured Loan
Market is anticipated to project robust growth in the forecast period due to attractive
marketing strategies, increasing online portals, non-requirement of
collateral and fast disbursement rate. Using chatbots with AI features is a prominent trend
anticipated to affect new product launches throughout the projected period.
A loan that doesn't require
any sort of collateral is known as an unsecured loan. Lenders approve unsecured
loans based on a borrower's creditworthiness, rather than their assets as
collateral. Personal loans, student loans, and credit cards are a few examples
of unsecured loans. A secured loan, in which the borrower
promises a specific asset as security for the loan, contrasts with an unsecured
loan. The assets that have been pledged, raise the lender's
"security" for making the loan. In the event of a secured
loan default, the lender has the right to take back the collateral in order to
cover its losses. In contrast, the lender cannot seize any asset if a borrower
fails on an unsecured loan. However, the lender has other options as well,
including hiring a collection agency to get the money back or taking the
borrower to court.
There are various types of
unsecured loans. A personal loan may also be repaid in installments. Customers
have the option of repaying the loan in equated monthly
installments (EMIs). Personal loans are offered by banks and NBFCs
(non-banking financial institutions), both online and offline. Students can
obtain financial aid from banks and NBFCs, in the form of education loans to
help them reach their academic objectives. These loans help students with their
living expenses, tuition, books, and stationery costs. Typically, credit card loans
are unsecured loans. Customers can, therefore, obtain loans against credit
cards if they require immediate cash. These loans are typically pre-approved
and could have higher interest rates than personal loans. Banks, however,
provide credit card loans to a limited number of credit cardholders based on
their payment history, credit score, and other factors. Home improvement loans
provide consumers with the money they need to renovate and enhance the
appearance of their homes. Customers also gain the benefit of raising their
property's value in the real estate market by taking out home improvement loans
to make improvements to their residence. A farmer can apply for an agricultural
loan to pay for seasonal farming operations or associated pursuits like raising
livestock, fishing, or making land and equipment purchases. Banks will consider
pensioners for specialized personal loans. These loans are also known as
"pension loans" by pensioners. Customers must abide by the pension
loan regulations, including the pension loan age restriction, in order to be
eligible for pension loans. Government, military, and family pensioners, up to
the age of 76, may apply for the loan.
Browse over xx market data
Figures spread through xx Pages and an in-depth TOC on the "Global Unsecured Loan Market".
The Unsecured Loan
Market is segmented based on type, provider type, interest rate and tenure.
Based on type, the market is segmented into personal loan, education loan,
credit card loan, agricultural loan, home improvement loan and others (short
term business loan, consumer durable loan etc.).
The market is further divided into bank,
non-banking financial companies and others (fintech companies), based on provider
type. On the basis of interest rate, the market is segmented into fixed rates
and floating rates. Based on tenure, the market is fragmented into less than 3
years, 3-5 years, more than 5 years. On the basis of region, the market is
segmented into North America, Europe, Asia-Pacific, Middle East & Africa
and South America.
Key market players in the Unsecured
Loan Market include:
- Bank of America
Corporation
- Citigroup, Inc.
- Wells Fargo
& Co.
- U.S. Bancorp
- PNC Financial
Services Group, Inc.
- American
Express Company
- Ally Financial
Inc.
- Truist
Financial Corporation
- Bank of China
- HDFC Bank Ltd.
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"Using chatbots with AI
features is a significant trend expected to impact growth over the forecasted
period. Easy application process, non-requirement of collateral and fast
disbursement rate are the leading factors that will positively impact the Unsecured
Loan Market. Due to the wide range of unsecured loans available to meet the
specific needs of customers and the growing popularity of the internet channel,
the market is growing.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
Unsecured Loan Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented
By Type (Personal
Loan, Education Loan, Credit Card Loan, Agricultural Loan, Home Improvement
Loan and Others (Short Term Business Loan, Consumer Durable Loan etc.), By
Provider Type (Bank and Non-Banking Financial Companies and Others (Fintech
Companies)), By Interest Rate (Fixed and Floating), By Tenure (Less than 3 Years,
3-5 Years and More than 5 Years), By Region, Competition, has
evaluated the future growth potential of Unsecured Loan products and provides statistics and information on market structure,
size, share, and future growth. The report is intended to provide cutting-edge
market intelligence and help decision-makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities present in Unsecured Loan marketglobally.
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