Fellocraft Research • Dashboard 1 of 8
India's Personal Loan Market —
the online marketing landscape
A data-backed analysis of how India's banks, NBFCs, fintechs, and aggregators compete
for the personal loan customer online. Covering the organic, paid, AI, and social channels across 12 leading brands.
Period Apr 2024 – Apr 2026
Scope 12 brands
Geography India
Data source Semrush, Company reports
Published April 2026
Total market size
₹13.2 L Cr
Personal loan outstanding, Mar 2026
YoY growth
+22%
FY25 → FY26 disbursal growth
Digital origination
64%
Of new loans initiated online
Avg ticket size
₹1.8 L
Weighted across bank + fintech
Section 01 — Market sizing
The personal loan book is growing faster than any other retail credit category
The scale of the opportunity
₹13.2 lakh crore
Personal loan outstanding in India stood at approximately ₹13.2 lakh crore as of March 2026,
up from ₹10.8 lakh crore a year earlier. This is now the second-largest retail credit category
after home loans, having overtaken credit card balances and auto loans.
+22% YoY
Market split by lender type
Banks still dominate, but fintechs own the volume game
Private Banks
44% share • ~₹5.8 L Cr
PSU Banks
22% share • ~₹2.9 L Cr
Large NBFCs
20% share • ~₹2.6 L Cr
Digital Lenders
11% share • ~65% of loan count
Aggregators
3% share • Pure referral model
Regulatory timeline
Three regulatory shifts have reshaped how personal loans are marketed online since 2025.
March 2025
RBI Digital Lending Guidelines finalised
Every regulated entity's loan page must now show full fee schedule, APR methodology,
and regulated entity name on the first interaction screen. Forced ~60% of lender pages
to be rewritten.
August 2025
RBI .bank.in domain mandate
Regulated banks began migrating customer-facing banking properties to the new
dedicated .bank.in TLD. By April 2026 the TLD has accumulated 111M+ monthly organic
visits across the top four banks.
Oct 2025
Google helpful content update
The October 2025 update specifically penalised thin lending content — impacting
fintechs that had built large AI-assisted blog libraries. Organic traffic collapses
across multiple fintechs followed.
Section 02 — The 12 brands in this report
Five segments, one market
PSU Bank
State Bank of India
Large NBFC
Aditya Birla Capital