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Impact of Modi 2.0 on the Personal Loan Industry

Impact of Modi 2.0 on the Personal Loan Industry

‘Phir Ek Baar Modi Sarkar’ was the nation’s resounding voice in the 2019 elections. And so, Modi 2.0 is back with a bang. Modi’s ambitious vision for India can be seen in his previous efforts and successful campaigns.

From Swachh Bharat Abhiyaan to Sabka Saath, Sabka Vikas, from Mann Ki Baat to Make in India campaigns, the Modi government has put an all-hands-on-deck to aim to offer a better quality of life to citizens. While his ideas may not have been the most conventional, his influence in the past few years has left the citizens of India wanting more. He promised to work for everyone irrespective of their votes.
Increase in the White Goods Sector

Some of his most popular programmes included providing concrete houses for the poor, employment opportunities for women, separate sanitation facilities for men and women, raised income for farmers and a better standard of living for the citizens of India. Once such significant effort for uplifting the country’s economy was made by lowering the GST rates for white goods. Initially, Fast Moving Consumer Goods (FMCG) was considered a luxury by the middle-class and rural citizens. However, owing to Modi’s reduced GST rates, the citizens of India are understanding the need for a comfortable life. With the steady increase in per capita income, there has been a steady growth of 3.1% in the FMCG market as well.

Estimated Reports

A Deutsche Bank report has forecasted an industry growth of 8-12%. Under the Modi government, the consumer durable sector is expected to reach $30 billion which is a huge jump from its current level of $5.4 billion. Currently, the FMCG market is still small when compared to its South Asian counterparts. To be on par with their peers, India is expected to grow to 50% of China’s market size as opposed to its current 9%. Modi’s aim is to expand the penetration level of consumer durable market to the South Asian average. Upon succession, the refrigerator market alone could grow up to 13.9 billion. Followed by it would be the AC and washing machine markets at 11.3 billion and 5.5 billion respectively.

Changing the Thought Process

A Chennai-based company called Inthree Access Services believed there was a demand for branded white goods in rural India. However, all FMCG products could not make their way to the tier-3 towns and villages. Their brand has made it possible to deliver these products into the rural markets and sold over 60 lakh products worth Rs 450 crores since their inception. This further showcases Modi’s vision for the need for easily available consumer durable goods to create a better country.

Need for Personal Loans

Upon understanding the need for better living standards, there has been a huge demand for white goods in the rural sector, they may sometimes not have the money to purchase these goods. To combat this issue, the personal loan industry has become quite approachable and efficient. Getting a personal loan has become simple and quick. Although Modi’s MUDRA loan scheme pertains to entrepreneurs and micro level businesses, it has helped break the stigma about taking loans for personal use. With simple proof of documentation and personal loan eligibility, any working person is considered suitable to take a personal loan.

With financial institutions like Tata Capital in the running, taking a loan has never been easier. They offer unique, tailor-made loans that are built around your personal needs. With personal loan interest rates starting at 10.99%, they offer plenty of EMI options to make the process smooth and hassle-free. You never have to worry about putting up any collateral or security for your loan either. They offer multipurpose loans and an overdraft facility that allows you to withdraw additional cash up to an agreed limit without any pre-payment penalty fee.

For swift loan sanctions, get on the phone, visit a nearby branch or simply fill up their online form for loan approvals on-the-go. it’s never too late to start living in content. Say yes to a better life and a happy family through the easy availability of personal loans.

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