New Delhi, Feb. 20 -- A combination of continued economic growth and an aspirational population India is set to turn into the world's third-largest consumer market by 2026. Currently holding the fifth spot, the country has seen a steady growth in both individual and household spending in recent years, leading to companies from around the world vying to establish a solid customer base in the domestic market.

This trend has also accelerated the demand for personal credit, with people from all nooks and corners of the country seeking small and big-ticket loans to meet their needs and wants. Recent reports indicate that 37% of Indians sought loans to buy smartphones and home appliances in 2024, compared to just 1% in 2020. Further, 15% took ...