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The world of personal loans in India is currently witnessing an unprecedented surge in popularity, with numbers steadily on the rise. In a recent development, the Reserve Bank of India (RBI) issued a warning in October this year concerning the growing prevalence of personal loans. To put this surge into perspective, a report by the Indian Express revealed that the total credit extended to this segment reached a staggering Rs 47.70 lakh crore in August 2023, a significant increase from Rs 36.47 lakh crore in August 2022.

So, what's driving this remarkable surge, and how do personal loans differ from other types of borrowing?

In the first part of this episode, we will explore the importance of understanding the intricacies of personal loans and examine the rise of peer-to-peer lending as an alternative source of personal financing. 

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