The growth of easy loan products in the service industry

The finance industry has seen some of the biggest changes in the past decade. The use of technology in the financial sector has been the biggest driver of this change. Right from digitization to the financialization of savings to credit and credit-linked products the list of innovations has been endless. 

Earlier, loans were easily available for the purchase of durables like TVs, mobile phones, etc. Customers could purchase expensive gadgets without paying the entire amount and clear their dues in a staggered manner. But now such loan options are becoming pre-valent for the purchase of services. The service sector remains the primary engine of growth for the economy contributing to 53% of the Gross Value Added at current prices in the financial year 2022. 

Source: IBEF

During the peak of the pandemic, severe lockdowns were introduced in the country and the service sector had come to a standstill. This has led to revenge buying and utilization of services right from travelling to hospitality. Even the health and fitness, and grooming and cosmetics treatment services have witnessed immense traction as the country started opening up.

The loans industry has witnessed a huge influx of players making it necessary for companies to innovate. Hence this industry has seen a massive progression in catering to the service sector of the country. Be it hospitality, travel, healthcare or even blockchain and cryptocurrency, companies have been rearing to jump onto the bandwagon to provide easy loans for purchase of services 

We at Dili offer a plethora of such options. Be it taking a holiday or an exotic vacation and travelling with your loved ones or getting an expensive cosmetic treatment for your special day, we make available payment-in-instalment options so that these expenses do not crater a hole in your pocket. We believe such options enhance the purchasing power of consumers and help them gain access to the desired services in turn increasing their standard of living. These services lead to an incremental growth in the real economy of the country and show promising prospects for the industry in the foreseeable future.    

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