Purpose: This study examines the evolution of digital lending in India’s personal loan segment from FY 2018-19 to FY 2024-25 (till December 2024). It focuses on assessing market growth, shifts in borrower profiles, demographic and geographic outreach, and emerging credit patterns. The objective is to understand how digital lending platforms have improved access to credit, particularly in underserved areas, and to evaluate the inclusivity of these changes in terms of age, gender, and credit vintage. Methodology: The research is entirely based on secondary data collected from financial reports, industry databases, and insights published by the Fintech Association for Consumer Empowerment.The analysis covers key metrics such as sanctioned loan volumes, average ticket sizes, demographic segmentation (age, gender), bureau vintage, and regional distribution. Tools like trend analysis, percentage share comparisons, and growth indicators are employed to evaluate the expansion and demographic penetration of digital personal loans. Findings: The study reveals steady growth in digital personal loan volumes and values, reflecting increased borrower trust. There is a clear shift towards Tier II/III cities and rural areas, along with greater participation by youth, women, and new-to-credit borrowers. While progress is evident, challenges related to gender parity and regional equity persist. Originality: This paper offers a focused, longitudinal, and data-driven analysis of digital personal loans, setting it apart from fragmented or short-duration studies. By integrating demographic, geographic, and behavioural factors, it addresses a critical research gap. The study’s exclusive focus on personal loans enhances its depth, offering actionable insights for policymakers, fintech innovators, and financial inclusion advocates.
