Bajaj Finance Ltd. recorded a 27% year-on-year increase in festive season loan volumes, disbursing approximately 63 lakh consumer loans between September 22 and October 26, 2025.
The non-bank lender attributed the surge to recent GST reforms and personal income tax changes that boosted consumer purchasing power. Notably, 52% of the 23 lakh new customers acquired were first-time borrowers, advancing financial inclusion.
Chairman Sanjiv Bajaj said the reforms enabled “millions of middle and lower-income families to spend with confidence,” while also driving premiumization as consumers upgraded to higher-quality products despite 6% lower average loan sizes.
Consumer financing for televisions showed clear premiumization, with 71% of TV loans for 40-inch and larger screens versus 67% last year. Lower GST rates on TVs and air-conditioners helped reduce costs while enabling product upgrades. Bajaj Finance serves 110 million customers through digital platforms and 239,000 distribution points across 4,200 locations nationwide.
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