Bajaj Finance Ltd. has signalled a strong festive cycle for consumer lending, reporting a 27% rise in loan volumes and a 29% jump in loan value during the September 22–October 26, 2025 period. The NBFC disbursed nearly 63 lakh loans, buoyed by resilient retail demand and fiscal measures designed to stimulate household consumption. Crucially, the lender added 23 lakh new customers in the period, with first-time borrowers accounting for 52% — a telling indicator of India’s widening credit base. Executives credit the surge to next-generation GST reforms and recent changes in personal income tax that have enhanced disposable income and affordability, particularly for middle- and lower-income families.
Chairman Sanjiv Bajaj said the reforms have catalysed India’s consumption-led recovery. A notable trend this season was premiumisation: despite a 6% decline in average loan ticket sizes due to lower GST on consumer durables, financing for 40-inch-and-above televisions rose to 71% of TV loans, compared with 67% last year. Air-conditioner financing showed similar upgrade patterns, reflecting aspirational household spending.
With a distribution footprint of 239,000 points across 4,200 locations and expanding digital offerings, Bajaj Finance is positioned to capture the next phase of consumption momentum, as policy reforms continue to pull more first-time borrowers into formal finance.
