Mumbai, November 4, 2025: Bajaj Finance Ltd., India’s largest private sector non-bank lender and a subsidiary of Bajaj Finserv, has reported a significant surge in festive season lending, recording a 27% rise in loan volumes and 29% growth in value compared to the same period last year.
The company attributed this sharp growth in consumption finance to the positive impact of the government’s next-generation GST reforms and changes in personal income tax, which have collectively strengthened consumer purchasing power.
Between September 22 and October 26, 2025, Bajaj Finance disbursed around 63 lakh loans, acquiring 23 lakh new customers, of which 52% were new-to-credit—a milestone that underscores the company’s role in advancing financial inclusion across India.
Sanjiv Bajaj, Chairman, Bajaj Finance Ltd., said,
“The government’s GST reforms and income tax changes have reinvigorated India’s consumption-led growth story. By making products more affordable, these measures have empowered millions of middle and lower-income families to spend with confidence during the festive season. The 27% higher disbursement in consumption loans also highlights a clear trend of premiumization, with consumers opting for higher-quality products.”
“Over half of our new customers this festive season are new-to-credit, marking their first step into the formal financial system. With Bajaj Finance’s digital ecosystem and a strong on-ground presence at over 2.39 lakh distribution points across 4,200 locations nationwide, we remain committed to deepening financial inclusion and powering the rise of the Indian consumer.”
A key factor driving the festive boom was the lower GST rate for televisions and air-conditioners, which reduced average loan ticket sizes by 6%, enabling customers to upgrade to premium products. Consumer financing for televisions witnessed a notable shift—71% of financed TVs were 40 inches and above, compared to 67% last year.
As a diversified, tech-driven NBFC, Bajaj Finance continues to innovate in expanding access to credit across consumer categories including mobiles, electronics, appliances, furniture, and rooftop solar systems. The company serves over 110 million customers through its digital and physical networks.
The Bajaj Finserv App, with 75.1 million net installs as of June 30, 2025, provides seamless access to credit, deposits, insurance, and investment products, while ensuring transparency with Key Fact Statements available in 19 languages.
The government’s Next Generation GST reforms, launched by Prime Minister Shri Narendra Modi in September under the ‘GST Bachat Utsav’, marked a transformative step toward simplifying the tax structure, easing business operations for MSMEs, and reducing household expenses. Coupled with the 2025 income tax cuts, these reforms are seen as a major boost to inclusive growth and consumer-driven economic expansion across India.
