KSA Personal Loans Market Trends, Share, Revenue, Growth Drivers, Challenges, Future Strategies and Competitive Analysis Till 2033


KSA Personal Loans Market Trends, Share, Revenue, Growth Drivers, Challenges, Future Strategies and Competitive Analysis Till 2033: SPER Market Research

 Category : BFSI

 Published: Jun-2023
 Author: SPER Analyst

KSA Personal Loan Market is projected to be worth USD 922.76 billion by 2033 and is anticipated to surge at a CAGR of 16.57%.

A personal loan is a sum of money obtained by an individual for a variety of reasons, including home renovations, debt consolidation, and wedding expenses. Furthermore, personal loans are typically provided by banks, credit unions, and online lending providers. Moreover, personal loans have lower interest rates than credit cards and can be used to combine several credit card bills into a single, lower-cost monthly payment. Personal loan terms and restrictions vary based on the lender and the borrower's credit history. Personal loans can have fixed or variable interest rates, and payback terms can range from a few months to several years.

KSA Personal Loan Market Driving Factors and Challenges
The personal loan market in Saudi Arabia is expanding as a result of numerous causes. Personal loans are becoming increasingly popular as a result of the increased demand for residential properties from newcomers to the country and government measures to modernise the financial sector. The digitization of loan operations and quick approval procedures are also helping to drive market expansion. Furthermore, the introduction of new players in the personal finance industry creates lucrative opportunities for market expansion.

However, the KSA personal loan market faces its own set of issues. The Saudi Arabian Monetary Authority (SAMA) imposes stringent controls that limit loan availability. Personal loans in the country have high interest rates when compared to other countries, discouraging people with low incomes or bad credit from borrowing. Lenders have stringent requirements.

Impact of COVID-19 on KSA Personal Loan Market
The COVID-19 pandemic has had an impact on the KSA personal loan industry through an economic slump, increased demand for personal loans, stricter lending standards, government support measures, digital transformation, and a focus on financial literacy. Individuals are finding it more difficult to repay or qualify for additional loans as a result of economic issues, job losses, and reduced incomes. Personal loans to cover basic needs, on the other hand, have seen an increase in demand. Lenders have been more cautious, resulting in more stringent creditworthiness evaluations. To mitigate the effects of the epidemic, the government implemented stimulus packages and assistance programmes. Online loan applications and remote disbursements were made possible by technological improvements. Furthermore, there has been a greater emphasis on financial literacy in order to enable individuals to make informed decisions about personal loans and other financial products.

KSA Personal Loan Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Abdul Latif Jameel United Finance Company, Al Rajhi Bank, Alinma Bank, Arab National Bank, Bank Albilad, Banque Saudi Fransi, Emirates NBD Bank, Emkan Finance Company, Nayifat, Quara Holding, Riyad Bank, SAAB, Tamam Finance, SNB.

KSA Personal Loan Market Segmentation:

By Type: Based on the Type, KSA Personal Loan Market is segmented as; P2P Marketplace, Balance sheet.
By Marital Status: Based on the Marital Status, KSA Personal Loan Market is segmented as; Married, Single, Others.

By Consumer Age: Based on the Consumer Age, KSA Personal Loan Market is segmented as; Less than 30, 30-50, More than 50.

By End-User: Based on the End-User, KSA Personal Loan Market is segmented as; Salaried, Male, Female, Business, Others.

By Region: This report also provides the data for key regional segments of Eastern Region, Northern Region, Southern Region, Western Region.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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