Digital loans are financial products that can be applied for,
processed, approved, and disbursed entirely online, typically
through mobile applications or websites. These loans are designed
to offer quick access to credit with minimal paperwork, making them
particularly popular among millennials, Gen Z, gig workers, and
small business owners. In FY24, Gen Z borrowed between ₹3.5–4
lakh crore, while millennials borrowed ₹25–28 lakh crore out of a
total ₹62 lakh crore disbursed in retail loans