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Earlier, Indians used to borrow money for basic necessities and big-ticket expenses only, such as buying a home, purchasing a car, , educating a child, or funding a daughter's wedding. However, now that the NBFCs have made personal loan application far more straightforward than before, Indians are also borrowing to enhance their lifestyle. A striking difference has been noticed in consumer preferences over the last few years. An increasing number of people now borrow personal loans for varied reasons, be it for a wedding, vacation, education, home renovation, debt consolidation, or medical emergency.