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Festive cheer runs on fast-track loans this year
MUMBAI: Loans are getting festive makeovers! This season, it’s not the lowest interest rate that’s stealing shoppers’ hearts, but how fast the money hits their accounts. A new survey by Paisabazaar reveals that borrowers are now choosing lenders who can deliver funds at lightning speed, with 42 per cent prioritising instant disbursal and hassle-free digital processes over cheaper rates.
The survey, conducted among over 10,200 respondents, paints a picture of convenience-first borrowing. While 25 per cent still chase the best rate, the rest are swiping right on simplicity, opting for platforms that make the process swift, paperless, and seamless.
Digital finance clearly has its fanbase, 80 per cent of respondents said they prefer guided online marketplaces like Paisabazaar to compare and apply for loans. Over half of them (53 per cent) believe faster approvals and disbursals would make borrowing even smoother.
“The growing comfort among consumers to take personal loans, not just for essentials, but for aspirations, lifestyle, and festive spends, shows a more confident and mature credit mindset,” said Paisabazaar CEO Santosh Agarwal.
And what are people borrowing for? Home renovation and furnishing topped the charts at 18 per cent, followed by shopping, gadgets, and gifts at 15 per cent. Gold and jewellery (12 per cent), debt consolidation (10 per cent), and fashion and lifestyle (10 per cent) rounded out the festive wish list.
Interestingly, nearly 60 per cent of borrowers took loans below Rs 5 lakh, and 42 per cent opted for repayment tenures under five years, proof that India’s festive spirit is being powered by smart, manageable credit. Looks like when it comes to personal loans, speed and simplicity are the new sparkle of the season.
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Maharashtra revokes Ola, Uber, Rapido bike taxi licences
Temporary e-bike taxi permits cancelled as firms fail to meet state rules
MUMBAI: Maharashtra’s roads are set to see fewer zipping two-wheelers after the state government pulled the plug on provisional licences granted to bike taxi giants Ola, Uber and Rapido. Transport Minister Pratap Sarnaik announced in the Legislative Council on Monday that temporary permissions would be revoked.
“These companies were given permission for just a month and were required to submit certain documents. Since they have not complied, their temporary licences are cancelled. This is to ensure illegal bikes do not operate on our roads,” Sarnaik said.
The move follows the Maharashtra E Bike Taxi Rules 2024, designed to generate employment for local youth and offer commuters a cheaper, greener ride option. The rules, approved in August 2024, allow electric bike taxis in cities with over one lakh residents.
Under the policy, only electric vehicles can ply as taxis, and operators had 30 days to fulfil licensing and compliance requirements. Yet, officials claim many continued operations without meeting these conditions. Sarnaik added that a large number of bike taxis currently running in Mumbai and the wider Mumbai Metropolitan Region are illegal.
In a firm enforcement twist, the government has instructed authorities to focus on vehicle owners rather than riders when registering cases. Safety concerns, particularly for women passengers, and accident complaints have also been flagged by the transport department.
Since April 2024, Regional Transport Offices have taken action against 130 non-compliant bike taxis, collecting fines exceeding Rs 33 lakh. Authorities say further measures will follow to ensure services adhere to regulations before returning to city streets.
Maharashtra’s bike taxi saga has been a rollercoaster. Initially banned in January 2023 due to concerns over private vehicles ferrying passengers, the sector was later formalised through an electric bike framework in 2024. Provisional licences were granted in 2025, but the government now warns that any bike taxi operating on city roads without proper permits will be considered illegal.
Adding to the transport shake-up, the government has also halted the issuance of new auto rickshaw permits from March 9 to ease urban traffic pressures and safeguard livelihoods of existing drivers. A fresh standard operating procedure for future permits is set to go before the state cabinet soon.
Maharashtra commuters may have to find alternative rides as the state reins in its two-wheeled taxi revolution, leaving app-based bikers in a legal limbo.
