Launch offer: each report with its Market Brain, ₹9,999 (₹24,999). Offer ends 31 October 2026.
Why lenders refuse the borrowers who repay, and where those borrowers go next.
20 chapters · 30 exhibits · 6 behavioural segments · report, PDF and its Market Brain
₹9,999₹24,999 + GST · launch offer
The evidence
Digital lending in India has grown on small, fast loans from apps, and most of it now goes to people who have borrowed before. This report follows borrowers through applying, being refused, repaying, warning others and leaving, and sets out what each step means for a lender. It closes with eight behavioural segments of borrowers and where to find them in your own data.
How it was built
A survey asks people what they would do. This report studies what they say they did, in their own words. It rests on 2,282 decisions described by Indian borrowers. relvo.ai's research engine decodes each account, measures the patterns into shares and segments, and links every finding to the quotes behind it.
Exhibits
Every chart and table is built from the evidence, with its base and source.
Every exhibit, every chapter and the Market Brain.
6 findings, each with the evidence, the exhibits and what it means for a lender.
With the report you can ask your own questions. Here are three it has answered, each with the quotes behind the answer.
Why do borrowers who repaid on time still get refused?
Most refusals come without a reason the borrower can repeat: 80% of the refusals borrowers describe give none, and where one is given it is most often the credit score. Repeat borrowers are refused too: they make up 51 to 80% of the lending at the lenders in the report, yet about a quarter of refusals involve someone who had already borrowed.
“after on time repayment when applied for a new loan rejected”
“My CIBIL score is 780+ with a clean record, yet my application gets rejected after scanning statements and documents.”
Three questions from the report. Guess first, then see what borrowers did.
Ask the cohort
A preview of 2 of the 6 segments in this market, each defined by what people want and measured by what they do against the whole market. With the report, you build all 6 in its Market Brain and ask any of them your own questions.
The relationship that works: 2.7× the market’s repayment history and 2.2× as likely to recommend. Speed and low friction keep them.
“would recommend it for a convenient loan service”
Proven payers who hit a wall: refused after repaying, they keep trying the same lender 3× as often as the market, and 1.7× as many start shopping around.
“i paid all the dues and full settlement still my borrow limit is zero”
Launch offer ends 31 October 2026. Full price after that.
Also in this Brain, not yet open for questions: Lifeline borrower · Payment-feature user.
Whether to tell refused borrowers why, and which repeat borrowers you are losing to it.
Whether to lead on speed or on price, and what stops a warning from spreading.
Where lending is heading as app lenders tighten and secured credit grows.
Which lenders' growth rests on repeat borrowers, and how many of those borrowers they already turn away.
For teams
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Why lenders refuse the borrowers who repay, and where those borrowers go next.
