Indian consumers trust AI to compare and apply for loans

About 85% said they would feel more comfortable using an LLM provided to a financial provider they already trust.

Nearly 9 in 10 (89%) of Indian consumers trust large language models (LLMs) or generative AI to compare loans across different lenders, according to a report by Experian and Forrester.

In a survey of 480 credit-active Indian consumers, 60% said that they are comfortable with an AI agent applying for a loan or credit card on their behalf.

The majority (90%) said that they would feel more confident in their purchase decisions knowing that AI has searched for the best offers, according to the September 2026 report.

Meanwhile, 85% said that they would feel more comfortable using an LLM that is provided by or connected to a financial provider they already trust.

“The opportunity is not simply to deploy more AI, but to offer trusted, contextual intelligence that combines the conversational ease of the generative AI with reliable real-time product information,” the report said.

Nearly 1 in 3 (32%) said that they are comfortable giving an AI agent conditional or full autonomy for a loan or credit card application.

On the other hand, as AI tools make product comparison easier, faster and more personalised, financial services providers may face a more competitive market, according to Experian.

“The opportunity is to leverage platforms to automate the model lifecycle, while keeping accountability with responsible human teams,” the report said.

A separate report by cloud-service provider Zeta found that whilst the majority of chief digital officers (CDO) of India-based banks confirmed piloting AI use in their organisations, only 30% have deployed it at scale.

India’s payment card usage is set to rise thanks to the growth of the banked population, an improving payments infrastructure, and increasing preference for electronic payments, according to GlobalData.