TABLE OF CONTENT

Key Highlights:

  • Personal loans in India have grown exponentially over the years due to digitalisation, a simpler approval process, and increased consumer spending.
  • Unsecured personal loans are becoming the go-to choices for medical needs, educational expenses, and debt consolidation.
  • India's personal loan market is projected to grow to ₹8 trillion by 2026, with a CAGR of 10%.
  • Banks, NBFCs, and Financial technology companies are launching innovative loan products at competitive interest rates to capture diversified customer bases.

Over the last few years, India has seen a spectacular increase in the uptake of personal loans, revolutionising the financial profile for millions of citizens. The growth phenomenon mirrors not just a shift in consumer patterns but also fundamental changes in the banking and financial technology industries.  The most popular personal loans have emerged as a hallmark of India's changing credit market, providing solutions to urgent financial requirements and uncovering underlying economic and social trends.

 

Understanding the Personal Loan Revolution

Personal loans, as defined, are unsecured credit facilities offered by financial institutions without the need for collateral. Personal loans provide flexibility in utilisation, whether for medical bills, education fees, home improvement, or debt consolidation. The attraction of personal loans is their versatility, fairly simple application process, and fast disbursement periods. The Indian market for popular personal loans has changed beyond recognition over the last ten years. What was a product that was mainly available to salaried workers from mainstream banks is now a multi-faceted lending landscape catering to different demographic segments.

Also Read - Know how to check your CIBIL score for a personal loan in 3 steps

Factors Propelling the Use of Personal Loans in India

Now that we know what is personal loan is and its revolution in India. Let us now consider the factors that have increased its usage:

Digital Revolution and Technology Adoption

The digital revolution has significantly transformed the way Indians engage with financial services today. Widespread adoption of smartphones, growing internet penetration, and the government's initiative to launch the Digital India movement have provided the perfect setting for digital lending to take root. Financial institutions have seized the opportunity by creating simple-to-use mobile apps and web portals that facilitate the loan application process.
Now, prospective borrowers can process the entire borrowing process—from application to approval and disbursement—without setting foot in a brick-and-mortar branch. Lenders use advanced algorithms and AI tools to rapidly evaluate creditworthiness, granting instant loan approval in many instances. This technical convergence has cut down on the conventional friction related to borrowing, making popular personal loans more convenient for the mass Indian consumer.

Shifting Consumer Behaviour and Aspirations

India's economic development has been accompanied by changing aspirations among consumers, especially the youth. The millennial and Gen Z segments are more willing to fund short-term requirements and lifestyle upgrades with credit.  In contrast to earlier generations that conditioned saving as a precursor to spending, younger Indians are okay with the idea of paying later after they buy. This change in fiscal philosophy has helped to create high demand for personal loans. Whether financing vacations, buying new smartphones, or investing in courses for acquiring new skills, consumers today regard personal loans as facilitators of lifestyle choices instead of resorting to financial solutions.

Increase in Formalisation of the Economy

Government policies such as demonetisation, GST (goods and services tax) rollout, and the encouragement of digital payments have hastened the formalisation of India's economy. These efforts have enrolled more people and businesses into the formal financial system, generating income records and digital transaction histories. As a result, lenders now have better data to assess creditworthiness, enabling them to offer personal loans to underserved segments until now.
The formalisation has especially helped self-employed professionals and small business owners who previously found it difficult to obtain formal credit because of inadequate documentation. The presence of GST returns, digital payment history, and bank statements has allowed lenders to ascertain the creditworthiness of these segments better, widening the potential customer base for personal loans.

Financial Technology Companies and Digital Lenders

The most revolutionary aspect of India's personal loan market has been the entry of Financial technology (fintech) players and digital lenders. Companies such as Aditya Birla Capital Digital (ABCD), through its mobile application, have brought in novel lending practices like:

  • Paperless, fully digital application processes.
  • AI-based credit evaluation models factor non-traditional data points.
  • Instant approval and disbursement within minutes.
  • Flexible loan sizes beginning from as low as ₹5,000.
  • Line of credit facilities where borrowers can draw money as and when required.

These fintech-native lenders have reduced the barriers to credit significantly, especially for young professionals at the beginning of their careers and people from tier-2 and tier-3 cities who had very limited exposure to formal banking services earlier.

 

Also Read - Understanding the processing fees and other charges on personal loans

 

The Rise of Personal Loan Popularity Across Demographics

India is a vast country, and every group of people has its own requirements. Let us evaluate the demographic effect on the rise of personal loans:

Urban Professionals

Metropolitan city salaried employees are the classic core market for personal loans. With income streams documented and stable jobs, this group is rewarded with low-preferred interest rates and better loan sizes. Urban professionals will use personal loans for:

  • Home deposits and relocation costs.
  • Down payments on vehicles.
  • Expensive electronics and appliances for the home.
  • Destination weddings and luxury vacations.

The ease factor is extremely important to this time-starved group, and the efficient digital lending processes prove highly attractive.

Self-employed and Small Business Owners

Previously underserved by traditional banking, self-employed individuals and small business owners now enjoy greater access to personal loans from NBFCs (non-banking financial companies) and digital lenders. These customers often use personal loans for:

  • Business growth and working capital requirements.
  • Buying equipment.
  • bridging cash flow shortfalls.

Personal finance needs arise when business and personal finances become intertwined.

Young first-time borrowers

an increasing share of personal loan clients are young professionals entering the credit space for the first time. this group—typically between the ages of 22 and 30, in their first or second careers—is both a challenge and an opportunity for lenders. with minimal credit history but long-term value potential, these clients are being wooed with:
  • Starter loans.
  • Credit builder products.
  • Edu-loan hybrids for professional certification.
  • lifestyle-oriented lending products.


By forming relationships with such customers at an early stage, lenders seek to develop long-term financial relationships that will propagate into other banking products as these people advance in their careers.

Regional trends in personal loan adoption


The personal loan segment has interesting geographic trends in india, like:

Metropolitan Centres

Delhi NSR (national capital region), mumbai, bangalore, chennai, and hyderabad remain the hubs of personal loan volumes, with about 65% of all personal loans by value. these segments have high competition among lenders, leading to competitive pricing and innovative products.

Emerging Tier-2 Cities

Cities such as pune, ahmedabad, jaipur, lucknow, and chandigarh are witnessing the quickest expansion of personal loan penetration, with year-over-year growth rates over 30% in some places. improving income levels, enhanced financial literacy, and greater digital penetration fuel this growth.

Rural and Semi-urban Areas

Though still not adequately represented in the personal loan market, rural and semi-urban locations are experiencing steady penetration through:

  • Collaborations between fintech firms and local banks.
  • Tailored loan products for agricultural allied activities.
  • Government policies encourage financial inclusion.

The unexplored potential in these markets is the next horizon for personal loan growth in India.

 

Challenges and Concerns in the Personal Loan Ecosystem

Despite the encouraging growth trend, some challenges need to be addressed, like:

Increasing Indebtedness and Possible Default Risks

The ease of availing personal loans has triggered fears of over-indebtedness in some consumer segments. Statistics show that some consumers are availing multiple loans on multiple platforms, leading to possible repayment strain. This has led to demands for a single credit-watching system that tracks lending across the board of providers.

Regulatory Evolution and Compliance Costs

The Reserve Bank of India (RBI) has imposed more stringent regulations on digital lenders, especially regarding data privacy, interest rate disclosure, and collection methods. Although such steps protect consumers, they also raise lenders' compliance costs, which might influence interest rates and availability.

Financial Literacy Gaps

Many new borrowers lack knowledge of concepts such as interest rates, processing charges, and repayment terms. This lack of knowledge can create bad monetary choices and repayment difficulties. Lenders and regulators alike understand the need to incorporate financial education into lending.


 

Future Direction of Personal Loans in India

In the future, several trends will define the development of India's personal loan market:

Integration with Wider Financial Ecosystems

Personal loans are becoming more and more one piece within end-to-end financial services ecosystems. Lenders are building integrated platforms that integrate lending with savings, investments, insurance, and payments, providing frictionless financial experiences for customers.

Hyper-personalisation Through Data Analytics

Advanced data analysis and machine learning will facilitate unprecedented degrees of loan customisation. Personal loan products in the future can include dynamic interest rates that change in response to individual repayment patterns, tenure options tailored to the individual borrower, and variable repayment periods connected to the borrower's cash flow cycles.

Embedded Finance and Contextual Lending

The next personal loan frontier is integrating lending choices into consumption contexts. Whether funding is an option at checkout during e-commerce, within travel booking sites, or as part of healthcare services, contextual lending will continue to simplify the process of borrowing.

Sustainable and Purpose-driven Lending

An increasing number of lenders are creating personal loan products in line with environmental and social goals. Green personal loans for sustainable home improvements, education loans dedicated to sustainability careers, and social impact bonds linked to personal lending are some new developments in this area.

Get a Personal Loan for All Your Financial Needs

The phenomenal surge in personal loans in India merely mirrors larger shifts in the economy and consumer consciousness of the country. What initially was a simple product has blossomed into an advanced system blending accessibility with discipline, innovation with regulation, and individual requirements with systemic stability.

If you also need funds for your personal or commercial use, personal loans might be a good choice. Explore the top personal loan options and find a deal that is the most cost-effective.

Live the Life you truly deserve. Get a Personal Loan

FAQS – FREQUENTLY ASKED QUESTIONS


  • What is an ECN number in CIBIL?

    The ECN (enquiry control number) is a unique 9-digit number assigned to each credit report generated by CIBIL, serving as a reference for that specific report.
  • How can I find my ECN number?

    You can find your ECN number at the top right corner of your CIBIL credit report.
  • Does the ECN number change?

    A new ECN number is generated each time a new credit report is created.
  • Is the ECN number the same as the CIBIL score?

    The ECN number is a unique identifier for your credit report, while the CIBIL score is a three-digit number representing your creditworthiness.
  • Can I get my ECN number without accessing my credit report?

    Typically, the ECN number is available on your credit report. However, you can contact CIBIL customer care or your lender to retrieve it.
  • Why is the ECN number important?

    The ECN number is crucial for tracking specific credit reports, resolving disputes, and ensuring accurate communication between borrowers and lenders.
  • Can two individuals have the same ECN number?

    Each ECN number is unique to a specific credit report and cannot be shared between individuals.
  • How does the ECN number help in dispute resolution?

    CIBIL can quickly locate the specific report in question by providing the ECN number when raising a dispute, thereby facilitating a faster resolution.
  • Is there a fee to obtain my ECN number?

    Accessing your credit report, which contains the ECN number, may involve a nominal fee unless you're eligible for a free annual report.
  • Can I use the ECN number to track who has accessed my credit report?

    While the ECN number itself doesn't show who accessed your report, it helps in identifying and referencing specific reports for such inquiries.

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Postings and monitoring

The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.

Submissions and unauthorized use of any Materials contained on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Facilities Provider, ABCL / ABC Companies and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys' fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the Website or the use of the Website by any person using your user name and/or password (including without limitation your participation in the posting areas or your submissions) violates any applicable law or regulation, or the rights of any third party.

We reserve the right to terminate access to this Website at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms of Use. Upon termination, you must immediately destroy any downloaded and printed Materials.

If you come across any breaches/violation or offensive material you must report to us at abc.secretarial@adityabirla.com

Use of Cookies

You agree and understand that the Website will automatically receive and collect certain anonymous information in standard usage logs through the Web server, including computer/computer resource-identification information obtained from "cookies" sent to your browser from a web server or other means as explained in the Privacy Policy.  

Facilities Changes and Discontinuation

The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.

ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.

Compliance with the Law

You agree that you will not:

  • Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
  • Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
  • Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
  • Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
  • You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.

Restrictions on Commercial Use or Resale

Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.

No Endorsements

All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.

Promotional Offers

You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.

Charges for use of Website

There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).

No Endorsement

You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.

In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.

Electronic Communications

These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.

Assignment

You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.

Legal Disclaimers

The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.

The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.

Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.

No Solicitation

No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.

The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an  amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.

Statutory Disclosure

ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF.  Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.

Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.

Force Majeure

The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.

Indemnification

You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.

No Waiver

The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.

Exclusive Agreement

You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.

Termination

Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.

Governing Law and Jurisdiction

The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.

These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.

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