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65% of Indians plan to take out a personal loan before the holiday season: IndiaLends – E-Cell, IIM Kozhikode study
Posted on October 8, 2021
~ Despite the lockdown like the restrictions, 62% of women are not ready to compromise when buying luxury goods ~
Bombay : The leading digital lending platform, IndiaLends and the Entrepreneurship and Innovation Cell (E-Cell) of the leading educational institute, the Indian Institute of Management, Kozhikode, were launched today “Indian Borrower Sentiment Report” which includes the pulse of borrowers after the second wave of Covid-19. According to the survey, about 65% of Indians plan to take out a personal loan before the holiday season.
The nationwide survey, conducted with around 1,400 respondents including both salaried and self-employed participants, presented several interesting data points. According to the report, the finances of around 66% of zillennials, between the 21-25 age group, were affected by the second wave of Covid while the finances of around 75% of baby boomers (aged aged 60 and over) had no impact. The second wave of the pandemic was more difficult for 53% of the self-employed class against 46% of the salaried class. In addition, 61% of women have reduced their spending on clothing and accessories in the future, while 62% of them are unwilling to compromise on the purchase of luxury goods.
Significantly, 81% of Millennials between the ages of 25-35 plan to apply for a personal loan in the immediate future, primarily for education purposes followed by debt consolidation, marriage, etc. Over 27% of respondents plan to apply for a personal loan to meet their medical expenses. About 18% of those surveyed plan to apply for a personal loan to cover their wedding expenses.
IndiaLends Founder and CEO Gaurav Chopra said: “The economy is gradually recovering from the second wave of Covid thanks to a massive vaccination campaign launched by the Indian government. We are witnessing a constant process of business recovery which has also helped to build consumer confidence. With around 65% of Indians planning to opt for a personal loan in the immediate future, there is a clear indication of pent-up demand for credit products and general optimism among customers. Our latest study with E-Cell, IIM Kozhikode reveals that businesses and individuals are keen to get back to a “new normal life” with the coming holiday season.
Among other findings, 34% of independent borrowers and 25% of employee borrowers said the government moratorium last year was a great relief. About 79% of men and 72% of women said their vacation spending had decreased. Almost 85% of men are worried about their savings for the future and 66% of women are cutting back on spending.
The IndiaLends – E-Cell, IIM Kozhikode survey covered both employed and self-employed Indians aged 21 to 60 and over, residing in major metropolitan and non-metropolitan cities. Respondents represented 49% of millennials in the 25-35 age group, 39% of zillennials in the 21-25 age group.