IndiaLends – E-Cell, IIM Kozhikode study

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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, today launched the ‘Report on the sentiment of Indian borrowers ”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 concerned 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.

The views and opinions expressed do not belong to IIFL Securities, indiainfoline.com


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