Majority of Indians willing to take personal loans to tide over COVID-19 crisis: Survey


PTI, Jun 2, 2020, 5:51 PM IST

New Delhi: Nearly 82 per cent of Indians believe that disruptions caused by the COVID-19 pandemic have severely impacted their financial condition and a majority of them will now have to go for personal loans to meet their cash requirement, a survey showed.

The findings are based on responses from 5,000 people to a survey conducted by IndiaLends, a digital lending platform.

“The pandemic has severely affected the financial health of salaried and professional individuals with 82 per cent of respondents saying they are struggling to make ends meet,” according to the survey.

The respondents said they are not averse to taking a loan to tide over the present crisis.

Around 72 per cent said they would opt for a personal loan in the immediate future to meet high-priority expenses such as debt repayment, essentials and medical, education fees, and home repairs and renovation, the findings showed.

“In these circumstances when finances are stretched and assets are not easily accessible, it is important for individuals to examine their financing options — such as personal loan or line of credit — and plan accordingly for the weeks and months ahead,” IndiaLends founder and CEO Gaurav Chopra said.

Almost 95 per cent of the respondents said they would have to be extra careful about their spending habits over the next few months and 84 per cent said they were cutting back on spending.

Close to 90 per cent expressed concern about their savings and financial future.

The survey revealed that the economic uncertainty and the state of individual finances has impacted investment with 76 per cent of the respondents said they are in no position to consider fresh investments at this time.

About 40 per cent of respondents said their focus on expenses for essential items would increase, while over 70 per cent said they would spend less on non-essentials including entertainment, luxury and lifestyle in the post-COVID period, according to the survey.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

BJP calls Congress govt ‘laughing stock’ as ‘samosa politics’ heats up in Himachal

Chikkaballapur: Yoga teacher feigns death by holding her breath, escapes murder bid

World Bunts Summit to be held in Mumbai on December 7

SC dismisses PIL seeking CBI probe into Tirupati laddus row

Salman Khan gets another threat; message sent to Mumbai traffic police helpline

SC overrules 1967 verdict holding AMU can’t be minority institution

BJP MP Tejasvi Surya, editors of Kannada news portals booked for allegedly spreading fake news

Related Articles More

Comply with order allowing minority student to attend St Stephen’s College: HC tells DU

INDIA bloc looted, destroyed Jharkhand: Dharmendra Pradhan

Gujarat family holds burial event for ‘lucky’ car; 1,500 people attend

BJP calls Congress govt ‘laughing stock’ as ‘samosa politics’ heats up in Himachal

SC notice to Centre on plea to include ayurveda, yoga in Ayushman Bharat

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Comply with order allowing minority student to attend St Stephen’s College: HC tells DU

INDIA bloc looted, destroyed Jharkhand: Dharmendra Pradhan

Gujarat family holds burial event for ‘lucky’ car; 1,500 people attend

New kind of ”Jihad” in Karnataka through Waqf Board, alleges Union Minister Pralhad Joshi

BJP calls Congress govt ‘laughing stock’ as ‘samosa politics’ heats up in Himachal

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.