India Lends Survey: A recent survey by IndiaLends, a digital lending platform, has revealed that the Coronavirus pandemic has severely affected the financial health of salaried and professional individuals.
India Lends Survey: A recent survey by IndiaLends, a digital lending platform, has revealed that the Coronavirus pandemic has severely affected the financial health of salaried and professional individuals. Eighty-two per cent of respondents in the survey said they were struggling to make ends meet. The nationwide survey included about 5,000 respondents. As per the report of the survey released by IndiaLends, 94 per cent of respondents said they would have to be extra careful about how they spend their money in the next few months. As many as 84 per cent said they were cutting back on spending and 90 per cent expressed concern about their savings and financial future.
Personal Loan to pay debt!
The survey also revealed that the respondents would not be averse to taking a loan to tide over the present crisis — nearly 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.
As per IndiaLends data, 71 per cent of its customers had existing loans out of which 45 per cent had applied for a moratorium due to their inability to repay their debts.
Commenting on the survey report, IndiaLends Founder and CEO Gaurav Chopra said, “The pandemic has changed the way we all function, affecting our physical, mental, emotional and financial wellbeing. Salaried individuals and professionals, in particular, are coping with the potential burden of job losses and pay-cuts. The impact on their income and savings has seen a growth in demand for retail loans.”
“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. To alleviate hardships of borrowers, we are making the application process easier and convenient, and ensuring quick disbursal of loans through a touch-less and contact-less system,” he added.
According to the IndiaLends survey, the economic uncertainty and the state of individual finances has also impacted investment with 76 per cent of the respondents said they are in no position to consider fresh investments at this time.