Are Indians taking Loans to improve their lifestyle?

A recent survey reveals that about 50% Indians are open to taking Personal loans to improve their current lifestyle. The survey evaluated by Home Credit India, a leading consumer finance provider, unveiled that nearly 1/3^rd of individuals are willing to take a Personal loan/ Consumer Durable Loan to buy expensive consumer durable items such as mobile phone, television, washing machine, refrigerator and more. As said Home Credit India, a leading consumer finance provider provides loans for all needs. Basically Home Credit offers both consumer durable loan as well as personal loan. Personal Loan amount offered by Home Credit India is up to 2 Lakhs via online process. Loan application completely online major focused on instant loan approval and same day loan amount disbursal.

What are the loan statistics according to Home Credit?

A few other loan categories are two-wheeler (23.3 per cent) and personal expenses (20.3 per cent), as per the survey results.

This comes in order after car purchase (12.5 per cent), house (12 per cent) and gold (10.5 per cent), it reveals. And when checked about future perspective, 33 per cent of the individuals are likely to take a loan for consumer durable while others stick to personal loans in the next best interest segment in lune with two wheeler at 22.8 per cent.

Some other categories of loans have been recognized as agriculture loans (0.7 per cent), credit card EMI (1.1 per cent), travel loans (1.5 per cent) and medical loans (3.7 per cent) which are the lowest ranked categories of loans, to add up. The study was conducted across 12 cities and 2,571 individuals were evaluated to open up on their committed level of savings, spending and borrowings in our country.

Around 34 per cent people said they depend on friends for advise before taking any loan, followed by family at 31.8 per cent and colleagues at 25.4 per cent, this is what the Home Credit India Chief Marketing Officer Marko Carevic got to find out.

Marko further adds that a loan is for the collaborative goal. It’s based on the intention to fulfill the needs & wishes if an aspiring family. This is the top priority for us to provide quick loans.

So, though lifestyle is a unquestionable requirement, individuals have liked a loan to fulfill family needs and their wishes as the one of the top reasons to take a new loan at an average of 46 per cent in the country.

Highest Order of Needs & Desires

Family settings and needs are found to be in the highest order in places like Patna at 61 per cent followed by Lucknow at 58 per cent, Nagpur at 56 per cent, Jaipur at 54 per cent and more.

While the country is quite positive towards loans, a major segment of the population is positively influenced by lending and borrowing and this is why a loan should be taken. Besides the economic slowdown, Indians are still yearning for loans. This has become their way of making a change to their lifestyle.