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Tracking consumer behaviour for 6th year in a row.
The current year marks the sixth consecutive launch of Home Credit India’s comprehensive study aimed at understanding the most recent borrowing habits of lower middle-class consumers in India. This study, which covers 17 major cities and includes 2,500 borrowers, offers an in-depth look into the financial lives of individuals aged 18 to 55 years from various income brackets and professions.
The study focuses on active loan users, individuals who have recently obtained and are currently repaying loans. Key highlights of the insights from the study are:
There has been a continued growth in the use of digital platforms for obtaining loans. Millennials have taken the lead this year, showing the highest usage of these platforms.
The concerns around data privacy have increased since the last year. At the same time, the users are now, comparatively, more equipped with financial literacy.
In line with last year, consumer durables followed by business and housing were the major reasons why India borrowed in 2024.
How India Borrows Study 2024
borrowers shop online, this trend is more prominent among Gen Z and Millennials.
borrowers use browser based internet banking services.
borrowers use App based banking services.
borrowers are worried about how their personal data is being used by lending apps.
borrowers feel the need of transparent communication on usage of personal data.
borrowers would like a reputed organization to educate them about financial tasks online.
borrowers took loan for buying consumer durables such as smartphones and home appliances.
of borrowing was business related borrowing, which is the next biggest driver for taking loans in India.
of people borrowed to get their houses constructed/renovated.
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