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Friday, May 17, 2024

Shopping by taking small loans increases in country

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The trend of shopping by taking loans for small amounts of time is gaining pace in the country. With a recent survey, it has been found out that the 50% of the participants prefer the use of EMI cards for shopping, and while 25% people use credit cards, 10% of the participants like ‘Buy Now Pay Later’ (BNPL). As per Home Credit India’s annual consumer study, ‘How India Borrows’, digital lending has augmented among Gen Z (12 to 32 years) and millennials (32 to 42 years), who take more than 3/4th of the total loans in tier-1 and tier-2 cities.

The survey was carried out in 16 Indian cities, which are, Delhi-NCR, Mumbai, Kolkata, Bengaluru, Hyderabad, Bhopal, Patna, Ranchi, Ahmedabad, Chandigarh, Chennai, Dehradun, Jaipur, Lucknow, Ludhiana, and Pune.

Embedded finance has also been becoming popular among the people of the country. It is preferred by 82% of the shoppers in Bengaluru, 74% in Patna, 69% in Lucknow, and 68% in Jaipur. On the other hand, 55% of the shoppers in Jaipur prefer digital loans, while 48% in Pune, 47% in Ludhiana, and 44% in Lucknow have the same preference. And as far as taking loans online is concerned, 75% of the shoppers in Pune like the same, 62% in Ahmedabad, 58% in Mumbai, and 42% in Bhopal.

More than 75% of the people involved in the survey are quite comfortable in taking loans, who have taken loans for a range of requirements like consumer durables, shopping, business-related needs, and home renovation. More than 60% of the participants believe that it is easier to take loans via mobile banking rather than internet banking, among whom a large number of youths come from tier-2 cities like Indore, Jaipur, and Surat.

60% of the credit customers involved in the survey also showed interest in embedded finance, and are of the opinion that through this, e-commerce shopping can be turned into easy EMIs, and it is easy to pay back.

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.

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