#startingconversations-#startingconversations

IndiaLends Survey: Indians are Struggling to Make Ends Meet

The COVID-19 pandemic has severely affected the financial health of professional individuals in India. A survey shows that over 82% are struggling to make ends meet

The survey shows 94% are being extra careful over-spending their money

Online lender IndiaLends surveyed over 5,000 salaried individuals. It stated that 94% of people are being extra careful about spending their money in the next few months. About 84% said they were cutting back on spending. 90% expressed concern about their savings and financial future, reports Priyanka Pani in IBS Intelligence.

The survey also revealed that 72 % of respondents would soon opt for a personal loan to meet high-priority expenses such as debt repayment, essentials and medical, education fees, home repairs, and renovation. 71% of its customers had existing loans out of which 45% had applied for a moratorium, as they couldn’t repay their debts.   

Gaurav Chopra, Founder, and CEO, IndiaLends, 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.”  

The economic situation has also impacted investments

Chopra added that people must examine their financing options such as a personal loan or line of credit and plan accordingly for the weeks and months ahead. To ease the borrowers’ hardships, the digital lender is making the application process easier and convenient, ensuring quick disbursal of loans through a touch-less and contact-less system. 

Over 76% of the respondents said they are in no position to consider fresh investments at this time. Over 40% of the respondents felt that their focus on expenses for essential items would increase in the future. 70% said they would spend less on non-essentials (like entertainment, luxury, etc) after in the COVID-19 period.   

Also Read: India Eases Visa Restrictions For Select Professionals

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related

More Articles Like This

More from the Author

Exotic Getaways With The Residence By Cenizaro

With the new Forever Yours campaign, The Residence by Cenizaro invites families to create memories that will last a lifetime. Following a...

Wyndham Hotels & Resorts Unveils First Wyndham Grand in Mexico

Through a franchising arrangement with Grupo Cancun, Wyndham Hotels & Resorts has announced the upcoming opening of Wyndham Grand Cancun All-Inclusive Resort...

Kempinski Expands Presence In North America

The newest five-star hotel from Kempinski Hotels has white sand beaches and an ocean that is as clear as glass. In September...

Transportation In Japan

Japan is famous for its reliable and fast transportation network. The country boasts a great, efficient transportation system to take you almost...