Hyderabadites will give holidaying a miss this year: IndiaLends survey

Mumbai/New Delhi, June 03, 2020: A recent survey by IndiaLends, a digital lending platform, has revealed that the pandemic has severely affected the financial health of salaried and professional individuals with 82% of respondents saying they are struggling to make ends meet.

The nationwide survey of nearly 5,000 respondents threw up no surprises: 94% said they would have to be extra careful about how they spend their money in the next few months; 84% said they were cutting back on spending; and 90% expressed concern about their savings and financial future. Nearly 73% Hyderabadites said that they will decrease their spends on travel and 38% of them said that they will focus more on essential commodities.

Significantly, the survey also revealed that the respondents would not be averse to taking a loan to tide over the present crisis — nearly 72% 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% of its customers had existing loans out of which 45% had applied for a moratorium due to their inability to repay their debts.

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.

According to the IndiaLends survey, the economic uncertainty and the state of individual finances has also impacted investment with 76% of the respondents said they are in no position to consider fresh investments at this time.

FUTURE OF EXPENSES

As evident from the table above, 40% of respondents said their focus on expenses for essential items would increase, while over 70% said they would spend less on non-essentials including entertainment, luxury and lifestyle in the post-COVID period.

About IndiaLends

IndiaLends is an online marketplace for credit products, insurance and offer free credit reports. IndiaLends recently launched Digital Lending 2.0 — a range of touchless and contactless products that include loans, insurance and a line of credit. Available on both the web and mobile, IndiaLends offers instant loans to its customers with most products being fully digital. IndiaLends also provides technology, data and credit analytics solutions along with a loan management platform to financial institutions. IndiaLends is run by a team of credit risk professionals and data scientists with multiple years of experience in consumer credit. For further information, please visit www.indialends.com.

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