Never miss a story

Get subscribed to our newsletter


×
Forty-six per cent people borrowed money to make ends meet followed by 27 per cent for paying their EMIs and 14 per cent suffered job losses in 2020. Pixabay

Forty-six percent of Indians borrowed to run their households in COVID times, reveal Home Credit India research. One out of every four people borrowed money from their friends/family during the lockdown largely to manage their daily household needs.

Forty-six percent of people borrowed money to make ends meet followed by 27 percent for paying their EMIs and 14 percent suffered job losses in 2020. Mumbai and Bhopal lead with the highest number of people (27 percent) borrowing money followed by Delhi (26 percent) and Patna (25 percent).


Follow NewsGram on Twitter to stay updated about the World news.

In 2019 too, 46 percent of people borrowed but that not under any duress, and only to fulfill the needs of the family, followed by 33 percent who did so for upgrading lifestyle.

The ongoing pandemic has had a drastic impact on the economy and people across the strata of society. With job losses and pay cuts across industries, the lower-middle-income group has been affected severely. The pandemic has led to a shift in perspective towards loans and borrowing preferences.

Follow NewsGram on Instagram to keep yourself updated.

Home Credit India, a local arm of the international consumer finance provider with operations spanning over Europe and Asia, conducted research across 7 cities, to understand the borrowing patterns of people during the Covid lockdown.


The impact of the pandemic is still unfolding, and people have gone through an extremely difficult time. Pixabay

The research revealed that 46 percent of respondents borrowed money primarily to run their households. The impact of the pay cuts/delays was the next big reason why most borrowers resorted to borrowing, 27 percent of respondents cited repayment of their monthly installments from the earlier loan as the second biggest reason behind borrowing. 14 percent of the respondents borrowed as they suffered job losses.

Want to read more in Hindi? Checkout: हमारा लक्ष्य भारत को विज्ञान एवं तकनीकी हब बनाना : डॉ. निशंक

Another insight of the research reveals, unlike normal times, during Covid, people preferred to borrow money from their friends and families as it gave them the flexibility to return the money when the situation normalized/jobs and salaries were restored. The research also showed that 50 percent of the respondents admitted to returning the borrowed sum once the situation normalized/they returned to their jobs. 13 percent of the people said they will look at returning the sum after paying their loan amounts.

Speaking about the research, Marko Carevic, Chief Marketing, and Customer Experience Officer said: “We undertake research every year to understand our customers and their preferences better. The impact of the pandemic is still unfolding, and people have gone through an extremely difficult time.

Also Read: Five Budget-Friendly Cities To Host Your Dreamy Wedding

“Our research on the borrowing patterns of India has revealed some interesting new trends which contrast with the trends of the pre-COVID times. The lockdown time has seen borrowing happening from family and friends due to the flexibility in returning the amount as the pandemic has set a lot of uncertainty in the lives of people. Incomes are scrunched making people borrow money to run their households.” (IANS)


Popular

IANS

Rihanna was summoned from her seat to accept the honour, with the Prime Minister.

Singer Rihanna was honoured by Prime Minister Mia Mottley at an event which marked Barbados's new status as a republic, which was attended by Prince Charles. Addressing the pop star by her real name, the PM said: "Robyn Rihanna Fenty tomorrow morning shall have conferred upon her the order of national hero of Barbados."

Rihanna was then summoned from her seat to accept the honor, with the Prime Minister managing to rouse a laugh from the singer when she referenced her 2012 hit 'Diamonds', reports femalefirst.co.uk. She added: "On behalf of a grateful nation, but an even prouder people, we therefore present to you, the designee, for the national hero of Barbados." "And to accept on behalf of a grateful nation - you can come my dear - ambassador Robyn Rihanna Fenty, may you continue to shine like a diamond and bring honor to your nation." Rihanna, who was born in the St Michael parish of Barbados, found fame in 2005 after being spotted by a record producer and has since gone on to become one of the most successful female artists of all time with sales of over 250 million and recently reached billionaire status through her Fenty beauty brand.

The Prime Minister continued in her speech: "Commanding the imagination of the world through the pursuit of excellence, her creativity, her discipline, and above all else, her extraordinary commitment to the land of her birth. "Having satisfied that, Ambassador Robyn Rihanna Fenty has given service to Barbados which has been exemplified by visionary and pioneering leadership, extraordinary achievement and the attaining of the highest excellence to the Government of Barbados." It comes after a historic move for Barbados, which has become a republic after almost 400 years and welcomes its first president, Sandra Mason, after removing Queen Elizabeth as head of state. (IANS/ MBI)


Keep Reading Show less
Pxhere

It's that time of the year when there are festivities galore and entertaining comes to the fore.

By Manav Bhatia

It's that time of the year when there are festivities galore and entertaining comes to the fore. Manav Bhatia, Founder Trunkin shares some tablescapes for the season

Christmas Tablescapes: Whether it's cherry red tablecloths or plush green napkin rings, there's something for everyone. Red and green are synonymous with colour themes this time of year.

red and white candles on white ceramic vase Red and green are synonymous with colour themes this time of year. | Photo by Libby Penner on Unsplash

Keep Reading Show less
VOA

Typically, Glaucoma occurs in people with over the age of 60 however it can occur at any age.

By IANSlife

Have you ever faced eye redness? Or have witnessed blurry or foggy vision? Or experiencing halos around lights? Or nausea and vomiting are very common for you. You may well be suffering from Glaucoma which needs immediate attention.

Glaucoma is the second most common causes of blindness worldwide, according to a report by World Health Organisation (WHO). Typically, it occurs in people with over the age of 60 however it can occur at any age. It is also estimated that globally 79.6 million people are affected with glaucoma, half of them being Asian population. While in India, around 11.9 million people suffer vision impairment and out of which 1.2 million cases are due to Glaucoma. It is a growing concern for the population in India. Even after these high numbers, the enormous majority remains undiagnosed, and untreated. More than 90 percent of cases of Glaucoma remain undiagnosed.

Pink eye Glaucoma is the second most common causes of blindness worldwide, according to a report by World Health Organisation (WHO). | Wikimedia Commons

Keep reading... Show less