Loan Applications increased to 103% compared to 2018.- New Survey

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This survey will make you stunned and it was conducted by IndiaLends. However, we have shared a complete shopping sentiment survey in which you will get to know the buying decision from the vast majority of the customers.

The festive season triggered and shifted many users’ midset to buy new products and clothes. At present, there’s another type of survey that states the percentage of people applying for the loans to complete their needs.

This generation is leaned more towards EMI offerings to purchase premium smartphones and thus loan application increased to a great extent.

Offering interest-free offers from the manufactures made customers opt-for those and it is an advantage on both sides.

Loan Application increased to 103%

The spike is also a major reason for the festive season and almost all of the electronics are willing to offer interest-free loans for a particular period of the time.

Moreover, loan applications are widely seen in the category of gadgets and electronics section.

If you go by the numbers…

  • Compared to the 2018 stats, there is a spike of 103% in Loans for purchasing gadgets and electronics.
  • Along with this, there is a rise in 48% of loan applications for the purpose of personal or home renovation.
  • Even there is an increase of 46% in wedding loans.

These numbers significantly rose up on the occasion of Diwali. Because many people show interest to buy new things at this time of peace and prosperity.

Loan Application for Business

However, loans are not only limited to personal or gadgets. The main effective use of loans can be in Business.

A staggering 95% increase is observed in the loan applications for startups or business purposes.

In terms of division of states…

  • Mumbai witnessed the 137% increase in loan application for business funding compared to 2018.
  • Whereas, in NCR there is a growth of 113% in loan application for business funding.
  • and Bangalore with an 80% increase.

Tier 2 cities also observed a 43% spike in travel loan applications.

The study was also conducted among size metro cities as well. List of cites are…

  • Mumbai
  • NCR
  • Bangalore
  • Hyderabad
  • Chennai
  • Kolkata

Along with that, 6 Tier 2 cities were also a part of it…

  • Jaipur
  • Ahmedabad
  • Lucknow
  • Indore
  • Chandigarh
  • Vizag

In total, 12,391 respondents were organized for their loan requirements in the below-mentioned categories.

  • Wedding
  • Funding Business
  • Education
  • Travel
  • Debt Consolidation
  • Home Renovation
  • Gadgets or Electronics
  • Unexpected Expenses.

Other studies from the Survey

  • A 50% increase in loan applications by women in Bangalore compared 48% in Mumbai.
  • Loan range falls between Rs. 17,000 to Rs 15,00,000 for funding businesses.
  • For home improvement cost varied between Rs 40,000 to Rs 28,00,000.
  • For weddings ranged between Rs 20,000 to Rs 29, 00,000.
  • In case of emergencies was in the range of Rs 38,000 to Rs 34,00,000