The national survey of around 5,000 respondents concluded that 94 per cent of the people would have to be extra cautious about how they plan to spend their money in the few months; 84 per cent were taking a step back from spending; and 90 per cent expressed concern about their savings and financial future.
Significantly, the survey revealed that the respondents would not be unwilling to apply for a loan to take hold over the present crisis – nearly 72 per cent said they would prefer to apply for a personal loan in the coming future to meet high-priority expenses such as debt repayment, essentials and medical, education fees, and home repairs and renovation.
As per the information by IndiaLends, 71 per cent of its customers had existing loans out of which 45 per cent had applied for the moratorium due to their inability to 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 well being. Significantly, the 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 to pay attention their financing options – such as personal loan or line of credit – and plan accordingly for the weeks and months ahead.”
To add further to the survey, the economic un stability and the state of individual finances has also impacted their investments, with 76 per cent of the respondents saying they are absolutely in no spot to put a thought into fresh investments at this time.