At least 81% of millennials (aged 25 to 35) want to take out a personal loan in the near future for education, according to a national survey carried out by the entrepreneurship and innovation cell (E-Cell) of IIM Kozhikode in collaboration with the digital lending platform IndiaLends. . The report, titled “Indian Borrowers’ Sentiment Report,” sampled 1,400 respondents from Level 1 and Level 2 cities, focusing on the spending habits of Millennials and Generation Z (21-25 years old) and their propensity to take out a personal loan.
The survey included both employed and self-employed participants and presented several interesting data points. According to the report, the finances of about 66% of Gen Z were affected by the second wave of COVID, while the finances of about 75% of baby boomers (aged 60 and over) were not affected by the second wave of COVID. no impact. The second wave of the pandemic was more difficult for 53% of the self-employed class against 46% of the salaried class.
More than 27 percent of Millennials plan to apply for a personal loan to cover their medical bills, while about 18 percent plan to apply for a personal loan for their marriage. IndiaLends Founder and CEO Gaurav Chopra said: “With around 65% of Indians planning to opt for a personal loan in the immediate future, there is a clear indication of pent-up demand for credit products and general optimism among customers. ”