In India, medical emergency, children’s education, wedding expenses are among the major reasons for taking a personal loan. NIRA, a consumer finance company, has released a survey, according to which 28 per cent of personal loans are taken for medical emergency, while 25 per cent are for housing needs such as children’s education, home renovation and wedding expenses.
The report says that most people earn a decent salary, which only serves their daily expenses and there are no additional resources for sudden expenses. 77 percent people use unsecured personal loans for this.
The report also said that 41 percent of the people said that the interest rate was the main criterion for choosing the lender, while 30 percent said the duration of the loan and 20 percent gave the time of getting the amount.
Some highlights of the survey
- 87 percent of people handle their own finance, which includes tax return filing and tracking EMI. 55 per cent of the people depend on family and friends for financial information. And 25 percent people depend on social media for information. Only 5 percent of people approach a chartered accountant for financial help.
- Most people have no savings other than traditional methods like savings account, cash, fixed deposits and gold. 40 percent of people prefer gold as an investment. Only 12 per cent had some form of equity investment such as mutual funds or stocks.
- The monthly income of 60 per cent goes towards their family, 20 per cent in rent, 8 per cent is set aside as daily commute and 12 per cent as savings, leaving little to invest in retirement or long-term financial sources. is saved.
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- It has also been revealed in the report that people are also proficient in tech. 80 percent of people prefer net banking for transactions, 66 percent prefer to use UPI to send or receive money. Only 7 percent of the people were still found using cash or checks.
- How to improve the credit score was the biggest financial question for 35 per cent of the people. Whereas the most important question for 20 percent people is how to pay the loan fast? Was
(Story: Priyadarshini Maji)
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