Whopping 71% Of Indians Aspire For ‘Tiny Loans’: Survey
A significant 71 per cent of Indians express plans to take a loan in the range of Rs 30,000 to Rs 2,00,000, underlining the continued demand for financial assistance, highlights a survey by Moneyview.
Among the surveyed participants, 26 per cent prioritise positive ratings when choosing a lender, while 29 per cent focus on low processing fees, 48 per cent consider a low rate of interest, 31 per cent seek high loan amounts, 25 per cent value instant approvals, 21 per cent prioritise quick disbursements and 16 per cent favour a completely online process.
According to the survey, 40 per cent of the respondents diligently check their credit scores every month, highlighting a growing awareness of the importance of credit health.
The 2023 Consumer Credit Survey captured responses from a diverse group of individuals, providing valuable insights into credit habits, loan aspirations and key factors influencing financial decisions.
A noteworthy 88 per cent of respondents,
affirmed their regular practice of checking their credit scores without fail.
Half of the participants (50 per cent) reported receiving suggestions from various platforms to enhance their credit scores at no cost, reflecting a proactive approach towards credit management.
Among those planning to take a loan, 24 per cent aim to invest in business, 15 per cent require funds for medical emergencies and another 15 per cent intend to use the loan for home renovation or construction.
Highlighting the outcomes of the survey, Prasanth Naidu, Chief Marketing Officer, Moneyview said, “The insights from our recent survey underscore the importance of credit awareness and prudent financial planning. The findings highlight not only the increasing frequency of credit score monitoring but also the dynamic nature of individuals' financial goals.”
