- More than 40% respondents check their credit score monthly
- Users are looking for loans to fulfill their aspirations and needs and in general want to be abreast of their creditworthiness
- 46% of those intending to take a loan have increased within the last two months, indicating dynamic financial planning
Bengaluru, 26th December 2023: Moneyview, a leading financial services platform, has unveiled the insights from its recent survey, shedding light on the evolving landscape of credit score awareness and financial preferences. 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.
Sharing thoughts on the survey, Prasanth Naidu, Chief Marketing Officer, Moneyview, said, “As we navigate through a rapidly evolving financial landscape, 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. At Moneyview, we are committed to empowering our users with the tools and knowledge they need to make informed financial decisions in this digital age.”
Insights from Moneyview’s 2023 Consumer Credit Survey Report:
- Monthly Credit Score Checks: An impressive 40% of respondents diligently check their credit scores every month, highlighting a growing awareness of the importance of credit health.
- Credit Score Improvement: Half of the participants (50%) reported receiving suggestions from various platforms to enhance their credit scores at no cost, reflecting a proactive approach towards credit management
- Loan Aspirations: A significant 71% of respondents expressed plans to take a loan in the range of Rs. 30,000 to Rs. 2,00,000, underlining the continued demand for financial assistance.
- Among the surveyed participants, 26% prioritize positive ratings when choosing a lender, while 29% focus on low processing fees, 48% consider a low rate of interest, 31% seek high loan amounts, 25% value instant approvals, 21% prioritize quick disbursements, and 16% favor a completely online process.
According to the survey, the purpose and awareness mediums for availing loans have been inculcated from the following:
- Loan Utilization: Among those planning to take a loan, 24% aim to invest in business, 15% require funds for medical emergencies, and another 15% intend to use the loan for home renovation or construction
- Consistent Credit Score Monitoring: A noteworthy 88% of respondents, approached by the survey, affirmed their regular practice of checking their credit scores without fail
- Keeping a tab on frauds: The report also signifies concerns of frauds/loans availed on customers’ name without their consent, hence checking credit report frequently becomes an important reason.
- Sources of Awareness: Communication channels, such as WhatsApp/Text messages and emails from various platforms, emerged as the primary source of credit score awareness for 34% of respondents. Google/Online Search accounted for 18%, and recommendations from friends and family contributed to 12%.
As per the survey details, occupation and designation statistics reveal that among the 5000 survey participants encompass both salaried and self-employed contributors, with 61.52% of loans taken by salaried individuals and 38.48% by the self-employed in 2023. Furthermore, the distribution of loans across town classes is as follows: 19.98% in Tier 1, 12.69% in Tier 2, and a substantial 66.93% in Tier 3. Additionally, it is noteworthy that 13.98% of females have availed loans, contrasting with a higher percentage of 86.01% among males in the year 2023.
