Coronavirus pandemic has severely affected the economy and has an impact on the financial health of salaried and professional individuals, reveled by a digital lending platform. According to the survey, 82 percent of Indians believe that disruptions caused by the COVID-19 pandemic have a severe effect on their economic condition and a majority of them are planning to go for personal loans to satisfy their cash requirement.
The coronavirus pandemic and therefore the nationwide lockdown has severely affected manufacturing, the financial health of a business, and lots of salaried and professional individuals similarly. The survey conducted by IndiaLends, a digital lending platform collected responses from 5,000 people.
More findings from the survey
Significantly revealed that as many as 84 percent said they were restricting on spending and 90 percent expressed concern about their savings and financial future. Almost 95 percent of the respondents said they would need to take extra care when it comes to their spending habits over the next few months. nearly 72 percent said they might go for a personal loan within the immediate future to fulfill high-priority expenses like debt repayment, essentials and medical, education fees, and home repairs and renovation. As per IndiaLends data, 71 percent of its customers had existing loans out of which 45 percent had applied for the moratorium because of their inability to repay their debts. And 33 percent said they were not aiming to rent a home at this point.
CEO Gaurav Chopra and IndiaLends founder said: “It is important for individuals to look at their financing choices like a personal loan or line of credit and plan accordingly for the weeks and months ahead, as at the current situation where finances are struggling and assets don not seem to be easily available,”.
The struggle of the health insurance sector is not less in the current pandemic situation. Different companies have come up with different modified policies. And buying a new insurance policy will be tough now as the premium has been increased. At this point in time, if something is flourishing its Business Intelligence, Data Science, and many more software companies. Currently, the common problem is the steep rise in prices.
