At least 81% of millennials (25-35) want to take out a personal loan in the near future for education, according to a nationwide survey by IIM Kozhikode’s Entrepreneurship and Innovation Cell (E-Cell) in collaboration with digital lending platform IndiaLends. The report, titled “Indian Borrowers’ Sentiment Report,” sampled 1,400 respondents from Tier 1 and Tier 2 cities, focusing on the consumption habits of millennials and Gen Z (21-25) and their propensity to contract 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 impacted by the second wave of COVID, while the finances of about 75% of Baby Boomers (aged 60+) were unaffected. no impact. The second wave of the pandemic was more difficult for 53% of the self-employed class compared to 46% of the salaried class.
More than 27% of millennial respondents plan to apply for a personal loan to cover medical expenses, while around 18% plan to apply for a personal loan for their wedding. 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 the general optimism of customers”.