2024-01-01 11:45:00
Title: Indians Increasingly Turning to Loans for Various Purchases
According to the Finance and Industrial Development Corporation of India, the number of borrowers in India is expected to increase by 2023. This trend is attributed to high inflation and a lack of increase in purchasing income among the Indian population.
The rising cost of living has forced Indian people to heavily rely on borrowing, with loans being taken out for a wide range of purposes, including household appliances and medical expenses. As a result, there has been a surge in loans being obtained from banks, financial institutions, and even banned internet apps.
Monthly EMIs are becoming increasingly common in India, with personal loans, car loans, education loans, and home appliances being among the popular products for which people are seeking financial assistance. In particular, the demand for personal loans has seen a significant increase of 32 percent in 2023 compared to the previous year, with a notable rise in loans taken for medical purposes.
Car loans are also in high demand, with people from rural and urban areas alike availing themselves of these financial products. On the other hand, education loans are more commonly used in urban areas. Various EMI schemes are being employed by people from all across India to finance their purchases.
Interestingly, there is growing trend among Indian borrowers to save gold even after taking a loan, with the number of individuals borrowing to buy gold increasing by 30 percent. Furthermore, more people are investing in insurance, with the Finance and Industrial Development Corporation of India noting a rise in the number of individuals seeking insurance coverage.
As borrowing continues to increase in India, it is becoming evident that the population is turning to various financial solutions to address their needs and desires.
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