Indians willing to take loans to enhance lifestyle
A recent survey across 12 cities commissioned by Home Credit India found that around half of Indian respondents were open to the idea of taking loans, especially for fulfilling family needs and upgrading their lifestyle. Patna (61%), Lucknow (58%), Nagpur (56%) and Jaipur (54%) are the cities with the strongest family orientation towards such credit.
About one third of the total (2,571) respondents were willing to take a loan for purchasing a consumer durable item such as mobile phone, television and refrigerator etc. Loans for two-wheelers (23.3%) and personal expenses (20.3%), car purchase (12.5%), house (12%) and gold (10.5%) were the other popular choices. On the other hand, agriculture loans (0.7%), credit card EMI (1.1%), travel loans (1.5%) and medical loans (3.7%) attracted fewer applicants.