Startup Terminal
  • News
    • Technology
    • Funding
    • Tie-up
    • Acquisition
    • Australia Startup News
    • Singapore Startup News
    • India Startup News
    • UAE Startup News
    • UK Startup News
    • US Startup News
    • Launch
    • Video
  • Interview
  • Feature
  • Events
  • Variety
    • 40 Under 40 Award by Startup Terminal
  • Privacy Policy
  • Refund and Cancellation policy
    • Terms and Conditions
  • Contact Us
No Result
View All Result
  • News
    • Technology
    • Funding
    • Tie-up
    • Acquisition
    • Australia Startup News
    • Singapore Startup News
    • India Startup News
    • UAE Startup News
    • UK Startup News
    • US Startup News
    • Launch
    • Video
  • Interview
  • Feature
  • Events
  • Variety
    • 40 Under 40 Award by Startup Terminal
  • Privacy Policy
  • Refund and Cancellation policy
    • Terms and Conditions
  • Contact Us
No Result
View All Result
Startup Terminal
No Result
View All Result
Home News

82% Indians bear financial brunt of COVID-19: IndiaLends survey

StartUp Terminal Bureau by StartUp Terminal Bureau
July 24, 2023
in News
0
82% Indians bear financial brunt of COVID-19: IndiaLends survey
155
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Mumbai, India, June 2, 2020-  COVID-19  pandemic
has severely affected the financial health of salaried and professional
individuals in India. This revelation came into light from a
 recent survey conducted by IndiaLends, a digital lending platform. 
82% of respondents saying that they are struggling to make ends meet.  

82% Indians bear financial brunt of COVID-19: IndiaLends survey
Infographhic: IndiaLends survey
The nationwide survey of nearly 5,000
respondents threw up no surprises: 94% said they would have to be extra careful
about how they spend their money in the next few months; 84% said they were
cutting back on spending; and 90% expressed concern about their savings and
financial future.

Significantly, the survey also revealed that
the respondents would not be averse to taking a loan to tide over the present
crisis — nearly 72% said they would opt for a personal loan in the immediate
future to meet high-priority expenses such as debt repayment,
essentials and medical, education fees, and home repairs
and renovation. As per IndiaLends data, 71% of its customers
had existing loans out of which 45% had applied for a
moratorium due to their inability to repay their debts. 

IndiaLends Founder and CEO Gaurav Chopra said,
“The pandemic has changed the way we all function, affecting our
physical, mental, emotional and financial wellbeing. Salaried individuals
and professionals, in particular, are coping with the potential burden of
job losses and pay-cuts. The impact on their income and savings has seen a growth
in demand for retail loans. In these circumstances when finances are stretched
and assets are not easily accessible, it is important for individuals to
examine their financing options — such as personal loan or line of credit — and
plan accordingly for the weeks and months ahead. To alleviate hardships of
borrowers, we are making the application process easier and convenient, and
ensuring quick disbursal of loans through a touch-less and contact-less
system.

According to the IndiaLends survey, the
economic uncertainty and the state of individual finances has also impacted
investment with 76% of the respondents said they are in no position
to consider fresh investments at this time.

FUTURE OF EXPENSES

How will your
expenses in the following categories be impacted post COVID19?
Increase
Decrease
Will remain
unchanged
Essentials
40%
27%
28%
Apparel and
accessories
17%
63%
16%
Travel/ holiday
9%
76%
11%
Entertainment
(out of home)
12%
73%
11%
Travel
10%
75%
11%
Luxury goods
purchase
10%
75%
11%
Furnishing and
durables
12%
68%
15%
Vehicle
purchases
11%
70%
14%
Home rental
25%
33%
37%

As evident from the table above, 40% of
respondents said their focus on expenses for essential items would
increase, while over 70% said they would spend less on non-essentials
including entertainment, luxury and lifestyle in the post-COVID period.

Tags: News
StartUp Terminal Bureau

StartUp Terminal Bureau

Startup Terminal is a global news portal reporting news and analysis on technology, start-ups, and business-related news from all over the world. We exclusively feature entrepreneurs, startups, businesses, and technology companies to reach out to a wider audience. Contact us at editorial@startupterminal.com

Related Posts

KMH Events Rebrands to KMH Dubai as its Services Expand to Encompass Full Brand Support
News

KMH Events Rebrands to KMH Dubai as its Services Expand to Encompass Full Brand Support

May 15, 2025
Manifest Brings Instant, Legal Access to $35 Trillion U.S. Property Equity Market for Indian Investors
Business

Manifest Brings Instant, Legal Access to $35 Trillion U.S. Property Equity Market for Indian Investors

May 8, 2025
Felicity Games Secures $3M to Redefine Global Game Publishing from India
Funding

Felicity Games Secures $3M to Redefine Global Game Publishing from India

March 11, 2025
Next Post
Denmark’s Vemco Group helps UAE retailers confront the challenges of COVID-19

Denmark's Vemco Group helps UAE retailers confront the challenges of COVID-19

Lockdowns- A Boon or a Bane; A Start-up Perspective

Lockdowns- A Boon or a Bane; A Start-up Perspective

Interview: Soumen Haldar, Founder & CEO, DSS EVENTS & PROMOTION

Interview: Soumen Haldar, Founder & CEO, DSS EVENTS & PROMOTION

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Valiant Clinic & Hospital partners with Okadoc

Valiant Clinic & Hospital partners with Okadoc to enhance patient experience on booking appointments

4 years ago
Advantage Club enables companies to offer perks and privileges to their employees or clients

Advantage Club enables companies to offer perks and privileges to their employees or clients

8 years ago
Dr Anjali Hooda

International Women’s Day: Interview with Dr. Anjali Hooda

4 years ago
Savoye appoints Alain Kaddoum as the Middle-East Managing Director

Savoye appoints Alain Kaddoum as the Middle-East Managing Director

4 years ago
Article: Entrepreneurship in India is largely an organized scam: Debasish Roy, CEO, Magic of Football

Article: Entrepreneurship in India is largely an organized scam: Debasish Roy, CEO, Magic of Football

8 years ago
No Result
View All Result

Must Read

Arab Aviation Summit 2025 Brings Industry Leaders Together Reinforcing Saudi Arabia’s Role as a Global Aviation Hub

Eire Gulf Appoints Saeed Rehman as Head of Pre-Contract

How to Align Promotional Products with Your Audience

Managing bereavement in the workplace

NLB Services invests in Jagdish Mitra’s industry-first GenAI IP-powered SaaS services venture Humanize

Strategic Staffing: Optimising Performance with Full-Time Remote Teams

Trending

KMH Events Rebrands to KMH Dubai as its Services Expand to Encompass Full Brand Support
News

KMH Events Rebrands to KMH Dubai as its Services Expand to Encompass Full Brand Support

by StartUp Terminal Bureau
May 15, 2025
0

Dubai, May 15, 2025: KMH Events, founded by entrepreneur Kelly Marie Hodgkin, has rebranded as KMH Dubai,...

Manifest Brings Instant, Legal Access to $35 Trillion U.S. Property Equity Market for Indian Investors

Manifest Brings Instant, Legal Access to $35 Trillion U.S. Property Equity Market for Indian Investors

May 8, 2025
Felicity Games Secures $3M to Redefine Global Game Publishing from India

Felicity Games Secures $3M to Redefine Global Game Publishing from India

March 11, 2025
Arab Aviation Summit 2025 Brings Industry Leaders Together Reinforcing Saudi Arabia’s Role as a Global Aviation Hub

Arab Aviation Summit 2025 Brings Industry Leaders Together Reinforcing Saudi Arabia’s Role as a Global Aviation Hub

February 9, 2025
Eire Gulf appoints Saeed Rehman as Head of Pre-Contract

Eire Gulf Appoints Saeed Rehman as Head of Pre-Contract

February 9, 2025
Startup Terminal Logo

Startup Terminal is a global news portal for Technology, Startups, and Businesses. Reporting on technology, start-ups, and business-related news from all over the world. We exclusively feature startups, and technology companies to reach out to a wider audience.
Startup Terminal is an official media partner at global conferences like:
#Mobile World Congress 4YFN,
#Barcelona, Spain
#ConnecTechAsia, Singapore (Formerly CommunicAsia)
#NXTAsia, Singapore
#Africa Com, Cape Town, South Africa
#Converge Events, Singapore
#young Startup Ventures, USA

Follow us on social media:

Recent News

  • KMH Events Rebrands to KMH Dubai as its Services Expand to Encompass Full Brand Support May 15, 2025
  • Manifest Brings Instant, Legal Access to $35 Trillion U.S. Property Equity Market for Indian Investors May 8, 2025
  • Felicity Games Secures $3M to Redefine Global Game Publishing from India March 11, 2025
  • Arab Aviation Summit 2025 Brings Industry Leaders Together Reinforcing Saudi Arabia’s Role as a Global Aviation Hub February 9, 2025
  • Eire Gulf Appoints Saeed Rehman as Head of Pre-Contract February 9, 2025
  • How to Align Promotional Products with Your Audience November 5, 2024
  • Managing bereavement in the workplace September 24, 2024
  • NLB Services invests in Jagdish Mitra’s industry-first GenAI IP-powered SaaS services venture Humanize August 21, 2024

Readers’ Choice

  • Aneesha Dalal, SHIAMAK Dance Academy

    Interview: Aneesha Dalal, Master Instructor and Principal Dancer at The SHIAMAK Dance Academy

    379 shares
    Share 152 Tweet 95
  • International Women’s Day Interview: Arpita Mehta, Fashion Designer

    348 shares
    Share 139 Tweet 87

© 2023 Startup Terminal - Leading digital news portal-Startup Terminal | All Rights Reserved.

No Result
View All Result
  • News
    • Technology
    • Funding
    • Tie-up
    • Acquisition
    • Australia Startup News
    • Singapore Startup News
    • India Startup News
    • UAE Startup News
    • UK Startup News
    • US Startup News
    • Launch
    • Video
  • Interview
  • Feature
  • Events
  • Variety
    • 40 Under 40 Award by Startup Terminal
  • Privacy Policy
  • Refund and Cancellation policy
    • Terms and Conditions
  • Contact Us

© 2023 Startup Terminal - Leading digital news portal-Startup Terminal | All Rights Reserved.