Smartphone Loan: The thinking of Indians has changed, they are taking huge loans for smartphones and weddings.

Consumer Loan: We Indians are also taking loans extensively on things like smartphones and electronic goods. The shopping trends of Indians have changed tremendously in just 4 years. The number of people taking loans for such things has increased tremendously by 37 times. The shopping trend has completely changed after Covid 19. According to a report, while 1 percent loan was being taken for smartphones and home appliances in the year 2020, now this figure has increased to 37 percent in 2024. Now consumers are not thinking much about arranging money for changes in their home. By taking loan, they are immediately buying things like their phone and TV, fridge and washing machine.

Strong desire to upgrade home and lifestyle

According to Home Credit India’s report ‘How India Borrows’, there is a strong desire among people to upgrade their home and lifestyle. Most loans are being taken to purchase consumer durables. After this, loans are being taken to do business and to give a new look to the house. The number of people taking loans for business expansion has increased from 5 percent in 2020 to 21 percent in 2024. The spirit of doing business is becoming stronger in the country. People want to increase their sources of income in view of new opportunities. The support given to MSMEs by the government has also created an environment in this regard.

People are taking more loans for marriage rather than education

Apart from this, the dream of building their dream home has also increased among people. The number of people taking loans for home improvement has also increased from 9 percent in 2022 to 15 percent in 2024. Apart from this, the number of people taking loans for medical emergencies has decreased from 7 percent to 3 percent during the same period. The reason for this is being said to be better financial planning and increasing healthcare facilities. On the other hand, there has been no change in the number of people taking loans for education. It is still at the figure of 4 percent. The number of people taking loans for marriage has increased from 3 percent to 5 percent during this period.

There was a surge in banking and online shopping through the app.

Or the survey was conducted in 17 cities of the country. Top 7 metro cities are also included in these. During the survey, opinions of about 2500 people aged between 18 to 55 years were taken. Their average income was Rs 31 thousand per month. It has been said in the survey that now consumers are using technology extensively. He has started using the app for banking. A surge in online shopping is also being seen for this reason. EMI cards remain popular among the people.

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