Marriage Accounts For 20 Per Cent Of All Loans Among Young Indians

New Delhi, August 14: Around 20 per cent applications received in 2018-19 from youth across the six cities (Delhi NCR, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata) were for funding their weddings, said IndiaLends in a recent report adding that of the total application received majority of them were from Mumbai, around 22 per cent.

Around 11 per cent youth applied for loans to fund their own business. Maximum applications (around 27 per cent) for this purpose were received from Bangalore the city known as the Mecca for start-ups in India, the report revealed.

Around 20 per cent youth from across the six metro cities, applied for loans to fund their higher studies. Majority of these applications (around 20 per cent) were received from Bangalore.

Of the total applications received for loans from youth, around 19 per cent was for travel purpose. Over 20 per cent of these applications were received from Hyderabad.

“Unlike the previous generation, which was prudent in spending, young Indians of today do not believe in just making ends meet. This generation is self-sufficient and self-reliant. Unlike their predecessors, for them leisure has become an essential component of their lifestyles,” said Gaurav Chopra, Founder and CEO, IndiaLends.

“While our survey clearly indicates a sharp rise in loans, it also shows that young Indians are spending maximum on things they are keen about, such as higher studies, funding their own business, paying for their own wedding and travel expenses. This generation is also more proficient in applying for loans through digital means than their previous counterparts — 83 per cent vis-a-vis 52 per cent. The findings also give us a broad idea of the financial requirements of young Indians,” he added.

Over 7 per cent application from people aged between 20-30 were received for Lifestyle purpose. Delhi lead the tally with 27 per cent.

Of the total applications received from youth across the six metros, 65 per cent were salaried individuals and 34 per cent were self-employed individuals. Majority of the salaried youth applicants were from Bangalore- around 22 per cent and maximum applications from self-employed youth were received from Delhi NCR region – 19 per cent.