Gadgets, Travel And Wedding Loans Surged During Diwali

New Delhi, November 6: Diwali 2019 witnessed the highest number of gadget and electronic loan applications followed by wedding and travel loans, according to a survey conducted in major metro and Tier II cities of India.

The data suggests that gadgets and electronics loan applications this Diwali saw a spike of 103 per cent, as compared to 2018, while personal loan applications for renovating home and funding wedding witnessed 48 per cent and 46 per cent rise, respectively.

Digital lending platform, IndiaLends conducted the survey across Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata, Jaipur, Ahmedabad, Lucknow, Indore, Chandigarh and Vizag. It claims to have surveyed 12,391 respondents’ loan requirements across 8 categories: wedding, funding business, education, travel, debt consolidation, home renovation, gadgets and electronics, and unexpected expenses.

According to the survey, loan applications for funding of business witnessed 95 per cent increase than last year with Mumbai, Delhi-NCR and Bengaluru grab the larger pie. Tier II cities saw 43 per cent increase in travel loans applications, and 42 per cent rise in debt consolidation in 2019 as compared to 2018.

While the ticket size of the loan for funding business was between Rs 17,000 and Rs 15 Lakh, loans for home improvement was between Rs 40,000 and Rs 28 Lakh. Similarly, loans for funding wedding was in the range of Rs 20,000 to Rs 29 Lakh, and loan for unexpected expenses like medical emergencies was in the range of Rs 38,000 to Rs 34 Lakh, the survey noted.

“We saw a major increase in loan applications for gadgets and electronics, travel and weddings. Moreover, an increase in the applications for business purposes and debt consolidation proves how financially conscious and aware they have become,” the report cited IndiaLends CEO Gaurav Chopra as saying.