82 per cent of salaried struggling to survive amid COVID-19

As per IndiaLends data, 71 per cent of its customers had existing loans, out of which 45 per cent had applied for a moratorium.
For representational purpose. (Photo | Sindhu Chandrasekaran)
For representational purpose. (Photo | Sindhu Chandrasekaran)

BENGALURU: The Covid-19 pandemic has changed India’s spending habits and the trend is here to stay. As per a recent survey by digital lending platform,IndiaLends, 82 per cent of the respondents (salaried professionals) said that they are struggling to make ends meet in these tough times and 84 per cent expressed they are cutting back their spending, particularly on non-essentials.

Nearly 40 per cent of the respondents said the shopping for essential commodities will increase due to Covid-19 situation while over 70 per cent said they would spend less on non-essentials including entertainment, luxury and lifestyle in the post-coronavirus period as most believes keeping money reserved will be the priority.

As per IndiaLends data, 71 per cent of its customers had existing loans, out of which 45 per cent had applied for a moratorium.

“The pandemic has changed the way we all function, affecting our physical, mental, emotional and financial wellbeing. Salaried individuals, 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. 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,” Gaurav Chopra , chief executive officer (CEO) and Founder of IndiaLends, said.

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