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Survey Reveals 71% Plan to Take Loans, Highlighting Ongoing Demand for Financial Support

The 2023 Consumer Credit Survey observes that the users are looking for loans to fulfill their aspirations and needs and in general, want to be abreast of their creditworthiness

Survey Reveals 71% Plan to Take Loans, Highlighting Ongoing Demand for Financial Support
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POSTED ON December 26, 2023 6:53 PM

Financial services platform, Moneyview unveiled the insights from its recent survey, shedding light on the evolving landscape of credit score awareness and financial preferences.  

The 2023 Consumer Credit Survey captured responses from a diverse group of individuals, providing valuable insights into credit habits, loan aspirations, and key factors influencing financial decisions.     

Insights from Moneyview’s 2023 Consumer Credit Survey Report: 

  • Monthly Credit Score Checks: An impressive 40 per cent of respondents diligently check their credit scores every month, highlighting a growing awareness of the importance of credit health. 
  • Credit Score Improvement: Half of the participants (50 per cent) reported receiving suggestions from various platforms to enhance their credit scores at no cost, reflecting a proactive approach towards credit management 
  • Loan Aspirations: A significant 71 per cent of respondents expressed plans to take a loan in the range of Rs. 30,000 to Rs. 2,00,000, underlining the continued demand for financial assistance. 
  • Among the surveyed participants, 26 per cent prioritise positive ratings when choosing a lender, while 29 per cent focus on low processing fees, 48 per cent consider a low rate of interest, 31 per cent seek high loan amounts, 25 per cent value instant approvals, 21 per cent prioritise quick disbursements, and 16 per cent favor a completely online process.   

According to the survey, the purpose and awareness mediums for availing loans have been inculcated from the following: 

  • Loan Utilisation: Among those planning to take a loan, 24 per cent aim to invest in business, 15 per cent require funds for medical emergencies, and another 15 per cent intend to use the loan for home renovation or construction 
  • Consistent Credit Score Monitoring: A noteworthy 88 per cent of respondents, approached by the survey, affirmed their regular practice of checking their credit scores without fail 
  • Keeping a tab on frauds: The report also signifies concerns of frauds/loans availed on customers’ names without their consent, hence checking credit reports frequently becomes an important reason. 
  • Sources of Awareness: Communication channels, such as WhatsApp/Text messages and emails from various platforms, emerged as the primary source of credit score awareness for 34 per cent of respondents. Google/Online Search accounted for 18 per cent, and recommendations from friends and family contributed to 12 per cent. 

As per the survey details, occupation and designation statistics reveal that the 5000 survey participants encompass both salaried and self-employed contributors, with 61.52 per cent of loans taken by salaried individuals and 38.48 per cent by the self-employed in 2023.

Furthermore, the distribution of loans across town classes is as follows: 19.98 per cent in Tier 1, 12.69 per cent in Tier 2, and a substantial 66.93 per cent in Tier 3.

Additionally, it is noteworthy that 13.98 percent of females have availed loans, contrasting with a higher percentage of 86.01 per cent among males in the year 2023, the survey observed. 

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