How India Borrows 2024: Home Credit India Study Reveals Aspirational Borrowing Trends, Rising Digital Adoption, Increase in EMI Cards & App-Based Banking
Nov 06, 2024
New Delhi [India], November 6: Home Credit India, a local arm of the leading global consumer finance provider, has released the findings of its annual consumer study - How India Borrows. The sixth edition of the study reported a significant shift in borrowing patterns among the lower-middle-class consumers, transitioning from survival-driven borrowing to one fuelled by aspirations, entrepreneurship, and long-term investments. This transformation reflects India's evolving socio-economic landscape, where consumers are increasingly focused on improving their quality of life, empowered by greater access to credit and the growth of digital platforms.