Families taking loans doubles: Money9 Survey

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The strong increase in demand for loans in the country after Corona is clearly visible in the figures of the Reserve Bank and is also confirmed in India’s Pulse Personal Finance Survet of Money9. The number of Indian families taking loans in the country has doubled in the last one year. The survey conducted between August and November this year revealed that 22 percent of the families in India have taken loans. The number of Indian families taking loans during 2022 was 11 percent.

In the last one year, 11 percent of Indian families had taken loan out of which 8 percent took a home loan, 4 percent took an auto loan and 2 percent took an education loan. The largest number of families taking personal loans are Tamil Nadu, Karnataka, Madhya Pradesh, Odisha and Rajasthan. Maharashtra, Chandigarh, Haryana, Punjab and Delhi are ahead in terms of auto loans.

The survey also shows that about 21 percent of Indian families are planning to take a loan during the next year. Next year, 10 percent of Indian families are planning to take home loan, in which Delhi, Karnataka, Chhattisgarh, Jammu-Kashmir and Himachal are ahead. Next year, 5 percent people are planning for auto loan, in which Maharashtra, Delhi, Karnataka, Chhattisgarh and Rajasthan are ahead.

The information received in the survey matches with the figures of the Reserve Bank. According to the Reserve Bank, till the end of October this year, the growth of personal loans has been around 30 percent, out of which the highest growth has been recorded in home, credit card loans and auto loans.

This survey was conducted in more than 115 districts of 20 states of the country during August to November. The survey was conducted in 10 different languages, it included 1,140 villages or urban wards of the country. This survey gives complete information about the earnings, expenses, savings and investments of Indians.