Home improvement top reason why Indians take instant personal loan, shows data from SimplyCash
Home improvement and medical emergencies are the top two reasons why majority of Indians, especially the millennials, opt for instant personal loan, shows analysis of data involving lakhs of users of SimplyCash, the instant loan app powered by the Hero Group.
In the last 12 months, 37% of all instant personal loans disbursed by the firm were taken for home improvement. This was followed by factors like medical emergencies (28%) and marriage and family functions (12%). About 5% of customers took a loan for education, be it for their child’s education or for upskilling their own skills. Other causes included business-related expenses (2%), holidays (2%) and paying off debt (2%).