Loan reasons of young Indians

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Around 20% of loan applications received from young Indians aged 20-30 years in 2018-19 were for funding their marriage; 11% sought loans to start their own business; 19% wanted loans for travel purpose; and 7% of applications received during the year were lifestyle-related. 

Some of the other findings were: 

22% of all respondents in Mumbai - the highest in any category - applied for loans to fund their marriage, followed by education and travel (20% each)

A majority of young Indians from Delhi applied for loans to fund their marriage expenses (20%), education (18%), travel (15%), and startup (14%). The capital territory also led the tally - 27% - in the entire lifestyle category.

Of the 11% respondents who applied for business loans, 27% were from Bengaluru, the hub of Startups. Bengaluru also accounted for maximum loan applications for education purpose - around 20%

Out of 20% of loan applications for travel purpose across all six cities, the maximum (20%) were received from Hyderabad.

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