UPI: The number of digital loan takers is increasing rapidly in India. Along with this, the use of UPI for its repair is also increasing rapidly.
UPI Payment for Digital Loan: With the changing times, Unified Payment System i.e. UPI has become an essential part of the lives of common people in India. Users prefer to pay through UPI instead of carrying cash. Its effect is now visible everywhere.
According to the report, after SIP i.e. Systematic Investment Plan, customers taking digital loans are paying the maximum number of digital loans through UPI. Giving information about this, AI-based financial platform CASHe said that 84 percent of the youth prefer to take a credit line instead of taking a personal loan. At the same time, there are 2 percent people who like to avail facilities like Buy Now Pay Later.
The founder of CasHe said this
Founder and President of CasHe V. Raman Kumar has told that this report has been prepared by talking to more than 5,40,000 Millennials. Policy makers, researchers, people associated with financial institutions have also been included in this. It has been found in this research that short term loan of less than Rs 10,000 is the first choice of the youth.
Digital loan is being taken for these expenses
Most of the youth take short term loans to manage medical and household expenses. Apart from this, people prefer to take credit short term loans instead of personal loans to complete tasks like shopping, home repairs. Along with this, nowadays 45 percent youth check social media before investing anywhere. In such a situation, social media plays a very important role in their decision.
Bengaluru leads in credit demand
It has also been learned from this report that Bengaluru is at the forefront of credit demand. Along with this, 37 percent of the country’s youth are dependent on their parents for financial needs to some extent. And 63 percent are now financially independent. Along with this, the youth believe that they want to deposit 20 percent of their annual income as retirement funds to secure their future.
