Millennials availed digital loans in 2020 to meet their emergency fund requirements like medical expenses, and credit refinancing. As the new situation emerged due to the pandemic, millennials' borrowing behaviour changed compared to earlier years. As many lost jobs or employers cut their salaries, 16% of millennials availed loans for credit refinancing. Most borrowers (41%) in 2020 were those earning between ₹10,000 and Rs-25,000. Loan demand was highest, at 81%, from millennials earning ₹10,000– ₹50,000, and 76% preferred small-ticket loans ranging between ₹10,000 and ₹50, 000The survey also compared Android with Apple phone users.

Source: Mint February 25, 2021 10:52 UTC