According to the digital lending platform, this surge in applications for wedding loans was due to a year-long delay in their wedding plans brought about by the pandemic. Likewise, business loans too saw an increase from 16% to 23% during the second wave. Meanwhile, loan applications for household expenditure saw a dip during in the second wave, suggesting that that youth are now better prepared to meet financial needs. IndiaLends received about 56% of loan applications from tier-2 cities both during the first and the second wave of the pandemic. “Among others, applications for the purpose of education, car & two-wheeler loans, travel loans etc.

Source: Mint August 11, 2021 11:48 UTC