Jammu Tawi: Home Credit India, a local arm of the leading global consumer finance provider, has released the findings of its annual consumer study – How India Borrows – today. The sixth edition of the study reported a significant shift in borrowing patterns among the lower-middle-class consumers, transitioning from survival-driven borrowing to one fuelled by aspirations, entrepreneurship, and long-term investments. This transformation reflects India’s evolving socio-economic landscape, where consumers are increasingly focused on improving their quality of life, empowered by greater access to credit and the growth of digital platforms.Speaking on the sixth consumer study, Ashish Tiwari, Chief Marketing Officer, Home Credit India, said: “Our latest How India Borrows 2024 study highlights a transformational shift in the borrowing behaviour among the lower-middle-class borrowers. It shows an increasing preference towards borrowing for consumer durables and small business ventures and consumer’s growing comfort with app-based banking, chatbots for customer service, WhatsApp payments, and digital literacy, reflecting not only the evolving financial aspirations of borrowers to enhance their lifestyle and income opportunities, but also the growing role of digital platforms in making credit more accessible. The study also points out the strong affinity towards embedded finance and EMI-based financing and the importance of raising awareness around data privacy. Keeping this in mind, Home Credit India remains committed to providing transparent, secure, convenient, and accessible financial solutions, empowering consumers on their journey towards a better quality of life and fostering a responsible and inclusive financial future for all, thus partnering with them in making their #ZindagiHit.”
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