86 per cent of the country’s borrowers are worried about how they will repay the loan after the installment waiver period ends. This was revealed in a survey conducted by Boston Consulting Group on clients seeking discounts. Following the directives of the Reserve Bank of India, all the banks in the country gave exemption to the loan holders to repay the loan installments from March to May, which is due to end this month. From next month, the borrowers will have to repay their loan installments regularly.
Apart from this, if the facility of moratorium was availed, then the outstanding interest of these three months would also have to be paid. The survey also states that there are about half of Indian borrowers who believe that the future is not safe. There are 30 to 40 percent of the people in the survey who can stop the loan installments. Apart from this, 60 to 70 percent people believe that they may have to take a loan in the next 6 months.
In fact, one of the reasons is that the economy has come to a standstill due to the lockdown and massive staff salaries have been cut and even a large number of people have lost their jobs. The survey, conducted by the Boston Consulting Group, was conducted at different times during the ongoing lockdown in India. In this survey, the Indian economy has also been compared to the US, China, France and Britain.
Indians are spending on lockdown in these things: According to the survey, during the lockdown in India, the focus of consumers is on savings, food and health services. Apart from this, people are spending on online streaming services, internet etc. However, there has been a significant reduction in spending on purchase of liquor, online food delivery, public transport and luxury goods.
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