Increased demand for loans in the sector as medical emergencies increase due to the epidemic

- At the top of the youth class in both the borrowers and lenders on the Pitupi lending platform over the past year

The Corona epidemic has seen massive changes at all levels of society. This change is seen in the way people live, as well as in the way they affect businesses and industries. Over the past one year, young people between the ages of 21 and 30 have topped the Ptupi lending platform as both borrowers and lenders. The demand for loans on the platform was highest in the last financial year in November, December and February.

According to the report, young and tech-savvy Indians are far ahead of previous generations when it comes to borrowing or leveraging the platform as a new asset class as an investor. Young people in the age group of 21-20 years have been the most active on this platform, both as borrowers (5 per cent) and as lenders (5 per cent). Then there is the age group of 21-30 years. Who hold 3% as borrower and 5% as lender.

India's Silicon City is at the top of the chart in terms of the highest credit demand by the people of Bangalore. Surprisingly, even the largest lender is from Tech City Bangalore. Other major debt and credit markets are Mumbai, Hyderabad, Poona and Chennai. Which indicates the clear dominance of West and South India.

Medical emergencies accounted for 5 per cent of the digital loans taken during the year. The two wave of Covid-18 had a huge adverse effect on the Indian healthcare system. There has also been a huge surge in medical emergencies during the year. The platform has seen a huge demand for loans for medical emergencies. This was followed by 9 per cent stake in Advance Salary and 10 per cent stake in Family Function.

Celaride Professionals have topped the charts on such platforms. The platform was the preferred choice among lenders between Rs 20,000 and Rs 1 lakh and accounted for about 50 per cent of the value. The festive season (November 2020) and December (2020) and February (2021) were the top three months in which the demand for loans was highest. On the other hand, the demand for loans has been the lowest during April-June 2020.

When it comes to loan repayment, ECS payment with 3% has been the most preferred method. This was followed by UPI (10 per cent) and NEFT (3 per cent). According to the data, male dominance is maintained with 70% participation.

Digital acceptance has gained momentum due to Covid-18 and has seen more transformation than imagined in all sectors of the credit sector as well. While medical emergencies have been the top reason for borrowing during the global health crisis, the prevalence of financial inclusion has helped meet the debt needs of the people. Young people have also actively participated in PTP landings as an asset class offering attractive returns.