Photo: The Economic Times
Pay Cuts, Job Loss Force 46% Indians To Borrow Money During COVID: Report
A Home Credit India's report has indicated that pay cutoffs and job losses during the COVID-19 have forced around 46% of Indians to borrow money to run their households. The percentages were as high as 27% in cities like Bhopal and Mumbai, followed by Delhi (26%). People however have leaned towards informal sources like friends and family to take loans as it would give them plenty of time to repay.
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