Millennials — those in the age group of 25-40 years — are on average taking loans of ₹6,000 and the loan demand has peaked exponentially in small towns and rural regions in the wake of the second wave of COVID-19. Demand for loans had surged in tier 2, 3 and 4 cities during the first wave as well. It has a loan book of ₹500 crore and has disbursed in excess of three lakh loans to more than one lakh borrowers. Overall national figures reflected a similar order of priority for availing of loans. In the pre-COVID period, the demand for loans intended for medical requirements were at 18% and in August-September 2020 the number went up to 28%.

Source: The Hindu May 29, 2021 17:30 UTC