South Indians look for digital ease in availing loans: Survey

Hyderabad: Credit consumers across Andhra Pradesh, Tamil Nadu, Karnataka and Kerala are increasingly prioritising faster loan disbursal and a seamless digital experience over lower interest rates while availing festive loans, according to a new survey by Paisabazaar. The survey, conducted during the recent festive season and covering 1,700 respondents from 18 South Indian cities, revealed that 41 per cent preferred pre-approved or instant loan offers, while 24 per cent placed digital-first processes at the top of their list. Only 20 per cent said interest rates were their primary consideration. A significant 80 per cent of respondents favoured digital platforms that provide step-by-step loan guidance. Borrowing trends showed that home renovation and furnishing topped the list of festive credit needs, accounting for 39 per cent of loans taken.