Financial empowerment on the rise: Over 40% Indians regularly monitor credit scores – Moneyvie
More than 40% of respondents check their credit scores monthly
Users are looking for loans to fulfil their aspirations and needs and in general, want to be abreast of their creditworthiness
46% of those intending to take a loan have increased within the last two months, indicating dynamic financial planning
Moneyview, a leading financial services platform, has unveiled the insights from its recent survey, shedding light on the evolving landscape of credit score awareness and financial preferences. The 2023 Consumer Credit Survey captured responses from a diverse group of individuals, providing valuable insights into credit habits, loan aspirations, and key factors influencing financial decisions.
Sharing thoughts on the survey, Prasanth Naidu, Chief Marketing Officer, Moneyview, said, “As we navigate through a rapidly evolving financial landscape, the insights from our recent survey underscore the importance of credit awareness and prudent financial planning. The findings highlight not only the increasing frequency of credit score monitoring but also the dynamic nature of individuals’ financial goals. At Moneyview, we are committed to empowering our users with the tools and knowledge they need to make informed financial decisions in this digital age.”
Insights from Moneyview’s 2023 Consumer Credit Survey Report:
Monthly Credit Score Checks: An impressive 40% of respondents diligently check their credit scores every month, highlighting a growing awareness of the importance of credit health.
Credit Score Improvement: Half of the participants (50%) reported receiving suggestions from various platforms to enhance their credit scores at no cost, reflecting a proactive approach towards credit management
Loan Aspirations: A significant 71% of respondents expressed plans to take a loan in the range of Rs. 30,000 to Rs. 2,00,000, underlining the continued demand for financial assistance.
Among the surveyed participants, 26% prioritise positive ratings when choosing a lender, while 29% focus on low processing fees, 48% consider a low rate of interest, 31% seek high loan amounts, 25% value instant approvals, 21% prioritise quick disbursements, and 16% favour a completely online process.
According to the survey, the purpose and awareness mediums for availing loans have been inculcated from the following:
Loan Utilisation: Among those planning to take a loan, 24% aim to invest in business, 15% require funds for medical emergencies, and another 15% intend to use the loan for home renovation or construction
Consistent Credit Score Monitoring: A noteworthy 88% of respondents, approached by the survey, affirmed their regular practice of checking their credit scores without fail
Keeping a tab on frauds: The report also signifies concerns of frauds/loans availed in customers’ names without their consent, hence checking credit reports frequently becomes an important reason.
Sources of Awareness: Communication channels, such as WhatsApp/Text messages and emails from various platforms, emerged as the primary source of credit score awareness for 34% of respondents. Google/Online Search accounted for 18%, and recommendations from friends and family contributed to 12%.
As per the survey details, occupation and designation statistics reveal that among the 5000 survey participants encompass both salaried and self-employed contributors, with 61.52% of loans taken by salaried individuals and 38.48% by the self-employed in 2023. Furthermore, the distribution of loans across town classes is as follows: 19.98% in Tier 1, 12.69% in Tier 2, and a substantial 66.93% in Tier 3. Additionally, it is noteworthy that 13.98% of females have availed of loans, contrasting with a higher percentage of 86.01% among males in the year 2023.
Moneyview, a leading fintech company headquartered in Bengaluru focuses on leveraging technology to provide accessible financial services to all. Moneyview was started by Puneet Agarwal and Sanjay Aggarwal in 2014 with a mission to provide access to world-class financial products to every Indian with a smartphone. Moneyview wants to help build a financially inclusive and self-reliant India. With the support of data and technology, moneyview provides a range of financial products to fulfil its vision. Focused on innovation, the company aims to bridge the credit access gap in India, especially for the underserved middle class. Moneyview provides personalised loan solutions, credit tracker, digital savings bank account, BNPL and will soon launch insurance and wealth management solutions.
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