Tuesday, Jan 28 2020 | Time 02:30 Hrs(IST)
image
  • Iran de facto remains at stage 4 of nuclear deal scale-back : Russian diplomat
  • German air force to evacuate citizens from virus-infected Wuhan this week : reports
  • US military jet was not brought down by enemy fire : spokesman
  • US Military Jet Was Not Brought Down by Enemy Fire - Spokesman
  • Eight people killed in Alabama boat dock fire early Monday morning : Fire Chief
States » East


Current economic slowdown affecting debt recovery: CreditMate report

Kolkata, Dec 9 (UNI) The current economic slowdown is affecting debt recovery across the country, a recent survey by CreditMate, a new-age digital debt-collection platform, has revealed.
The findings of the report, shared with UNI here today, could have potential implications for lending and debt recovery in India.
The ‘India Delinquency Report’, based on data collected from two lakh borrowers across all states, found that delay in salaries (36%) and business downturn (29%) were the two main reasons for debt defaults. This was followed by medical emergency (13%), loss of job (12%) and out of city or country (10%).
Apart from debt default, the CreditMate survey also included other parameters such as the demographics of the debtors and borrowers, types of loans and sector-wise debtors, demand and payment patterns among male and female borrowers, transaction patterns, most-preferred modes of collection, and behavioural patterns of the defaulters. The loan categories comprised two-wheeler loans, personal loans, SME loans, student loans, medical loans and digital loans.
The study also revealed interesting facts about debt repayment. For example, male borrowers accounted for the maximum late payments at 82%, followed by their female counterparts at 18%. Women (11%) were also better payers than men.
The young and tech-savvy generation comprising both salaried and professionals was comfortable with online payments as opposed to cash payments. About 79% of the respondents used online modes of payments, while 21% of defaulters made cash transactions. According to the survey, just under 40% used debit cards to make payments, followed by e-wallets. One in five payment transactions were done via UPI.
In terms of the geography of borrowers and debtors, Goa topped the states for the best payment rate, while Arunachal Pradesh, Haryana and Delhi were the worst performers. Among the cities, Vadodara, Mumbai and Patna were the top performers, while Ludhiana, Chennai and Bhopal accounted for the worst payments.
In other findings, Friday and Thursday were the preferred days for making payments, while Saturday appeared to be the least favourite day of the week for repayments.
CreditMate Founder and CEO Jonathan Bill was quoted as saying, 'The India Delinquency Report gives us a keen insight into loan repayment behavioural patterns among both male and female borrowers, the preferred transaction modes, and reasons for debt defaults. The study will help us service both large and small lenders better and more efficiently, enabling them to get the best out of their loan portfolios. The findings will also enable us to make it even easier for lenders to collect debts across geographies and at any stage of delinquency by routing all communication with borrowers — such as calls, messages and emails — through our collections platform.'
Besides, CreditMate offers borrowers hassle-free debt resolution options. All data and information flowing through its collections platform is secure and backed by a big four data security audit, the report pointed out.
CreditMate is a Paytm-backed fintech company that delivers customised collection strategies for financial services providers such as banks, NBFCs and digital lenders. The company’s mission is to empower ‘borrowers’ with better credit scores and ‘lenders’ with improved lending performance. It is committed to helping millions of borrowers in India make EMI payments using innovative technology, data intelligence and automation.
UNI PL AND
More News

Beti Bachao, Beti Padhao week culminates with felicitation of girls

27 Jan 2020 | 10:06 PM

Gangtok,Jan 27 (UNI) Beti Bachao, Beti Padhao programme was organised in North Sikkim at the behest of Union Ministry of Women and Child Development.

see more..

44th International Kolkata Book Fair 2020 to be inaugurated on Jan 28 in view of Saraswati Puja festivities on Jan 29

27 Jan 2020 | 9:51 PM

Kolkata, Jan 27 (UNI) The inauguration of the 44th International Kolkata Book Fair 2020 will be held tomorrow at 6 pm, instead of January 29 as scheduled earlier, in view of the Saraswati Puja celebrations.

see more..

Minister Sanjeet Kharel distributes oxen to under-tribal Sub Plan

27 Jan 2020 | 9:32 PM

Gangtok,Jan 27 (UNI) Building and Housing Minister Sanjeet Kharel gave away a pair of oxen and plough to seven persons in his constituency Namthang - Ratepani South Sikkim.

see more..

Nitish for stern action against those indulged in misuse of ground water

27 Jan 2020 | 9:25 PM

Patna, Jan 27 (UNI) Bihar Chief Minister Nitish Kumar today directed the officials concerned to take stern action against those indulged in misuse of ground water for Reverse Osmosis (RO) process.

see more..

22 NEHU students to tour Japan

27 Jan 2020 | 9:23 PM

Shillong, Jan 27 (UNI) Twenty-two students of the North Eastern Hill University (NEHU) will embark on a tour of Japan under the exchange programme ‘IRIS’.

see more..
image