Hyderabad – Hyderabad is the India’s third most impacted city that is hit by the COVID-19 pandemic in terms of loss of income and repayment of loan capacity, says a consumer insight report by Paisabazaar.
According to a survey titled “Dealing with Debt: How India plans to pay EMIs”, which was carried out on approximately 8,500 consumers belonging to the age group of 24-57, from around 35 cities, mentioned that over 63% Hyderabadi residents who partook in the survey stated that their income is badly hit due to COVID-19. While 20% of them lost their income completely.
Moreover, around 80% self-employed section and 58% salaried section from the city suffered a full income loss.
CEO of Paisabazaar.com Naveen Kukreja said that, “While there was widespread impact on consumers in the first two-three months of the pandemic, we believe there has been a steady recovery since July. Incomes of customer segments employed in Travel, Aviation, Hospitality etc. should start getting restored gradually. However, supply of loans to self-employed and low-income segments would take longer to recover”.
The survey also revealed that over 86% self-employed customers all over India reported a loss in income due to lockdowns and COVID-led restrictions.