Study shows majority of people not comfortable borrowing money from relatives

Only one in three people are comfortable borrowing money from close relatives, while rest depend on either formal or informal sources for their needs, as per a study was done by consumer finance firm Home Credit.

As a first choice to borrow money from, 45 percent in Delhi prefer parents whereas 39 percent prefer their friends in the financial capital Mumbai, it said.

People in Delhi borrow more for marriage (36 percent) and investment in business (33 percent) from family and friends, whereas people in Mumbai borrow more for asset purchase-consumer electronics (31 percent), household expenses (30 percent) and travel (23 percent), it said.

Overall, most people want to pay back the loan in monthly installments but 38% of people in Delhi want to pay back the entire loan amount together, it said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)