Over 60% consumers from Hyderabad suffered income loss: Paisabazaar

Over 8,500 consumers of Paisabazaar.com between the age of 24 to 57 years from over 35 cities with a debt of Rs 1 lakh or more took part in this survey – ‘Dealing with Debt: How India plans to pay EMIs’.

Hyderabad: Hyderabad is the third most impacted city among the top six metros due to the Covid pandemic in terms of loss of income and loan repayment capacity. Delhi-NCR and Mumbai were the most impacted cities, according to a consumer insights report by Paisabazaar.com.

Over 8,500 consumers of Paisabazaar.com between the age of 24 to 57 years from over 35 cities with a debt of Rs 1 lakh or more took part in this survey – ‘Dealing with Debt: How India plans to pay EMIs’.

In Hyderabad, 63 per cent of residents who participated in the Paisabazaar.com survey said they had suffered a negative impact on income due to the pandemic; 20 per cent lost their income completely. Around 80 per cent of self-employed Hyderabad residents and 58 per cent of the salaried segment from the city suffered income loss, the survey revealed.

According to this survey, pan-India over 86 per cent of the self-employed customers reported a loss in income due to Covid-led restrictions. In fact, more than a fourth of self-employed customers said their income had come to nil due to the pandemic and the lockdown.

There was a lesser but still significant impact on salaried customers. About 56 per cent of salary earners said their salary has been impacted due to the pandemic and the resultant restrictions; 12 per cent said they have lost their job and have no income source currently, according to the survey.

The survey revealed that Delhi and the NCR cities were the most impacted cities with 70 per cent of their resident participants reporting a negative impact on income. However, in terms of percentage of customers who had a complete loss of income, Mumbai was the worst placed with 26 per cent Mumbaikars reporting income plummeting to nil.

Also, Mumbai had the highest percentage of moratorium takers, as 65 per cent of customers from Mumbai who participated in the survey took a moratorium.

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