Home Credit India — a local arm of the international consumer finance provider with operations spanning over Europe and Asia — conducted research across seven cities, to understand the borrowing patterns of people during the COVID lockdown. Around 46 percent of the population borrowed money primarily to run their households during the ongoing pandemic, according to the Home Credit India survey. “The ongoing pandemic has had a drastic impact on the economy and people across the strata of society. With job losses and pay cuts across industries, the lower-middle-income group has been affected severely. The pandemic has led to a shift in perspective towards loans and borrowing preferences,” the consumer finance provider said. On the reasons for borrowing, the survey cited the impact of the pay cuts/delays as one of the biggest reasons. “While 27 percent of respondents cited repayment of their monthly installments from the earlier loan as the second biggest reason behind borrowing. 14 percent of the respondents borrowed as they suffered job losses,” the report said. 13 percent of the people said they will look at returning the sum after paying their loan amounts.