Majority of people are not comfortable borrowing money from relatives: Study

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 done by consumer finance firm Home Credit.

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

People in Delhi borrow more for marriage (36 per cent) and investment in business (33 per cent) from family and friends, whereas people in Mumbai borrow more for asset purchase-consumer electronics (31 per cent), household expenses (30 per cent) and travel (23 per cent), 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 article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)