People are fiercely using credit cards, spending more than Rs 175 crore daily

People are using credit cards fiercely during lockdown.  People holding SBI credit cards spent an average of more than 175 crore per day in ...

People are using credit cards fiercely during lockdown. People holding SBI credit cards spent an average of more than 175 crore per day in May. "Credit card is a product that attracts customers," SBI Card said in a statement on Tuesday. This is why credit card spending remained constant even during lockdown. The average spending in May exceeded Rs 175 crore after a partial relaxation in lockdown. It was more than Rs 290 crore in the same month of 2019-20. However, the daily spending level in the last 7 days of May was more than Rs 200 crore. About Rs 6,000 crore was spent in the fourth quarter of 2019-20 through corporate cards. Grocery shops, fuel, expenditure on health services

According to the SBI card, those people have already achieved around 60% of their first daily average spending. Online spending in the last quarter of 2019 was 44 percent of total retail expenditure. Which was 55% in May. Also items that have been spent. They include large grocery stores, public utility services, fuel, electronic and health services. People spent very little on traveling, eating out and staying in hotels.

82% of Indians want to take a personal loan for financial needs
The financial situation of about 82 per cent of Indians has been severely affected after the lockdown was implemented. Most of them have the option of choosing a personal loan to meet their cash needs. 82% of the people surveyed by IndiaLinds surveyed 5,000 people have said that the Corona epidemic has severely affected the financial condition of salaries and professionals. He will not shy away from taking loans to deal with the current crisis. At the same time, 72 percent say that they can opt for a personal loan immediately or in the future to meet high priority expenses such as repaying debts, necessary medical education fees, home repair and renovation.

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Today's Latest news, Know What's happening in India- with Timesnowindia.com: People are fiercely using credit cards, spending more than Rs 175 crore daily
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