Home Credit India Finance Pvt. Ltd., one of India's fastest growing non-banking financial companies (NBFCs), has unveiled its new brand campaign, "Bade bano bade chalo" which encourages customers to rise up when taking loans, especially if they are hesitant in borrowing from family and friends.
The company conducted a research to gauge the thinking pattern of people when it comes to taking loans for their needs and aspirations.
The campaign communicates relatable instances from daily lives of customers and reinforces Home Credit's positioning as a responsible lender and an active participant in the communities where it operates. It also showcases Home Credit's role in helping the customers to be financially literate and encourages them to avail safe, easy and quick loans from financial institutions.
"Customer is at the center of our new brand initiative 'Bade bano bade chalo.' The campaign reinforces Home Credit's commitment towards Responsible Lending. We focus on first-time borrowers by providing loans to people who do not have any CIBIL scores and who need access to trustworthy and regulated sources of financing," said Martin Navratil, Chief Business Development Officer (CBDO) at Home Credit India.
The research conducted in Delhi and Mumbai highlights interesting facts into the changing mindsets of people when it comes to taking loans. It states that more than 70 per cent of the people are not comfortable borrowing money from close ones and they are at ease to only borrow upto INR 73,000 from their near and dear ones. The research states that as a first choice to borrow money from - In Delhi, 45 per cent prefer parents whereas in Mumbai, 39 per cent prefer their friends.
From family and friends, people in Delhi borrow more for marriage (36 per cent) and investment in business (33 per cent) whereas people in Mumbai borrow more for asset purchase-consumer electronics (31 per cent), household expenses (30 per cent) and travel (23 per cent)
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Order of preference for borrowing money: Bank, family, NBFC, friends and relatives. NBFC is preferred more in Delhi (39 per cent) as compared to Mumbai (11 per cent)
Overall, most people want to pay back the loan in monthly installments but 38 per cent of people in Delhi want to pay back the entire loan amount together
The campaign 'Bade bano bade chalo' is another step taken by Home Credit India to express assurance towards its customers. Through this campaign, the company would motivate its customers to rise up when taking loans, especially from families and friends. 'Bade bano bade chalo' is all about self-motivation and taking a positive approach towards life.