The study, in 2003, involves the estimation of the total size of the credit market. This involves the analysis of secondary data from many different sources for an appreciation of the different types of credit, given by different firms and for different purposes.
Sponsored by Max New York Life
The study involves the estimation of the total size of the credit market. This involves the analysis of secondary data from many different sources for an appreciation of the different types of credit, given by different firms and for different purposes. It also involves a survey of about 500 potential borrowers to understand their motivation for purchasing credit-life insurance. Finally an analysis of the finance company professionals by way of a qualitative survey to gauge their interest in marketing this product currently unavailable in India is to be carried out.
• Focuses on Credit to individuals
– Personal loans for consumption purposes
– Proprietorships, partnerships etc., for commercial purposes
• Provided by organized sector both for personal and commercial purposes
• It includes any formal loans whose repayment is affected by the health/life conditions of the key borrowing individual
• Kinds of loans included in the study
– Personal loans for durables, housing, others such as education
– Professionals, self-employed, owners of small and tiny industries, agriculturists, etc.
Key Objectives of the study
– To identify insights into market characteristics that enables Max New York Life (MNYL) to satisfy credit-life insurance requirements
– Size of the accessible credit insurance industry
– Characteristics of various segments of the credit industry
– What industry professionals believe
– What are the consumers ‘openness’ levels towards credit-life insurance
The Market Size
– The credit-market size considered includes:
– Providers of personal credit
– Providers of credit for commercial purposes
– The ‘accessible’ market includes lenders that are not currently allied to major insurance firm