Only 18% digital loan borrowers understand data privacy rules: Study

Indians are increasingly using digital services for loans and other financial transactions but they are poorly informed about data privacy, said a survey on Wednesday.

Only 18 per cent of borrowers who were surveyed understood data privacy rules and 88 per cent had a superficial understanding, according to Home Credit India’s ‘How India Borrows Survey 2023’.

“As India accelerates into the digital lending era, the study underlines a critical concern among borrowers regarding the usage of their personal data by loan companies,” it said.

About 60 per cent of borrowers are worried about how their personal data is collected and used by lending apps.