Press Release

Fintech NIRA releases report ‘Impact of COVID-19 on Working Indians, 2022’

Report highlights professional & financial impact of COVID and current outlook, based on survey of 2,000 working-class Indians


  • 2,000 blue and grey collared working Indians surveyed
  • 45% faced some form of reduction in their income
  • 64% saw rise in financial stress due to reduced income plus medical expenses
  • 65% did not have medical insurance
  • 37% availed credit for COVID-related medical expenses
  • 42% revised their financial habits to be better prepared for future shocks
  • 64% have higher incomes now compared to the start of the pandemic
  • Working class Indians with modest incomes and lack of liquidity are vulnerable to unforeseen expenses and shocks


NIRA, a fintech offering small ticket loans to India’s mass market, has released a report ‘Impact of COVID-19 on Working Indians, 2022’ that presents useful insights on the effects of COVID on millions of working-class employees who power the Indian economy. With most of them earning modest salaries that make it difficult for them to deal with contingencies, the report seeks to understand how a significant upheaval like COVID-19 impacted their finances. The key findings of the report are summarized below.


  1. Professional Impact
  • 45% faced job loss or loss of pay– Nearly half of working Indians faced disruption to their work and incurred reduction to their income
  • 50% did not have Work From Home option– Since many blue and grey collar jobs cannot be performed at home, 50% of working Indians had to work at their regular workplace exposing them to higher risk of COVID.
  1. Financial Impact
  • 64% saw rise in financial stress– Working Indians with modest incomes have less ability to withstand financial stress. With the pandemic impacting salaries as well as increasing medical expenses, two-thirds of respondents faced increased financial stress.
  • 65% did not have medical insurance– While this is not very surprising, it highlighted the vulnerability of working Indians to shocks from medical expenses.
  • 37% availed credit for medical expenses– In fact, nearly 2 in 5 respondents required credit to meet unexpected medical costs due to COVID.
  1. Way Forward
  • 42% revised household budgets– 2 in 5 respondents revised their financial habits to be better prepared for future shocks.
  • 64% have higher incomes now– A majority have seen their income increase vs. the start of the pandemic, suggesting the economy is recovering well.
  • 62% are positive about the future– The majority of working Indians have brushed off the COVID impact and are positive about future prospects.

Commenting on the latest report, Rohit Sen, CEO and co-founder at NIRA said “The COVID pandemic was very challenging for Working India. Nearly half of those surveyed suffered from income loss, which along with medical costs, resulted in higher financial stress. The often precarious nature of their finances, and the lack of liquidity, leaves working Indians vulnerable to unforeseen or emergency expenses. They need credit to manage these additional costs, and even though they form a majority of this country, there are very few fair options for them when it comes to credit. At NIRA, we strive to provide a credit offering that is quick, fair and trustworthy and helps tackles these stresses among our nation’s workforce.”

NIRA is a Bangalore based consumer finance business which, starting with credit, is building financial services for India’s mass market. They offer loans to borrowers starting at incomes as low as Rs. 10,000 per month. NIRA operates pan-India and now has customers in more than 5,000 towns and cities.

About NIRA

Launched in mid 2018 by ex-Goldman Sachs colleagues Rohit Sen and Nupur Gupta, NIRA is a credit-lead fintech specifically targeting India’s lower middle class. NIRA’s first offering is small ticket loans to blue and grey collared working Indians via its mobile app and website. For more information,

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