25% loan seekers under 30 years of age: Cibil

Tags: News
There has been a huge rise in the number of people under 30 years of age seeking credit in the last five years, according to credit information provider Cibil report.

While those under 30 years constituted just around 7% of the new credit applicants in 2008 and the same has grown to over 25% now, the Cibil report said.

Interestingly, eagerness shown by youth in getting indebted comes at a time when people have been complaining about bleak times on the economic front due to falling growth, which also led to some job losses, the report said.

Till FY 2008-09, the economy was doing very well and the same has now plummeted and logging even a 5% growth is also seemed to be an uphill task this fiscal, it said.

Cibil further said it could be noted that the demographics have undergone a radical shift in the past decade, with the country getting more "younger", i.E. The percentage of working age population (between 15 and 35) growing rapidly.

The percentage of those under 40 years applying for their first credit has gone up to 60% in 2014, from the 50% mark in 2008, the report said.

"Youth are driving credit growth with 60% of new loan applications coming from applicants, who are under 40," it said.

With the economic growth facing troubles, coupled with a sense of "policy paralysis", lenders have been focusing very hard on the retail segment for growth as the project loans are not coming at all, the report said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Child abuse needs to be tackled with the seriousness it deserves

    The Bangalore rape case has again brought into focus an issue we Indians forever shy away from facing up to — child sexual abuse.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>: THE BASE RATE BIAS

Base rate fallacy, also called base rate neglect or base ...

Parvez Imam

Revisiting history can do us all good

We often think that we understand history. We read it ...

Bubbles Sabharwal

Your happiness doesn’t depend on your needs

They are two different words (and even worlds) altogether: having ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture