India Manages Credit With Care, Cleverly Achieves Life Goals: Report

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With 43.38% growth in applications among those aged 26-35, millennials have been the primary drivers of the card segment.

Instead of putting their main life goals on hold given the current downturn in the economy, Indians are achieving them with great caution when taking credit for themselves. This is the finding of a recent study by BankBazaar, an online marketplace for financial products, which recently published its second edition of the “BankBazaar Moneymood 2020” report. It highlights the evolution of different credit products such as personal loans, home loans, car loans, credit cards, etc. over the past year.

According to the results, the number of people opting for smaller loans continued to increase, however, the demand for larger loans has been slow. In the home loan segment, first-time buyers bought in the wave where the contribution of home loans of less than Rs 30 lakh increased to 72% of the total number of applications. In the auto loan segment, although the average size of auto loan tickets remains stable, the size of the largest auto loan tickets has declined significantly.

In the subways, the average size of personal loan tickets was Rs 2.61 lakh and Rs 2.79 lakh in non-metros. Likewise, for auto loans, the average size of metro car loan tickets was Rs 5.7 lakh, while the average size of non-metro car loan tickets was Rs 5.5 lakh.

The report states that when it comes to cards, Indians are increasingly becoming “credit card pros” in an effort to maximize card benefits and enjoy exclusive lifestyle privileges. . Premium cards showed 30 percent growth across the board, indicating that cardholders are increasingly turning to the various benefits offered by premium cards. With a 43.38% growth in applications among those aged 26 to 35, Millennials have been the primary drivers of this segment.

We also see that female applicants continue to emerge strongly in all categories, whether it is loans or credit cards. The difference between the average size of personal tickets for women and men was small, while women stood at Rs 2.55 lakh, men at Rs 2.67 lakh.

While in the case of home loans, women continued to be higher than men, the average note size for women was Rs 25.64 lakh and Rs 23.72 lakh for men. Women were also the main consumers of credit cards, and the number of women asking for fuel increased 49.07 percent, 32.78 percent and travel cards by 21.99 percent.

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