Winning Bizness Desk

Mumbai. The study analyzing the credit data of 3.7 crore consumers across India has revealed that people below the age of 30 usually have more than three credit accounts and the average age of getting a first salary credit card is 28 years, and for self-employed individuals, it is 30 years. Report has also said that people in India usually take their first credit card at the age of 28, while the average age for first personal loan and consumer durable loan is 29 years. Home loans, being important and linked to life goals, are usually taken at a later age. Its average age is 33 years. Analysis has also found that 53% of Indians took their first personal loan before the age of 30, and 22% of personal loan consumers were below 25 years of age. Similarly, 57% took out their first credit card before the age of 30 and 24% took this credit card before the age of 25. The study reveals, “More than half of consumers took out their first personal loan or credit card before the age of 30, while only 31% of them took out their first home loan before the age of 30, and, as expected, A small proportion of only 8% took it before 25 years. Also, 45% of first-time home loan borrowers were between 30 and 40 years of age.”

Bangalore is the most credit-healthy city

The study also analyzed the credit health of consumers in the top 10 cities and found that Bangalore is the most credit-healthy city in India (healthy credit score is considered 770+), followed by Ahmedabad, Mumbai, Pune, Chennai and Delhi. Hyderabad, Kolkata, Surat and Coimbatore were the other cities in India's top 10 most credit-healthy cities. There has also been a sharp increase in young consumers checking credit scores. With increasing awareness and ease of access, a large number of consumers are availing loans from an early age for these different needs. The study found that 64% took their first loan before the age of 30 and 37% of them were below 25 years of age. Only 23% of consumers took a loan for the first time between the ages of 30 and 40, while another 13% availed the loan after the age of 40. More than 20% of consumers took their first personal loan and credit card before the age of 25..

Young bankroll consumers are becoming more credit savvy

It further revealed that 41% of salaried consumers took their first credit before the age of 25, while 34% of self-employed consumers took their first credit product below the same age. This suggests that young bankroll consumers are becoming more credit savvy. The proportion of both salaried and self-employed consumers taking out a first-time loan in the age of 40 has decreased significantly, as only 8% of salaried and 14% of self-employed consumers took their first credit after the age of 40.