Maintaining a positive credit profi le is a must for loan-hungry millennials
The booming retail credit market in the country is propelled by the increasing demand for credit cards and consumer loans. This increase in credit penetration is directly proportional to the rising demand for goods and services by an age group that constitutes two-thirds of India's population—the millennials. If you fall into the 20 to 35 years age group, you are a millennial. You may be straight out of college and joining the workforce, or you may already have about 12-13 years of work experience.
In a recent TransUnion CIBIL market survey, millennials emerged as the fastest growing segment, poised to change the credit landscape with an affinity for credit, financial goals and aspirations. This group’s credit appetite is fuelled by their aspirations to upgrade their lifestyles, purchase vehicles and provide for their families in case of an emergency. If you are a new-to-credit or loan-aspiring millennial, let us take a look at how you can create a positive credit profile.
CIBIL data indicates that 39 per cent of loans have been sanctioned to the millennial age group. Within this segment, 38 per cent of loans sanctioned were towards credit cards, followed by two-wheeler loans (17 per cent) and consumer loans (16 per cent).
This story is from the June 17, 2018 edition of THE WEEK.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 17, 2018 edition of THE WEEK.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
There Is A Wind Blowing Against The BJP, And It Will Only Pick Up Speed
Interview - Akhilesh Yadav, Former Chief Minister, Uttar Pradesh
Between hospital and home
Transitional care centres can add a lot to India's health care system
EFFORT VS EFFECT
The government's attempts to ensure quality drugs is evident, but how well new policies can be monitored on the ground remains to be seen
A way to let go of fear
Accepting the use of adult diapers is a journey with various stages-denial, concealment, rejection and reluctance
Mandeeps & a miracle
Two strangers, one deadly disease and an act of kindness. How Mandeep Mann saved Mandeep Singh, an acute leukaemia patient, by donating his stem cells
The A, B, C of cosmetic surgery
Between eight to 10 lakh cosmetic surgeries happen in India every year. Who is an ideal candidate, and what are the risks and results you can expect?
Vaccines and meningitis
In sub-Saharan Africa, from Senegal in the west to Ethiopia in the east, and encompassing the northern part of Nigeria, there exists a region known as the African Meningitis Belt (AMB).
Celebrating diversity and inclusivity
As Indians battle it out in our nation's 18th general election, it is again time for voters to reflect on the \"Idea of India\"-or rather, on two duelling ideas of India that are now before us and between which the nation must choose at the ballot box.
Defendant: an Hermès handbag
When Hermès was hit with a class-action lawsuit last month for \"antitrust\" activities, it didn't see it coming. Most of the luxury world has all eyes on this suit, filed by two interested consumers who claim they were denied a purchase, and whether it would go to trial.
A legacy, bound
Amal Allana's biography of her father, Ebrahim Alkazi, is as much personal as it is historical