Thursday, Sep 21, 2023
English News
  • Hyderabad
  • Telangana
  • AP News
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • Rewind
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Education Today
    • Reviews
    • Property
    • Videos
    • Lifestyle
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
Home | Business | 22 Million Indians Applying For New Credits Every Month Says Report

22 million Indians applying for new credits every month, says report

India’s domestic credit growth has averaged 15.1 per cent from March 2000 to March 2021, primarily driven by retail loans and increasing penetration of credit cards, it said.

By Telangana Today
Updated On - 05:06 PM, Wed - 16 June 21
22 million Indians applying for new credits every month, says report
Representational Image.
whatsapp facebook twitter telegram

Hyderabad: The Indian consumer credit market continues to expand at a rate higher than most other major economies globally with 22 million Indian consumers applying for new credits every month, said ‘A Review of India’s Credit Ecosystem’ report by Experian, a global information services company, and Invest India, the national agency for investment and facilitation.

India’s domestic credit growth has averaged 15.1 per cent from March 2000 to March 2021, primarily driven by retail loans and increasing penetration of credit cards, it said.

Recovery of personal loans has been high in both low (below Rs 1 Lakh) and high (above Rs 5 Lakh) ticket size segments while the recovery in higher ticket size loans is also improving steadily. Unsecured products are experiencing a faster year-on-year growth rate compared to secured loans.

Neeraj Dhawan, Managing Director of Experian India, said: “Consumerism has been growing in the previously untapped semi-urban and rural regions as millennials become the main driving force of the mass market. Technological adoption is steep which has, in turn, created acceptance for new financial tools. The biggest beneficiary of this change is the credit market”.

With the increase in consumerism, the new sanctioned loans have surged between FY18 and FY20 at a cumulative growth rate of 39 per cent. Unsecured loans, being the major contributor, grew at CAGR of 49 per cent, the report said

There has been an increase in expansion of credit to tier 3 and 4 markets for lending. These markets have witnessed a sharp rise in low-ticket high-volume lending products like two-wheelers, entry-level cars, and affordable housing, the report said.


Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.

Click to follow Telangana Today Facebook page and Twitter .

Telangana Today Whatsapp
  • Follow Us :
  • Tags
  • 22 million Indians
  • consumerism
  • domestic credit growth
  • Technological adoption

Related News

  • Kangana ‘waiting to be banned’ from Instagram

    Kangana ‘waiting to be banned’ from Instagram

Latest News

  • Do not give platform to persons charged with serious crimes, terrorism: Govt to TV channels

    54 seconds ago
  • Powerful Panghal wins World bronze and quota for Paris Olympics

    5 mins ago
  • Viswajit bowls HCA Academy to victory at HCA C Division one-day league

    10 mins ago
  • Maharashtra govt has taken ‘positive lead’ on Dhangar quota issue, says Dy CM Fadnavis

    12 mins ago
  • Majority of Indian parents say their kids addicted to social media, OTT: Survey

    15 mins ago
  • India is moving towards becoming major space power: Lok Sabha Speaker Om Birla

    18 mins ago
  • Ex-HCA secretary seeks Electoral Officer’s intervention to end proxy voting from institutions

    19 mins ago
  • Asian Games: Chinese Taipei down India 2-1 in women’s football

    25 mins ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam