By Admin 
India’s Biggest Borrowers: Amidst the increasing trend of digital loans and easy credit facilities in India, the question often arises that who is taking the maximum loan? A recent report has revealed who are the people taking the maximum loans in the country and which age group is at the forefront in taking loans.
Millennials turned out to be the biggest borrowers
According to the report, Millennials (people aged between 29 to 44 years) have emerged as the highest loan taking category in India. Their share in the total debt is highest. The main reasons for this are considered to be buying a house, purchasing a vehicle, starting a business and the increasing needs of the family.
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Gen Z is also taking loans rapidly
It has also been revealed in the report that the youth of Gen Z (18 to 28 years) are also rapidly moving towards debt. Although they lag behind Millennials in terms of total loan amount, their share in the number of new loan takers is continuously increasing. The special thing is that facilities like personal loan, consumer loan and ‘buy now, pay later’ are becoming quite famous among Gen Z.
The share of the elderly is lowest
If we talk about people above 45 years of age and senior citizens, the pace of taking loans in this category is low. Generally, by this age many people have achieved their big financial goals, hence their dependence on loans also reduces.
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What type of loans are being taken the most?
- home loan
- take personal
- auto loan
- education loan
- Consumer Durable Loan
Why is the speed of taking loans increasing?
Experts believe that due to rising inflation, lifestyle expenses, easy digital loan process and online credit platforms, youth are taking more loans than before. Apart from this, banks and fintech companies are also targeting the youth and making attractive loan offers.
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Is this a matter of concern?
Experts say that taking loan as per need is not wrong, but taking loan more than income can create financial problems in future. Especially the youth are advised to maintain a balance between EMI and credit score.
What does the report say?
The report clearly shows that the picture of loan taking in India is changing rapidly. While Millennials still remain the largest borrowers, GenZ participation is growing rapidly. In the coming years, the youth can further influence the credit market of the country.