77 per cent of 119 million new borrowers are youngsters

MUMBAI: With as many as 77 per cent of the 119 million new borrowers who self-monitor their credit scores being GenZ and millennials, it’s clear that young people are spearheading the credit revolution in the country today and a whopping 81 per cent of them are from non-metro regions.

According to a report by Transunion Cibil on Thursday, which is the largest credit monitoring agency in the country, around 119 million new borrowers have monitored their Cibil scores as of March 2024, which is a full 51 per cent on-year growth in fiscal 2024.

As much as 71 per cent of women who accessed their Cibil scores for the first time in FY24 are from non-metros, indicating a rapid increase in credit consciousness in these regions. The number of GenZ self-monitoring women has grown 70 percent in FY24.

The report also indicate that young borrowers are becoming more credit disciplined and conscious as the number of GenZ tracking their credit scores grew 1.5x in FY24. As much as 91 per cent of new credit users are millennials and GenZ in FY24.