Money & Banking

BankBazaar credit survey: 70% respondents have good score

Sangeetha Chengappa Bengaluru | Updated on December 18, 2019 Published on December 18, 2019

Adhil Shetty, co-founder and CEO, BankBazaar.com   -  Bijoy Ghosh

Indicates the growing literacy, credit worthiness among the young Indians taking loans

Young India is credit-savvy, responsible and actively takes ownership of its creditworthiness to live a healthy financial life, says personal finance marketplace BankBazaar.com. A survey over the last 12 months reveals that 68 per cent of people who checked their credit score on BankBazaar have a healthy score of above 750. Almost 70 per cent of those checking their scores are under 40.

In the last 12 months alone, BankBazaar has seen a 111 per cent increase in the number people accessing their credit scores, which the company provides (for free) in partnership with Experian.

This indicates the growing financial literacy and credit worthiness among young Indians who are taking loans to meet their lifestyle aspirations, said Adhil Shetty, co-founder and CEO, BankBazaar.com.

“The largest number of borrowers are in the age group of below 40. So this is an indicator of their comfort level in using credit to meet their aspirations. What is equally significant is that they keep monitoring their score for potential issues. Sixty eight per cent of them also have a score of 750-plus. This shows that they are careful about how they are using credit. They are making sure they do not borrow more than what they can repay, they are making repayments on time and utilising credit in the best possible way” he said.

Consequently, BankBazaar has seen a higher offtake of personal loans and home loans on its platform, which attracts close to 30 million visits per month, on average. This is also validated by the BankBazaar Aspiration Index, which revealed that more than 90 per cent of the people between the ages of 23 and 45 are comfortable taking credit liabilities to fulfil their aspirations and had some form of credit.

‘Dreaming big’

“With growing career choices, financial independence and shift in societal norms, the younger generation is increasingly daring to dream big, and data shows that they are doing it the smart way,” observed Shetty. A credit score is the first check point for a lender while considering a loan approval.

Published on December 18, 2019
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