Between 2008 and 2013, Indian economy has shown lethargic growth rate which averages around 5% per year. Despite this gloom and pessimistic view of the business world, Indian youth is now more determined than ever.
As per a recent report by Credit Information Bureau (India) Limited (CIBIL), it has been revealed that 25% of all loan seekers in India are under-30 years of age. Before 2008, when the economy was growing at a good pace, under-30 loan seekers were just 7% of the overall demographic.
This jump of 7% to 25% in last 5 years demonstrates that Indian youth is now more focused and more determined to give shapes to their dreams without delaying their plans.
CIBIL report mentions that this eagerness of get indebted by Indian youth for setting up their ventures and enterprises despite negative industrial growth rate, less jobs and weak government support very clearly shows the rise of Entrepreneurial culture in India. And fortunately, the trend will continue.
The percentage of working population (aged between 15-40) seeking credit is now ever increasing as loan seekers under 40 in 2008 were 50%, which has now increased to 60% of the overall count.
As per the report, in the last 5 years, majority of loan application came for personal loans, followed by vehicle loans (2 wheelers) and home loans.
CIBIL is India’s first Credit Information Company (CIC) which was founded in 2000. Every Indian bank submits monthly report of payments and loans pertaining to credit cards and other debt related services of individuals to CIBIL, which created Credit Information Report (CIR) of every bank account holder. This report is then used by various financial institutions to evaluate loan and credit requests.
As of now, CIBIL holds financial and credit data of over 260 million Indian consumers and around 12 million traders and business establishments all over India. It holds ISO 27001 certification, one of the very few in India to have this organized security related certification.
CIBIL has partnered with TransUnion International- a leading global credit bureau with presence in over 30 countries along with several Indian banks such as ICICI Bank, SBI Bank, HSBC, PNB etc.