25% loan seekers under 30 year: Cibil

There has been a huge rise in the number of people under 30 years of age seeking credit in the last five years, according to credit information provider Cibil report.

While those under 30 years constituted just around 7 per cent of the new credit applicants in 2008 and the same has grown to over 25 per cent now, the Cibil report said. Interestingly, eagerness shown by youth in getting indebted comes at a time when people have been complaining about bleak times on the economic front due to falling growth, which also led to some job losses, the report said.

Till FY09, the economy was doing very well and the same has now plummeted and logging even a 5 per cent growth is also seemed to  be an uphill task this fiscal, it said. Cibil further said it could be noted that the demographics have undergone a radical shift in the past decade, with the country getting more “younger”, i.e. the percentage of working age population (between 15 and 35) growing rapidly.