Loan
The number of youth taking loans in the country has increased rapidly. Today’s youth are not hesitant to take a loan to fulfill their hobbies to fulfill their hobbies. The effect of this is that there has been a big decrease in the average age of taking debt. According to the report of ‘Paisa Bazaar’, the average age of people taking debt has decreased. Earlier, on an average, people used to take loans at the age of 47, whereas now at the age of 25 to 28 years, loans are being started.
Earlier people used to take loans at the age of 47
According to the report, people born in the 1960s took their first debt at the age of 47 on an average. At the same time, consumers, born in the 1990s, are starting to take loans at the age of 25 to 28 years. This makes it clear that getting a loan has become easier than ever before and the consumer’s thinking has also changed. While the previous generations usually started their debt with safe debts like home loan or car loans, consumers born in the 1990s are usually taking loans for credit cards, personal loans and sustainable consumer goods.
Average age decreased to take business loan
According to the study, earlier people used to take residential loan when they are aged, but now people have started taking loans in puberty. Earlier, the average age of taking loans for home was 41 years (for people born in the 1970s), while now it has come down to 28 years (for people born in the 1990s). Similarly, the average age of taking the first loan for business has also come down from 42 years to 27 years. This reflects the increasing sense of entrepreneurship in India and easy access to debt products for MSME (micro, small and medium enterprises).
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