Borrowing Patterns Per Income Groups: Households earning over Rs 20 lakhs annually have high credit penetration rates and are catered by traditional banks for their diverse credit needs.Middle-income households (earning around Rs 3-12 lakhs annually) are more credit-active, showing flexibility in using both traditional and digital lending services.Low-income households (earning below Rs 2.8 lakhs annually) are the new promising section of ‘credit card users’, being catered to by digital lenders.The Non-bankable Segments, including a part of low-income households, remain largely untapped but hold huge potential in entering the digital lending landscape.Such a generational shift towards digital lending, driven by Gen Z and millennials holds the potential to further disrupt and shape the future of the retail credit market in India.
sekar nallalu Cryptocurrency,Personal Finance News Gen Z, Millenials Drive Growth In Retail Credit Market Of India; Will This Trend Continue?