Gen Z, Millenials Drive Growth In Retail Credit Market Of India; Will This Trend Continue?

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.

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