- Indians manage more than three credit accounts in their late 20s, with the average age for a first salaried credit card user in India being 28 years.
- A study by Paisabazaar analyzed credit data from 3.7 crore consumers across India.
- The average age when consumers took their first credit card was 28, while the average age for the first personal loan and consumer durable loan was 29.
- Home loans, which are usually life-goal-based and of high ticket size, were typically taken at an average age of 33.
- A significant number of consumers are using credit for various needs from an early age, with 64% acquiring their first credit product before turning 30.
- With growing awareness and accessibility, younger consumers are checking their credit scores, and in FY23, 38% of Paisabazaar’s new credit score consumers were under the age of 30.