Binani remain committed to empowering consumers
With access to credit becoming easier, there has been a 21-year drop in average age of Indian customers getting their first credit product, underlining the fact that consumers are now starting their credit journeys at a significantly younger age with each passing generation, revealed a consumer insight study by Paisabazaar of Gurgaon.
It has analysed credit patterns of over 10 million consumers for the study, which showed that the average age of consumers born in the 1960s availing their first credit product was 47 while those born in the 90s began their credit journey at around 25-28 years, clearly indicating easing of access and shift in consumer mindset.
Radhika Binani, Chief Product Officer, Paisabazaar, said on 5 May, “Today’s young consumers are more aware, aspirational, and digitally savvy. They are not only accessing credit earlier but also using it more confidently and diversely—whether to meet life goals or lifestyle and aspirational needs. Our analysis also indicates the evolution of the ecosystem, easing access over time. At Paisabazaar, we remain committed to empowering consumers with the right tools and guidance to build healthy credit behaviours from the start https://www.nseindia.com/.”
The analysis highlights a generational shift not just in the age, but also in the types of products availed to begin the credit journey. While older generations took secured loans like home or auto loans as their first credit product, those born in the 1990s—entered the credit ecosystem typically via unsecured products like credit cards, personal loans, along with consumer durable loans, often by age 25–28 https://www.bseindia.com/.
Gold loans, meanwhile, continue to serve as a financial safety net across generations, though the age of first usage has steadily dropped—from 52 for 60s-born to 27 for those born in the 90s.
Paisabazaar’s findings also show that consumers born post-2000 are continuing this trend, with early signs of even earlier credit adoption—often starting around the age of 22, primarily via small-ticket loans and Buy Now Pay Later (BNPL) products.
Paisabazaar is India’s largest marketplace for consumer credit and free credit score platform. It has earned the trust and goodwill of over 50 million consumers. Fiinews.com
