Increased number of people using credit cards in India, increase in personal loans
New Delhi:
The use of credit cards in India increased by 34 percent in the September quarter, while the figure was at 26 percent in the same period of 2023. The reason for this is to spend more than the existing credit card to meet the needs of their consumption by customers. This information was given in a report released on Monday.
The Transunion CIBIL Credit Market Indicator (CMI) report said that India’s retail credit growth has seen mild softening in the quarter ended September 2024. This is due to normal decline in loan demand increase rate and reduction in credit supply in most loan products.
Jain further stated that this may be an opportunity for lenders to identify consumers who require additional loans for their consumption and provide them better and affordable solutions.
The report said that a strong growth in loans has also been seen in lieu of two -wheelers and property. Jain suggested, “The changing market conditions in the market means that lenders need to adopt targeted approach for retail loans. Will create, which will serve as a carrier for economic activity and development. “