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Hyderabad ranked number two metro for millennial credit demand : CASHe report

Hyderabad, Jan 20 (UNI) Hyderabad soars ahead in terms of millennial credit demand compared to last year, ranking second after Bengaluru, followed by others metros such as New Delhi, Pune, Mumbai, Chennai, Jaipur and Ahmedabad, said CASHe, India’s leading digital lending company for young salaried professionals, in its 2019 report on the millennials key borrowing and spending habits, release on Monday.
According to the report, medical expenses and consumer durable purchases topped the chart for reasons why millennial availed digital loans all through 2019.
CASHe who specifically caters to the millennial segment of the population undertakes customer data analysis on an annual basis.
Christened as the ‘2019 Millennial Loan-o-Nomics’, the report analyzed data of an active pool of over 400,000 loan application received from customers outlining multiple data points and key insights showcasing the typical consumption patterns, buying behavior and borrowing habits of millennial across India.
In its Key findings from the analysis reveal millennials within income range of Rs 25k-50k topped the borrowing charts, the report said and adding a six-month loan is their most-preferred loan tenor.
While UPI and NEFT topped the charts for repayment mode; weekdays – Tuesdays and Wednesdays were their most preferred days for applying for a loan, the report said.
Emergencies, like unforeseen medical expenses, are thus the reason why 37 per cent of millennial customers resorted to lending – a sharp increase from 31 per cent last year, the report revealed.
Surprisingly, only 10 per cent of borrowers are women, reflecting the ratio of male to female application ratio on Cashe app. It suggests that women in this cohort are conservative when it comes to borrowing and spending.
Older millennials, between the ages of 31-38 accounted for about 52 per cent of the loans taken, while the millennial cohort earning in the 25k-50k category presented the highest number of borrowers at 43 per cent, succeeded by those in the 15k-25k monthly income bracket at 36 per cent it said.
The data showcased that ‘71 days’ is the average frequency of repeat loans, while 73 per cent of the applicants are repeat users, however, in terms of loan size, a majority of them (27 pc) preferred small ticket loans of under Rs. 10,000 and the data indicated a significant credit demand from near-prime millennial accounting for approximately 55 per cent.
This reinforces the idea that millennials are actually quite financially disciplined – repaying loans on time and dispelling their image of being irresponsible spendthrifts, the report stated.
On the occasion, CASHe CEO , Mr. Ketal Patel said, “Millennials, I believe is one of the most misunderstood segment of the present times. Lower savings and higher spending by millennials is being caricatured to present them as financially irresponsible dreamers, much averse to reality.
The Indian banking infrastructure has not evolved enough to include the gamut of needs by this emerging section of the population and this is where new-age digital lending companies like CASHe step in – an industry estimated to touch $100 billion by 2023.
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