22% of girls account for many who have a restricted credit score historical past. (Representative picture)
Women who personal a bank card and commonly avail loans symbolize 13% whereas ladies who don’t personal a bank card however go for different loans symbolize 18%.
Ahead of International Women’s Day, fintech platform Fibe has revealed attention-grabbing findings in regards to the credit score behaviour amongst feminine debtors. The research indicated ladies are extra accountable credit score debtors as they’re 10% extra more likely to repay the EMI on time in comparison with male debtors.
The research mentioned that this displays their conscientious method to debt and prudent determination-making habits, underscoring their dedication to sound monetary administration.
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The research additional indicated that the credit score demand amongst New-to-credit score (NTC) ladies clients has greater than doubled during the last 5 years. The survey signifies this improve from 18% in 2019 to 40% in 2023.
In distinction, there was a 22% decline amongst male NTC clients with the demand taking place from 82% in 2019 to 60% in 2023.
Fibe research additional revealed attention-grabbing developments across the credit score profile of girls debtors. Of all the ladies debtors, NTC clients make up the most important share at 32%.
Women who personal a bank card and commonly avail loans symbolize 13% whereas ladies who don’t personal a bank card however go for different loans symbolize 18%.
22% of girls account for many who have a restricted credit score historical past. This pattern demonstrates the expansion of feminine credit score debtors within the nation to fulfil their aspirations.
Besides, the research additional highlighted the accountable borrowing behaviour amongst ladies indicating that the age for availing a primary mortgage has gone up during the last 5 years for NTC clients.
The common age for taking a primary mortgage has elevated from 26 years in 2019 to 31 years in 2023.
Akshay Mehrotra, co-founder and CEO, Fibe, mentioned, “We conducted this study to understand evolving consumer credit behaviour and ensure our products and services meet the diverse needs of our customers. The surge in credit demand coupled with their outstanding repayment track record showcases newfound financial independence and determination to fulfil their aspirations.”
