The credit demand in the country is on the rise as the number of applicants for new loans has increased by 150 per cent in the last three years. Out of the total loans disbursed in Kerala, 82 per cent is used to purchase two wheelers, reveals the latest data trends report of Credit Information Bureau (India) Limited (CIBIL) released here on Wednesday.
As compared to other states, Kerala has the highest number of credit applicants who are above 45 years and 21 per cent borrowers in Kerala had a credit score of 800 and above and 40 per cent has a credit score of 750 above, the data stated.
CIBIL score assigned to a borrower ranges from 300 to 900. The higher an applicant’s credit score the more the likelihood of the loan application getting approved.
Releasing the data, CIBIL Managing Director Arun Thukral said that Kerala has 46 per cent credit seekers who are less than 35 years.
“The state has very low penetration of credit cards and personal loans. Banks and financial institutions today consider the CIBIL score as a crucial parameter before sanctioning any new loan. Now telecom, insurance and stock broking companies have started accessing the score,” he said.
He hinted that in the future the details of utility bill payments will be linked with the credit score of an individual.
Speaking on the occasion, Harshala Chandorkar, Senior Vice President-Consumer Relations, CIBIL said that there has been a 200% growth in consumers reaching out to us for their CIBIL report across metros as well as Tier II and Tier III cities since 2009 indicating the rising financial awareness in the country.
CIBIL is India’s largest credit information company that maintains information on over 317 million consumer trades and 15 million commercial trades.
Source: Secondary
Source: Secondary
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