MUMBAI: A study by Paisabazaar reveals that the average age of first-time credit borrowers in India has decreased by 21 years across three generations, with individuals born in the 1990s starting to borrow at age 25-28, primarily through unsecured loans. This shift from the past, where borrowing typically began at age 47 for those born in the 1960s, reflects increased accessibility to credit due to higher disposable incomes and technological advancements, such as the Jan Dhan-Aadhaar-Mobile trinity. The evolving consumer mindset now favors instant gratification over saving, resulting in a decline in the average age for home loan borrowers from 41 to 28.
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