Gen-Z is becoming more credit-savvy; I know why; The benefits of a good result and other news

With over 56.8% of Millennials actively monitoring their credit score in FY22, up from 48% in FY21, Generation Z and Millennials have become increasingly important to Indian credit, as stated in a recent Credit Literacy Index report. market. On the role and importance of Gen-Z in the Indian credit market, chats with Aditya Soni, founder and CEO of B2C credit management platform CheQ.

He said that with about nine million active credit accounts, Gen Z has encouraged lenders to create more robust underwriting models that go beyond credit scores and offer more personalized products and services to fit their lifestyle.

Generation Z or Generation Z are those born between the mid to late 1990s and early 2010s, while millennials are anyone born between 1981 and 1996.

How is Gen-Z shaping the Indian loan market?

Generation Z is fueling the rise in credit consumption in India. Raised at the foot of digital technology, they have access to a wealth of information that helps them make financial decisions. In the past, it was difficult for young consumers to access loans because they had a short or no credit history. Today, lenders are realizing that Generation Z is the consumer of tomorrow and are taking proactive steps to win their trust and business. With approximately 9 million active credit accounts, Gen Z is encouraging lenders to create more robust underwriting models that go beyond credit scores and offer more personalized products and services to fit their lifestyle.

Modern fintech companies and NBFC have played a major role in expanding access to credit for this consumer group through low-interest, no-fee offerings. At CheQ, we want to further improve Gen Z’s relationship with credit by making it easier to understand and manage. Our robust rewards program will encourage good behavior and spur credit growth in the country for years to come.

Millennials are becoming the most creditworthy in the country. What are the reasons behind such popularity among millennials?

The rise in credit consciousness among millennials in India is encouraging. First of all, this can be explained by the growth of financial literacy over the years. Credit has traditionally been a sensitive topic in India and there is very little active discussion around it. We are slowly moving away from this mindset as fintechs and online platforms have active discussions about the importance of credit and its usefulness. Millennials now understand that sound credit management is important to their financial well-being and that a good credit score can go a long way in getting the best car loan or mortgage. This encourages borrowers to start self-monitoring even before they take out a loan.

What are some of the extraordinary benefits that credit scores offer, apart from the well-known ones such as easier loan approval, etc.?

A good credit score can unlock a range of benefits, from low interest rates on loans to higher credit limits. Some of the lesser known benefits include: higher bargaining power compared to lenders for a better interest rate or lower processing fee; You can also get loan approval faster as lenders can make faster decisions about your loan applications, which is especially helpful when you’re in an emergency and need quick funds. Another benefit is that you can get better insurance rates.

Insurance companies use information from your credit report and insurance history to assess your insurance risk, which is why they often penalize people with low credit scores with higher insurance premiums. A good credit score also gives you great bragging rights!

Why is credit monitoring necessary and how can this awareness be raised among all generations?

We need to talk more about credit in order to destigmatize it, and regularly monitoring your credit score is one way to achieve this. This helps consumers understand how their financial activities affect their creditworthiness and identify areas where they can improve and take corrective action.

Regular monitoring of your credit score also reduces the effects of identity theft by initiating immediate and appropriate action. We can increase awareness of a credit score by making it easier to understand, make it more socially relevant, and connect it to actionable data that goes beyond what is available to consumers today.

Read all the latest business news here

Today Latest News Update

I have tried to give all kinds of news to all of you. latest news today 2022 through this website and you will love all this news very much because all the news that we always report in this news is always there. This is a hot topic, and whatever the latest news

we have always tried to contact you so that you continue to receive Electricity News, Graduation News, Donation News, Bitcoin News, Trade News, Real Estate News, Gaming News, Breaking News, Digital Marketing, Telecommunications News, Beauty News, Banking News, Travel News, Health News, Cryptocurrency news, claims news latest news and you will always get news information through us for free and also tell people. Specify that any information relating to other types of news will be

News live today

All these news that I made and shared for you people, you will like it very much, and in them we continue to offer topics for you people, like every time, so that you continue to receive news information, such as popular topics, and you. Our goal is to be able to receive

all kinds of news without passing through us, so that we can bring you the latest and greatest news for free, so that you can move on, getting informed about this news with you. In the future, we will continue

give information about more world news update today Types of breaking news through the posts on our website so that you always get ahead in this news and whatever information is there, it will definitely be passed on to you people.

World news today

All this news that I brought you or will be the most different and best news that you people will not get anywhere, along with information Breaking News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News out of this, available to all of you, so that you are always in touch with the news, be ahead in this matter and continue to receive today’s news all types of news for free until today so you can get news while getting it. Always take two steps forward

Credit goes to a news site – This is the news website of the owner of the original content. This is not my content so if you want to read the original content you can follow the links below.

Get original links here🡽

By Peter Kavinsky

Peter Kavinsky is the Executive Editor at