The most wanted loans by first-time borrowers
May 06, 02:05

What do first-time borrowers enquire about? In a study conducted between January 2019 and January 2021, TransUnion CIBIL observed that nearly 46 percent of new-to-credit (NTC) consumers sought a two-wheeler loan. That's typically the first vehicle that millennials buy; no surprises here. These observations have been gathered from banks that got enquiries on loans. Before sanctioning loans, banks enquire with credit scoring companies to know the potential borrower's credit score. Lower home (25 percent of NTC borrowers) and auto loan (24 percent) rates have also spurred this segment of borrowers. Reduced stamp duty charges by some state governments have reduced stamp duty charges for purchasing a home.

Type of loans that new-to-credit customers inquire_rev