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Women, non-metros topping up on credit, says BankBazaar survey

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Non-metro cities have emerged as the bigger market for unsecured credit in terms of volume than the metros in 2018, according to BankBazaar Moneymood 2019 report.

The average personal loan ticket size in non-metros is Rs 2.80 lakh compared to Rs 2.55 lakh in metros. The unsecured credit portfolio includes personal loans and credit cards which are used more for consumption activities than secured loans. "Non-metros are as aspirational, if not more, compared to Indian metros, and they are comfortable taking a loan to fulfil these aspirations," BankBazaar noted.

The report, which focuses on emerging trends in the Indian personal finance sector, analysed the transactions of 169 million unique users who logged on to BankBazaar's website in 2018.

In terms of personal loan ticket size, Bengaluru topped the list with a loan size of Rs 47.23 lakh. The highest non-metro personal loan ticket size was from Vapi at Rs 25 lakh.

The change in trend is believed to be a result of the government's digital push, whereby more internet users are opting for online personal finance products.

"The government's strong push for rapid digitisation has ushered in a new wave of change in the buying behaviour of online personal finance products across metro and non-metro cities. We believe that more and more first-time internet users from non-metros will ride this digitisation wave and buy financial products online," Adhil Shetty, Co-founder & CEO, BankBazaar, said.

Women avail bigger home loans

Another trend highlighted in the report is that women are availing a larger home loan as compared to men. The average home loan ticket size for women is Rs 27.57 lakh compared to Rs 22.97 lakh for men.

Women are not far behind when it comes to having their own set of wheels either, with the highest car loan ticket size at Rs 12.93 lakh. Demand for credit cards was also quite high among women. The year gone by saw an 89 percent increase in fuel credit card applications from women.

Women also outperformed men in fulfilling their travelling aspirations, with a 73 percent rise in travel credit card applications as against 71.5 percent by men.

A higher credit demand among women is possibly due to ease of availing of loans quickly. As per the report, there is a 198 percent increase in paperless approvals of personal loans, 11 percent for credit cards and 38.3 percent rise in car loans.

Higher demand for lifestyle, travel and fuel credit cards

The demand for lifestyle credit cards has shown an upward trend, especially from those under 25 years. This is mostly due to attractive discounts and deals that have fuelled demand for cards from first-time and non-metro users, the report stated.

There has been a 64.5 percent year-on-year (YoY) increase in lifestyle credit card applications from non-metros and a 53.67 percent increase from users under the age of 25.

Demand for fuel credit cards also saw a massive spurt, with a 104 percent rise in applications from those under 25 years. A fuel card, or fleet card, is used as a payment card most commonly for petrol, diesel and CNG. Metros witnessed a 62 percent YoY increase in fuel credit card applications versus an 85 percent rise from non-metros, the report highlighted.

Even demand for travel credit cards saw a massive growth owing to the available benefits. Applications for a travel credit card rose 195 percent in the under 25-years bracket. Non-metros saw a whopping 309 percent rise in travel credit card applications compared to a 59 percent increase from metro cities.