Ahead of International Women’s Day, Fibe – India’s leading Fintech, has revealed interesting findings about the credit behaviour among female borrowers. The study indicates women are more responsible credit borrowers as they are 10% more likely to repay the EMI on time than male borrowers. This reflects their conscientious approach to debt and prudent decision-making habits, underscoring their commitment to sound financial management.
The study conducted by Fibe further indicates that the credit demand among New-to-credit (NTC) women customers has more than doubled over the last five years. The survey indicates this increase from 18% in 2019 to 40% in 2023. In contrast, there was a 22% decline among male NTC customers with the demand going down from 82% in 2019 to 60% in 2023.
Fibe study further reveals interesting trends around the credit profile of women borrowers. Of all the women borrowers, NTC customers make up the largest share at 32%. Women who own a credit card and regularly avail loans represent 13% whereas women who do not own a credit card but opt for other loans represent 18%. 22% of women account for those who have a limited credit history. This trend demonstrates the growth of female credit borrowers in the country to fulfil their aspirations.
Besides, the study further highlights the responsible borrowing behaviour among women indicating that the age for availing a first loan has gone up over the last five years for NTC customers. The average age for taking a first loan has increased from 26 years in 2019 to 31 years in 2023.
Fibe Cofounder and CEO, Akshay Mehrotra said, “At Fibe, we are witnessing a remarkable shift in the borrowing behaviour, particularly among women. We conducted this study to understand evolving consumer credit behaviour and ensure our products and services meet the diverse needs of our customers. The surge in credit demand coupled with their outstanding repayment track record showcases a newfound financial independence and determination to fulfil their aspirations. We are not just committed to empowering women with accessible and flexible credit solutions but also fostering responsible borrowing behaviour. Over the years, we have expanded our presence beyond metros to make our solutions accessible even in tier 2+ towns. We remain committed to making the lending ecosystem more inclusive, paving the way for a more sustainable one.”
Fibe (previously EarlySalary) is one of India’s leading consumer lending apps focused on young, aspirational, and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group to fulfil their aspirations. It is an industry leader in the salary advance segment with the fastest processing time. It has launched a host of financial products like Cash Loans, long-term Personal Loans and Buy Now Pay Later plans. It offers a 100% digital loan application process that takes just seconds to complete. Its technology arm – Social Worth Technologies Pvt. Ltd. has partnered with Axis Bank to launch the Fibe Axis Bank Credit Card.
Fibe has grown multifold over the years and emerged as a market leader in providing financial assistance to young middle-income groups in India. Due to its highly scalable business model, Fibe recently has been upgraded to BBB+ by CARE Ratings and has been certified with ISO/IEC 2001 for its Information Security Management System (ISMS). Today, Fibe has access to debt lines to leading PSUs & Private Banks, Large Notable NBFCs and NDCs. The company has already disbursed more than 6 million loans worth ₹20,000 Cr+.
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