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Millennials make hay on loans they cannot repay

DNMUM442744 | 9/11/2019 | Author : Manju AB | WC :584 | Business & Economy

Defaulting on loans for phones, foreign travel, designer wear!

In a testament to our consumerist times, millennials seem to be making hay on loans they don’t repay.
New job entrants are sourcing loans from banks and non-banking financial companies (NBFCs) to pay for things such as a big party, designer wear, the latest tech toy or a pricey holiday abroad. And delinquencies on such kind of personal loans are rising.
Data from credit bureau Experian shows that millennials contributed to more than 50% of such loans by volume, with their contribution increasing by 7% between 2015 and 2019.
Young graduates (22-26 years) entering the workforce are being lured by banks and NBFCs to take multiple personal loans, and they begin to default when they are unable to manage the substantial payouts
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